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4 Ways Kamala Harris’ Presidency Could Affect Retirees’ Finances
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One group of voters now watching Kamala Harris and her views closely are retirees. They want to see how the current vice president’s policies, if she wins the White House, might impact their finances and daily lives.
To read: How much is Vice President Kamala Harris worth?
Next: The Surprising Way to Get a Guaranteed Retirement Income for Life
So far, it appears that his views on many aspects of the economy align with those of President Biden. This includes areas such as Social Security that likely directly impact the lives of retirees. Here are four ways a Harris presidency could affect retirees’ finances.
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Plans to finance Social Security
Let’s start with Harris and the Social Security Administration’s (SSA) funding problems. According to News week“If new funding plans to bolster the trust funds that help finance benefits for tens of millions of Americans do not materialize in a future administration, benefits could be immediately cut by about a fifth by 2035, according to the government agency’s most recent projections.”
So far, Harris has followed Biden’s plans to fund the SSA. That includes putting additional taxes on the wealthy to help secure the future of the program, which provides benefits to many retirees in the United States.
Additionally, Harris will likely maintain Biden’s views by opposing any benefit cuts or plans to privatize Social Security. In fact, the administration has previously said it would increase SSA funding from the enacted level in 2023.
Learn: What does Social Security cover for long-term care?
Covering Medicare and Healthcare Topics
In addition to reproductive health rights, which are likely to be a major plank of Harris’ campaign, the vice president has been outspoken on other health issues.
According to Becker Hospital ReviewHarris offered a “Medicare for All” plan that “…would envision a 10-year phase-in period and allow private insurers to compete with a government-led system.”
The vice president has supported investments to help address the maternal health crisis and reduce health inequities. Additionally, Harris announced rules that set minimum staffing requirements for long-term care facilities and in-home services.
The story continues
Support for Low-Income People
Here’s something else that might be good news for retirees and their money. Harris has championed several movements to help low- and middle-income people in the United States. She was behind the LIFT the Middle Class Act, which proposed tax credits for low-income Americans, and was an early supporter of universal health care.
According to Time“Harris, who kicked off a cross-country Economic Opportunity Tour in April, praised the Biden administration’s record on key economic issues, including supporting small businesses, creating jobs, investing in infrastructure, providing affordable healthcare and eliminating student loan debt.”
Ideas to lower prices
Inflation and rising prices have hit many Americans hard over the past year — especially those living on fixed incomes. Harris said gas prices and the effects of inflation are both high priorities for her, which makes sense given that voters have also said those are priorities for them when it comes to the presidential election.
Harris said: according to WDSU“The highest priority for the President and our administration is probably to reduce gas prices and the cost of living.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reporting on politically focused financial stories. For more coverage on this topic, check out 3 Ways a Second Trump Term Could Affect Retirees’ Finances.
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This article was originally published in GOBankingRates.com: 4 Ways Kamala Harris’ Presidency Could Affect Retirees’ Finances