I Live in Wisconsin: 5 Reasons Trump Would Be Better for My Upcoming Retirement
Written by
Laura Beck
Edited by
Gary Dudak
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As the 2024 presidential election approaches, Wisconsin residents are weighing how each candidate’s policies could impact their financial futures. For many, retirement is a top concern.
John A., a 63-year-old Milwaukee resident preparing to retire in the next few years, shared his thoughts on why he believes former President Donald Trump‘s proposals would be better for his retirement plans. Here are his five reasons why he thinks Trump would be better for his upcoming retirement.
Protecting Social Security and Medicare
Like many Americans approaching retirement age, John is counting on Social Security and Medicare to form a significant part of his financial security. He’s concerned about projections showing these programs could face funding shortfalls in the coming decades if action isn’t taken.
“While both candidates have pledged to protect Social Security and Medicare, I find Trump’s stance more reassuring,” John shared. “He has consistently promised not to cut benefits, stating he would protect Social Security and Medicare without raising taxes. His approach focuses on growing the economy to strengthen these programs’ finances.”
John worries that Harris’s support for major reforms, such as applying payroll taxes to much higher incomes, could destabilize the system he’s paid into his whole career. “Trump’s steady hand seems like a safer bet for my imminent retirement,” he said.
Extending Tax Cuts
The Tax Cuts and Jobs Act of 2017, passed under Trump’s administration, provided tax relief that John has personally benefited from. These cuts are set to expire after 2025, and Trump has promised to extend them if re-elected.
“According to a Tax Policy Center analysis, extending these cuts would provide tax relief for people in my tax bracket,” John said. “While that may not sound like much to some, as I transition to a fixed income, every bit of tax relief will help me maintain my standard of living.”
He has concern that Harris’s support for allowing portions of the tax cuts benefiting higher earners to expire could have ripple effects that impact upper middle-class retirees like himself.
Promoting Economic Growth
A strong economy is crucial for the health of John’s retirement accounts and overall financial security. He points to the significant economic growth and record-low unemployment seen during Trump’s first term before the pandemic hit. “Trump’s focus on deregulation makes me think he’ll probably go to work for me,” John shared.
While he also said he knows that Harris has emphasized economic growth, he’s concerned that some of her proposed policies — like higher corporate tax rates — could hurt his nest egg.
Addressing Inflation
Inflation is a concern for John as he rounds the corner into retirement. He pointed out that during Trump’s presidency, inflation remained relatively low. “Trump was big into reducing regulations that could help keep inflation in check, I’m hoping that continues and helps with my retirement.”
John worries that some of Harris’s proposed policies, particularly increased government spending, could potentially lead to higher inflation and eat into the value of his fixed income in retirement.
Healthcare Costs
While both candidates have pledged to lower healthcare costs, John finds Trump’s market-based approach more promising. “His efforts to increase price transparency and promote competition in the healthcare sector could help keep my out-of-pocket medical expenses down in retirement,” he said.
John expresses nervousness about Harris’s support for expanding government’s role in healthcare, worrying about potential disruptions to the system just as he’s about to rely on it most heavily.
The Final Word
John acknowledges that campaign promises don’t always translate to policy realities once a candidate is in office. Both Trump and Harris would likely face significant opposition in Congress to many of their proposals. However, based on their track records and stated priorities, he believes a second Trump administration would work harder to protect and enhance retirement security for upper middle-class Americans like himself.
As he prepares for this next chapter of his life, John says he’ll be carefully considering how each candidate’s policies could affect his financial future. He’s unsure how he’s voting, but he’s watching the race closely.
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. For more coverage on this topic, please check out I Live in Pennsylvania: 5 Reasons Harris Would Be Better for My Upcoming Retirement.
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