America goes to the polls in less than a month and while divisions across affiliations are clear, so are common concerns about retirement.
A new research brief from the National Institute on Retirement Security reveals high levels of concern that the nation is facing a retirement crisis with little variation across party lines. Republicans are slightly more likely to hold this view (81%) than Democrats (79%) and Independents (78%).
"This isn't surprising because the data is overwhelmingly clear that most working Americans, except for those in the top income brackets, are struggling to save enough money for a financially secure retirement,” said Dan Doonan, NIRS executive director and report co-author.
There is also common ground on pension plans with around eight in ten of respondents sharing positive views of plans, and most believing that all workers should have a pension and that the government should make it easier for employers to offer plans.
The importance of Social Security is also a shared view of most poll participants with 90% of Democrats, 88% of Independents, and 86% of Republicans saying that it must remain a priority.
Debt is also a concern whatever someone’s political persuasion with around three quarters of respondents saying their personal debt burden is restricting their retirement saving ability.
The cost of long-term health care is another key worry with around eight in ten across party lines wanting more government assistance to ensure quality long term care. A recent survey of middle- and upper-income consumers revealed shortfalls around familiarity, cost concerns, and the role of financial planners.
"Given this high level of retirement insecurity, it makes sense that Americans of all political stripes have favorable views of pensions and want lawmakers to shore up Social Security funding. Pensions and Social Security both provide reliable streams of income in retirement that won't run out and aren't subject to market volatility, which could explain Americans' support for these retirement programs," Doonan said.
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