The inflation rate has reached its highest level since the 1980s, making it difficult for many Americans age 50-plus to afford basic necessities. This is especially true for retirees on a fixed income and for the estimated half of all workers who do not have access to a retirement plan through their job and have not accumulated adequate savings.
Use Your Power to Decide the 2022 Election
Americans 50+ can use their vote to decide the 2022 elections. Commit today to be a Decider and join our fight to make sure candidates keep their promises to preserve Social Security and Medicare.
The combination of high inflation, lack of adequate retirement savings and the difficulty many older adults have finding work presents a challenge to their ability to have the financial resilience they need to adequately take control of their economic health and retirement planning.
Whoever is elected to Congress, governorships and state legislatures in 2022 will have the power to shape the economy in various ways, including through changes to the tax structure, enhancements to caregiving and family leave policies, and other measures to address individual needs and to help the economy thrive. State officials can help strengthen older Americans’ financial security through tax policy changes and automatic savings initiatives that offer workers access to programs that can help them accumulate retirement resources.
AARP guiding principles
As you consider a candidate, keep in mind AARP’s priorities for addressing the national economic impact of inflation and other economic pressures:
- State lawmakers should enact Work and Save laws that allow employers to offer their employees access to payroll-deduction retirement savings options.
- Federal and state legislators should enact laws that would require paid sick and family medical leave benefits for all workers.
- Federal and state lawmakers should provide additional support, including tax credits, to caregivers, who spend, on average, 26 percent of their income on caregiving expenses.
- Employers should not be allowed to discriminate against hiring and keeping older workers, which is particularly important after the pandemic.
- State lawmakers can enhance retiree financial security by reducing or eliminating taxes on Social Security benefits and enacting property tax policies that help seniors afford to stay in their homes and communities.
Call for action
AARP is fighting to protect the health and financial security of voters 50-plus, ensuring that older adults can cope with rising prices and work at their full capacity, free from age discrimination in hiring and keeping their jobs.
For more information: aarp.org/vote