I’m an Elder Law Attorney: Why Retirees Who Voted for Trump in 2020 Think Harris Will Be Better for Their Money in 2024
Written by
Laura Bogart
Edited by
Gary Dudak
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The economy is a pressing issue in the minds of many voters. Though it’s often written or talked about as a singular entity, how voters feel about the economy often boils down to how they experience their own financial well-being. Retirees approach economic issues with their own set of unique concerns, and election season is no exception.
While conventional wisdom has held that older voters tend to skew more conservative, and thus more likely to vote for former President Donald Trump, there are signs that some voters aged 50+ are looking toward Vice President Kamala Harris as a better option for their wallets — and the country. In fact, a recent AARP poll showed that women voters over the age of 50 preferred Harris to Trump — by a 12-point margin — in large part because they trust her to better handle the economy along with Medicare, Social Security and prescription drug costs.
News like this wouldn’t surprise Marty Burbank, a financial advisor and tax attorney, as well as the owner of OC Elder Law. Burbank said that he’s seen a shift in how some retirees view the candidates.
“As a financial advisor and tax attorney, I have worked with many retirees over the years. Those who voted for Trump often cite lower taxes and a stronger economy as reasons for their support,” he explained. “However, Harris’ policies around healthcare, Social Security, and financial protections are appealing to many of these same retirees now.”
Here’s a closer look at why retirees who previously voted for Trump are leaning toward Harris now.
Some Older Voters Trust Harris More on Social Security
According to the AARP poll of women aged 50 and older, the majority of respondents said that protecting Social Security from cuts would benefit them “a lot” personally. In a Newsweek piece comparing both candidates’ approaches to Social Security, writer Suzanne Blake pointed out that, “Harris has routinely said that protecting and even expanding Social Security benefits is a top priority. Previously, the vice president co-sponsored legislation that would bring more revenue for Social Security by extending the payroll tax to incomes over $250,000.”
This message has reached seniors and retirees like some of the people that Burbank works with. They now see her as invested in preserving certain programs that are core to retirement, like Social Security and Medicare.
“Shoring up and expanding Medicare and Social Security are crucial for retirement security. Harris supports proposals to reduce prescription drug costs and expand coverage, including a public option,” he said. “She also opposes cuts to Social Security benefits. These positions provide more certainty for retirees relying on these programs.”
Older Voters Also Trust Her on Medicare
Burbank’s observations are supported by the Alliance for Retired Americans, an advocacy group of activist retirees who lobby for the rights and interests of retirees across the country. In their endorsement of Harris, the group singled out her work in protecting Medicare, especially ensuring that Medicare beneficiaries who need insulin are capped at a $35 a month co-pay, and that all their recommended vaccines are free.
The group’s endorsement also praised her vote to cap out-of-pocket spending on prescription drugs for seniors with Medicare Part D at $3,2000, with a drop to $2,000 the following year.
“The Biden-Harris administration also forced wealthy pharmaceutical corporations to negotiate lower drug prices with Medicare for the first time in history, which will save seniors and taxpayers billions of dollars over the next several years,” said Robert Roach, Jr., president of the alliance.
Older Voters Appreciate Her Work Around Consumer Protections
In addition to issues like Medicare and Social Security, Burbank has also seen retirees take note of Harris’ background in pushing for stronger consumer protections, especially around financial fraud and abuse — which are major concerns for older people.
“Her record fighting predatory lending and supporting financial reform is appealing to retirees seeking stability and security,” he said.
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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