They’re carrying a heavy load of anxiety—boomer women are worried about a triple threat of economic anxiety, concerns over Social Security and caregiving.
And their votes in the upcoming election could tip the balance on these issues—some of which aren’t even being discussed.
According to an AARP survey, among women 50–69, 74 percent of those with modest incomes and 64 percent of those making over $50,000 fear that prices will go up faster than those incomes.
In addition, 61 percent of those earning less than $50,000 also worry about paying too much in taxes—something 45 percent of their higher-earning sisters are also worried about.
More money-focused anxiety surrounds the issue of retirement, with 46 percent overall worried about having financial security in retirement; for those earning less than $50,000, the percentage goes up to 56 percent. And 47 percent are worried they won’t be able to take care of themselves as they get older.
Social Security, which was originally devised to relieve the fears of aging workers by making sure they could get by when they could no longer work, is a big focus of those fears these days—and it’s an issue that’s not getting a whole lot of attention so far in the presidential campaign.
It’s getting attention from boomer women, though, who are devoting a lot of anxiety to it. Nearly two thirds—62 percent—say they could be hurt by future benefit cuts, something they have good cause to worry about in the current political climate.
Most women—53 percent—say that the nearly 25 percent cut in Social Security benefits that would result from inaction on Social Security would impact them, including 32 percent who say it would impact them “a lot.”
And 38 percent are afraid that Social Security won’t be there for them at all at retirement.
Although both candidates say they won’t cut Social Security benefits, and Democrats are actively advocating expanding them, the Republican position for years has been to reduce benefits rather than raise the ceiling on contributions or, in fact, take any other actions.
But if boomer women get their act together and focus on the issue, they could have an impact on the election, since almost three quarters (72 percent)—and that’s across party lines—want the next president and Congress to take immediate action on Social Security.
Oh, and that caregiver issue? More than half (55 percent) of boomer women are or have been family caregivers, and more than two-thirds (68 percent) said they would be more likely to vote for a candidate who favors providing support for family caregivers.
Actually, 67 percent favor giving a caregiver credit in calculating Social Security benefits to people who take time off from work to care for loved ones.
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