Washington, DC - The labor force participation rate among Americans aged 65 and older surged to 20.0% in September 2024, according to the latest Bureau of Labor Statistics data. This level, not seen since before the pandemic, points to the growing number of seniors who cannot afford full retirement.
This surge occurs as the 2024 election approaches, with Social Security as a critical issue. One candidate has pledged to eliminate taxes on Social Security income and vowed never to cut the program, while another supports raising taxes on high earners to strengthen Social Security.
Meanwhile, the recent announcement of Social Security’s 2025 cost-of-living (COLA) adjustment of only 2.5% is the smallest annual COLA hike since 2021. It will add about $50 per month to the average Social Security check, doing little to bring relief to seniors who must still work.
With seniors turning out in large numbers at the polls, Social Security — and the candidates’ contrasting visions — could help decide the outcome of the 2024 election.
Retirement advisor Yehuda Tropper added, “For seniors wondering who to vote for in November, one candidate’s commitment to expanding and better funding the program and another’s plan to eliminate taxes on Social Security checks may both be appealing.
But while eliminating taxes on Social Security income offers immediate relief, one candidate’s plan tackles the underlying funding challenges. By making sure the wealthiest contribute more, she aims to protect and grow the program. In contrast, another candidate’s plan offers short-term gains but risks underfunding the program and shifting the burden to younger generations.”
Beca Life advises seniors on their retirement options. For more information, visit https://becalife.com or email hello@becalife.com
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