I Live in Pennsylvania: 5 Reasons Harris Would Be Better for My Upcoming Retirement
Written by
Laura Beck
Edited by
Levi Leidy
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As the 2024 presidential election approaches, Pennsylvania residents are weighing how each candidate’s policies could impact their financial futures. For many, retirement security is a top concern. Two Keystone State voters shared their thoughts on why they believe Vice President Kamala Harris’s proposals would be better for their retirement plans.
Mark S., 62, is a middle-class resident of Harrisburg looking to retire in the next few years. Sarah J., 59, is a part-time administrator from Pittsburgh just starting to think seriously about saving for retirement. Both see Harris’s policies as potentially beneficial for their long-term financial security.
Protecting and Expanding Social Security Benefits
“As someone who has paid into Social Security my entire working life, I’m counting on those benefits to form a significant part of my retirement income,” Mark explained. He’s concerned about projections showing that Social Security’s trust funds could be depleted by 2033, potentially leading to across-the-board benefit cuts.
Mark appreciates Harris’s consistent opposition to Social Security cuts and her support for expanding the program. “Her backing of the Social Security Expansion Act, which would increase benefits by $200 per month for all recipients, could make a real difference in helping me keep up with rising costs in retirement,” he said.
Sarah, while retirement is a little further off for her, also sees the value in strengthening Social Security. “Knowing there’s a strong safety net in place gives me peace of mind as I head into the great unknown of retirement – hopefully sooner rather than later!” she said.
Boosting Retirement Savings Incentives
Both Mark and Sarah believe Harris’s support for expanding tax credits and other incentives to encourage retirement savings could help them build their nest eggs.
“I’ve been working hard to maximize my 401(k) and IRA contributions,” Mark said. “Policies that provide matching contributions for middle-income workers like myself could really help me make the most of these crucial years before I stop working.”
Sarah added, “As someone just starting to think seriously about retirement savings – I know! I’m so late! – any extra help to boost my contributions would be welcome.”
Lowering Healthcare and Prescription Drug Costs
Mark is approaching retirement age and healthcare costs are important to him. “Medicare doesn’t cover everything, as my mom never fails to remind me,” he said. “Harris’s support for [expanded] Medicare could potentially save me thousands – especially on my hearing aids!”
While not an immediate concern, Sarah also sees the value in addressing healthcare costs. “Knowing there are efforts to make healthcare more affordable in retirement means I can focus on saving for retirement,” she said.
Maintaining a Strong Economy
As he heads into retirement, Mark is very concerned about his nest egg.
“A strong economy is crucial for the health of my retirement accounts,” Mark shared. “I cannot have my portfolio tanking right as I stop working for good.”
He likes that Harris is focused on “creating steady, long-term growth rather than short-term booms and busts.”
Addressing Climate Change
An issue that’s perhaps not typically associated with retirement planning, climate change, is on both voters’ minds.
“I’m increasingly concerned about how climate change could impact my golden years,” Mark said. “Extreme weather events are scary, but they’re also avoidable! I appreciate that Harris has made addressing climate change a priority.”
Sarah shared similar thoughts: “As a mom and soon-to-be grandma, I’m thinking about the world my daughters and (hopefully multiple!) grandkids will inherit. I want a planet that’s safe and comfortable to live in – today and forever.”
Both Mark and Sarah acknowledged that campaign promises don’t always translate to policy realities. “A lot of it depends on Congress, right?” Mark said. “But based on her track record and stated priorities, I believe a Harris administration would work harder to protect and enhance retirement security for middle-class Americans like myself.”
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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