Baby Boomer Retirees: 4 Financial Policies We Want Under a Harris Administration
Written by
J. Arky
Edited by
Gary Dudak
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It’s no secret that there is one demographic known for getting out and voting: baby boomers. With the upcoming presidential election just months away, lots of boomers are making their voices known around the country. For those in favor of Kamala Harris taking the White House, this generation of ballot casters would like to see a few financial policies put in place during the course of the next four years.
AARP put out a statement called Policy Fundamentals for Financial Resilience that stated, “For people to enjoy economic security as they age, they need a strong Social Security system and better opportunities to build savings throughout their lives and to work as long as they desire and are able. Protection from age discrimination in employment and a strong social safety net are crucial.”
GOBankingRates asked a few boomers what financial policies they want under the Harris administration if the election goes in her favor. Here are their top four asks below. When you’re done, you can also check out what women in finance would like from a Harris presidency.
Social Security Reform
“Currently, only wages up to a certain amount ($168,600 in 2024) are subject to the 12.4% Social Security payroll tax,” remarked Deborah Lindner, a retired boomer from Utah. “This proposal would eliminate the cap, taxing all wages. Supporters say it would generate significant revenue without placing a heavy burden on low- and middle-income earners.”
Because of this, Lindner believes “the wealthy should pay more.”
“Congress has been kicking the can down the road for years, and I think it’s time to pass some serious Social Security reform,” Lindner continued. “Trump says he wants to eliminate all taxes that recipients pay on their monthly Social Security payments. That’s not a good solution, because it takes too much money out of the trust fund.”
She added, “Instead, make the rich pay more taxes on what they receive. Also, Congress should change how wages are taxed. Right now, only wages up to $168,000 are subject to the 12.4% Social Security taxes. One proposal would eliminate that cap, taxing all wages.”
Healthcare Reform
One expense at the top of boomers’ minds is healthcare. As we get older, we might find ourselves seeing doctors more often, being referred out to specialists and needing medications that we didn’t prior to retiring. Boomers want to make sure that Harris has their well-being covered if she becomes the next president.
“The key issues in financial stability for boomers is a complicated and extensive list,” said David DiSalvo, a retiree from Nevada. “I would say that the cost of medicine for everyone in the country is a major issue. The cost of medicine and medical procedures can eliminate a lifetime of working and saving.”
He continued, “Medicare being able to negotiate with big pharma to lower costs is imperative. Under the current set up for prescriptions, you reach a time with ongoing prescriptions called ‘the donut hole’.” He noted that this is “a pleasant way of saying you will pay more.”
Cutting Expenses
DiSalvo believes that there should be discounts for seniors for property taxes, insurance, utilities and HOAs. If Harris becomes president, DiSalvo hopes that the administration will address concerns boomers have with the rising cost of everyday expenses and create a system of wealth redistribution and financial stability, if not equality, for all.
“When did dentistry become something other than healthcare so it is not covered under healthcare?” DiSalvo questioned. “So much in America is ‘follow the money to find out why items are so expensive.’ Unfortunately greed and capitalism go hand in hand.”
Maintaining Benefits
Boomers grew up and started careers in an era where it was almost a guarantee that if they worked for a certain amount of time, contributed to social programs and did not make any hasty financial decisions, there would be benefits waiting for them at the end of their working years. Now, boomers and non-boomers alike are worried that programs they have helped support over the years will not be there to support them in retirement.
“Quality of life is a rare consideration,” expressed DiSalvo. “The issue we are constantly threatened with [is] losing Social Security and Medicare. Funds we have paid into most of our lives.”
AARP backs up this mindset by stating, “Social Security should continue to provide a stable foundation for retirement income. Social Security is the primary source of retirement income for most Americans. It plays a crucial role in reducing poverty among older adults and enabling retirees to cover basic expenses. Benefits that are guaranteed, adjusted every year for inflation, and last for a worker’s lifetime are among the essential features of Social Security.”
“The nerve of the Republican Party to refer to them as entitlements, like we were getting some sort of hand out,” DiSalvo said. “We need those funds protected.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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