I’m Voting for Trump: 3 Reasons I Believe He’ll Help Boost My Retirement Savings
Written by
Yaël Bizouati-Kennedy
Edited by
Cory Dudak
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The presidential elections is less than a month away, and there are no shortage of economic and personal finance issues for voters. Retirement savings is one of them, as inflation and high interest rates — although both have been ticking down — have taken a toll on consumers in the past couple of years.
For some voters, this issue is top of mind, and they believe a Donald Trump win will help them boost their retirement savings.
GOBankingRates spoke to several of them, and here are the reasons they laid out for why they believe the former president will be the best bet for their retirement savings.
Trump Will Not Add to Tax Burden, Increasing Savings
For some Trump voters, such as Irit Tratt, co-chair of Trump 47 Women’s Leadership Coalition, the former president wants “to put the power back with the people — not the government.” In addition, she argued he’s a businessman and “cares about the average American.”
“He is not looking to add to their tax burden, which means more take-home pay and more savings,” she said.
In turn, Tratt noted this will generate more revenue by increasing economic activity, not government spending. On the other hand, according to her, Democratic nominee Kamala Harris is “all about more spending and higher taxes.”
“This came through during the Vance/Walz debate,” added Tratt. “Republicans want to improve the lives of Americans by empowering the people, not the government!”
Trump Is Pro-Innovation, Which Will Help Savings
Allen, 43, who works at a marketing firm in the tech industry in San Francisco and chose to use a different name, said he has always voted Democrat, but this election, he’s voting for Trump.
“Yes, I’ll admit that there’s an element of self-interest in this decision,” he said. “I do, in fact, think he will be better for both the assets that I’ve invested in for my retirement and for the American economy as a whole.”
One of the drivers of a potential better economy, he argued, is that Republicans are far more favorable to innovation, “pure and simple,” which in turn will boost savings.
“They support Elon Musk and all his incredible innovations because they know the Dem alternative to having government agencies doing so will just fail,” said Allen.
Trump recently said he would tap billionaire Musk to lead what would be a new government efficiency commission, an idea the Tesla and SpaceX CEO had previously suggested. This effort could in turn save consumers money, enabling them to beef up their retirement savings, according to some experts.
This could be achieved via less waste and more efficiency, as well as thanks to automation — and artificial intelligence. For instance, Richard Stern, director of federal budget policy, The Heritage Foundation, recently told GOBankingRates the federal government spends roughly $6.7 trillion annually, and had $236 billion worth of known improper payments in fiscal year 2023 alone.
Stern added at the time that such a commission would almost certainly find ways to reduce the level of fraud, waste and abuse, “allowing those funds to be returned to the hard-working Americans that earned that money in the first place!”
Another example of this “waste,” which could instead make its way into Americans’ retirement savings, according to Allen, is Biden’s huge spending plans for getting internet service to rural areas, as well as for electric vehicle chargers being built out.
“Billions and billions of dollars spent, and nothing to show for it. Meanwhile, private enterprise is solving these problems,” he said. “That’s good for America and it’s good for my portfolio.”
Trump Is More Favorable to Workers, Boosting Savings
Another argument from these voters is that the former president is more favorable to American workers, hence, helping retirement savings.
“Just look at all the union support from Trump,” said Allen. “He’s not a full-on free trade guy. We want free-ish trade, but not at the expense of entire communities that get wiped out because of unrelenting outsourcing abroad.”
According to him, there’s a reason why working-class folks are voting for Trump, as when he was in power, wages for working-class people went up.
“Helping the American worker helps the health of our economy and, in turn, my portfolio,” Allen added. “I think it’s a no-brainer — Trump is better for my retirement because he is better for the American worker.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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