If You Live in Georgia, Here’s How Harris Might Affect Your Retirement
Written by
Laura Beck
Edited by
Zuri Anderson
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The November election is coming up fast, and the great state of Georgia once again finds itself in the spotlight. As a swing state, it has the power to affect the election outcome.
And what’s a top concern for many Peach State voters? Well, retirement, of course. Let’s explore how Vice President Kamala Harris’s policies might affect your golden years if you call Georgia home.
Here’s how Harris might affect your retirement if you live in Georgia.
Georgia: The Battleground State
Georgia is an important state this election cycle. As Cliff Ambrose, founder and wealth manager at Apex Wealth, pointed out, “Georgia is another important swing state, [where] any shifts in policy direction could make a big difference for voters in this region as the election unfolds.”
In other words, Georgians’ voters carry extra weight — and not just for the state, but potentially for the entire country. What that in mind, let’s dig into how Harris might affect retirement plans.
Strengthening the Safety Net
According to our experts, Harris is likey to focus on social programs that help retirees.
“Harris is expected to advocate for stronger social programs, which could be beneficial for those relying on Social Security or Medicare,” said Ambrose.
For many Georgia retirees, especially those in the middle and lower-income brackets, this would be good news.
“If Kamala Harris has a big role in deciding retirement policies, we might see a focus on more affordable healthcare and boosting social security which would really help retirees who need it most in Georgia,” according to Dean Bright from Bright Buys Houses.
Essentially, if you’re counting on Social Security and Medicare to support your retirement, Harris’ policies can offer an improved safety net.
The Tax Question
Stronger social programs are great, but if you are in a higher tax bracket, you might help fund them. Ambrose pointed out: “But there could be concerns about potential tax increases on higher earners to fund these expansions.”
If you’re a higher-income retiree in Georgia, it’s something to consider. That said, these potential tax increases are usually targeted at the wealthiest Americans, not your average retiree.
Healthcare in Focus
One area where Harris’ policies could significantly impact Georgia retirees is healthcare. Bright noted her approach might be “all about keeping social programs safe, especially for those who rely on them during retirement.”
Healthcare costs are usually one of the biggest expenses in retirement, so any improvements in affordability or coverage could make a big difference to your financial security.
The Childcare Connection
Now, you might be thinking, “I’m retired. What does childcare have to do with me?” Well, if you’re a grandparent that helps with child care, it might.
Ambrose shared that Harris’ proposal to cap childcare costs at 7% of household income. While this isn’t directly a retirement policy, it could indirectly benefit retirees who are helping with grandchildren, potentially freeing up more of their retirement income.
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 If You Live in Georgia, Here’s How Trump Might Affect Your Retirement.
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