The Baby Boomers have come a long way from Flower Power. Retirement savings, Social Security and Medicare are weighing heavily on their minds this election season, even if they are still in the workforce.
The AARP surveyed Americans aged 50-64 who are still working, and found that they share younger voters’ worries about the economy ahead of the Nov. 6 election, but their economic concerns extend well beyond jobs. These members of the “Baby Boom” generation worry about rising prices, healthcare costs, financial security when they retire and taxes.
“We know the issue of jobs is very important to voters age 50-plus, but any meaningful discussion of the economy and this year’s election has to include the future of Social Security and Medicare,” Nancy LeaMond, executive vice president of the 37 million-member AARP, said in a statement. “For these voters, ‘retirement security’ and ‘economic security’ are largely the same thing,” she said.
The AARP released an “Anxiety Index” showing that 75 percent of voters age 50-64 who are still working worry somewhat or very often about whether prices will rise more quickly than their incomes, 62 percent worry about health expenses and 71 percent are concerned they pay too much in taxes.
The anxieties are leading to unhappiness with political leaders – 49 percent do not approve of President Barack Obama’s job performance and a full 81 percent do not approve of Congress. They are evenly divided on the question of who should win the White House – with 45 percent supporting Obama, 45 percent backing his Republican rival, Mitt Romney, and another 10 percent not sure.