The Social Security Administration just issued a less-than-encouraging update. For older women voters, that waning financial security is a big deal.
The Administration announced this month that its trust funds – the Old-Age and Survivors Insurance fund and the Disability Insurance fund – are being depleted by costs that exceed the income they generate from taxpayer dollars. And if things don’t change, the OASI fund will be fully drained by 2033, meaning it will only be able to pay out about 79% of scheduled benefits.
A survey conducted earlier this year by AARP shows that matters like this will figure big when women seniors – and there are over 30.8 million in the U.S. – decide who to vote for this upcoming Election Day. In all, 46% of women respondents to AARP’s survey say they will cast ballots for President Joe Biden in November; 43% say they’re voting for former President Donald Trump; the rest remain undecided.
But the candidate who addresses their financial concerns head-on could have much to gain from doing so, researchers behind the survey note. “Women aged 50 and over are one of the most consequential and influential voting groups in this election,” Nancy LeaMond, an AARP vice president, said in a press release. “Women in this voting bloc are concerned about America’s future.”
She added: “Candidates who want to win in 2024 should pay attention to the concerns they share, and the concerns that differ.”
Specifically, more than half of respondents (54%) reported troubles with saving for retirement; 51% say they have no reason to believe they’ll be better off financially one year down the road. Their concerns are merited – an April 2024 study by retirement nonprofit Alliance for Lifetime Income found that women are, per the numbers, more likely to struggle financially later on in life.
“There is a very persistent disparity between the assets of men and the assets of women,” economist Robert Shapiro, who co-authored the study, said during a presentation of that effort’s findings.
Beyond their own financial fitness, women respondents to AARP’s poll also expressed concern over the well-being of the women who come after them, especially as the pay gaps between men and women persist. “There is a concern that America’s best days are behind us,” Margie Omero, a Democratic pollster and strategist who was involved in the study, told CNBC.
So, she continued, “given the size and importance of this group, political leaders should put in the work to stay attuned to these voters’ needs and how to best reach them.”
