I’m a Swing State Voter: 6 Reasons I Believe Harris Would Be Better for My Retirement Savings
Written by
Laura Beck
Edited by
Amber Barkley
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Meet Sarah G., a 41-year-old stay-at-home mom from Chapel Hill, North Carolina. With three kids under 12, aging parents nearby and a husband in sales, she’s keeping a close eye on how the presidential election could impact her family’s financial future.
Here’s why this swing state voter thinks Vice President Kamala Harris has the edge when it comes to retirement security.
The Social Security Promise
According to the Social Security Administration, only income up to $168,600 is currently subject to Social Security tax withholdings — it will increase to $176,100 in 2025.
“My parents rely on Social Security, and I’m counting on it being there for me, too,” Sarah said. “When Harris talks about extending the program’s solvency by having higher-income earners pay more into the system, that makes sense to me.”
The Prescription Drug Plan
Sarah’s thinking about both generations.
“My mom takes five different medications, and Harris wants to speed up Medicare’s drug price negotiations,” she said. “Plus, she wants to expand that $35 monthly insulin cap to everyone, not just seniors. That’s real money back in families’ pockets that could go toward retirement savings. I’m into it, big time!”
The Grocery Store Reality Check
Sarah is feeling the crunch at the grocery store.
“With three growing kids, our grocery bills are insane,” she explained. “Harris’ plan to crack down on price gouging and ‘shrinkflation’ at grocery stores could help us put more money into our retirement accounts instead of paying inflated prices for smaller packages.”
The Healthcare Safety Net
Looking ahead matters to Sarah.
“Harris wants to expand access to the Affordable Care Act,” she said. “That’s huge for families like ours who might want to retire early someday. Having affordable healthcare options before Medicare kicks in could make early retirement actually possible.”
The Home Care Solution
Sarah is watching many of her friends struggle to figure out how to help their aging parents. She also knows, as an only child, the majority of the caretaking will fall on her.
“[Harris’] Medicare expansion to cover home care could be a major, major game-changer. My parents do not take care of themselves and have no savings — I know I’m gonna have to step up and help them soon. This would [definitely] help.”
It’s All About the Numbers
For Sarah, the math of Harris’ plans just adds up for her.
“When you’re raising kids, you think a lot about what kind of future you’re voting for,” she said. “Harris’ plans seem focused on protecting the retirement programs we already have while making them work better for regular families like mine. If I were a richie rich, yeah, I’d be voting for Trump. He is protecting the planet for rich people!
“I’m not a huge fan of the Democrats right now, but the alternative is so much worse — not just for my money and for working-class people, in general, but for life in this country, period. Harris earned my vote.”
Of course, while Sarah’s perspective is based on Harris’ stated policies, every family’s situation is different. As with any election, voters should carefully consider how each candidate’s proposals might affect their personal financial situation.
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’m Voting for Trump: 3 Reasons I Believe He’ll Help Boost My Retirement Savings.
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