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As the 2024 presidential election approaches, Pennsylvanians are considering how each candidate’s policies could impact their financial future. For many, retirement planning is a major concern. Two Keystone State voters shared their thoughts on why they believe Vice President Kamala Harris’ proposals would be better for their retirement savings.
Mark S., 62, is a middle-class Harrisburg resident who plans to retire in the next few years. Sarah J., 59, is a part-time administrative worker from Pittsburgh who is just starting to think seriously about saving for retirement. Both see Harris’ policies as a potential benefit to their long-term financial security.
Protection and expansion of social benefits
“As someone who has paid into Social Security my entire working life, I expect these benefits to be a significant part of my retirement security,” Mark said. He is concerned about projections that Social Security’s trust funds could be depleted by 2033, potentially leading to benefit cuts across the board.
Mark appreciates Harris’ consistent opposition to Social Security cuts and her support for expanding the program. “Her support of the Social Security Expansion Act, which would increase benefits by $200 a month for all recipients, could make a real difference and help me keep up with rising costs in retirement,” he said.
While Sarah is still some way from retirement, she also sees the value of strengthening Social Security. “Knowing that there is a strong safety net in place gives me peace of mind as I move toward the great uncertainty of retirement – hopefully sooner rather than later!” she said.
Strengthen incentives for retirement provision
Both Mark and Sarah believe Harris’ support for expanding tax credits and other incentives to encourage retirement savings could help them build their nest eggs.
“I’ve worked hard to maximize my 401(k) and IRA contributions,” Mark said. “Policies that offer matching contributions for middle-income workers like me could really help me make the most of these crucial years before I end my working life.”
Sarah added: “As someone who is just starting to think seriously about retirement planning – I know! I’m so late! – any extra help to increase my contributions would be appreciated.”
Reducing healthcare and prescription drug costs
Mark is approaching retirement age and health care costs are important to him. “Medicare doesn’t cover everything, as my mom keeps reminding me,” he said. “Harris’ support for (expanded) Medicare could potentially save me thousands – especially on my hearing aids!”
While it’s not an immediate concern, Sarah also sees the value in addressing healthcare costs. “Knowing there are efforts to make healthcare more affordable in retirement allows me to focus on saving for retirement,” she said.
Maintaining a strong economy
As Mark is about to retire, he is very worried about his savings.
“A strong economy is critical to the health of my retirement accounts,” Mark explained. “I can’t allow my portfolio to crash once I stop working forever.”
He likes that Harris focuses on “creating steady, long-term growth rather than short-term booms and busts.”
Tackling climate change
An issue that one might not normally associate with retirement planning: climate change, concerns both voters.
“I’m increasingly concerned about how climate change could impact my golden years,” said Mark. “Extreme weather events are scary, but they’re also preventable! I appreciate Harris making tackling climate change a priority.”
Sarah expressed similar thoughts: “As a mother and soon-to-be grandmother, I think about the world my daughters and (hopefully several!) grandchildren will inherit. I want a planet that is safe and comfortable to live on – today and forever.”
Both Mark and Sarah acknowledged that campaign promises don’t always translate into political reality. “A lot of it depends on Congress, right?” Mark said. “But given her track record and stated priorities, I believe a Harris administration would be more committed to protecting and improving retirement savings for middle-class Americans like me.”
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