Most Americans worry about retirement and think lawmakers should make it a priority

It may be the one issue that unites members of both political parties

October 31, 2024

There arent many things on which Republicans and Democrats agree, but the National Institute on Retirement Security (NIRS) found one. People in both parties generally agree that the future of retirement is a cause for concern.

The organizations research finds that most Americans are worried that the nation faces a retirement crisis, with Republicans reporting this sentiment at a slightly higher level (81%) than independents (79%) and Democrats (78%).

When asked about their level of concern about achieving financial security in retirement, more than half of Democrats, Republicans, and independents say they are concerned.

On a personal level, 74% of Democrats, 68% of Republicans and 68% of independents think they have too much debt as they get closer to retirement. About three-fourths of Democrats, Republicans, and independents who have debt say it is preventing them from saving for retirement.

Over the last three decades, employers have moved away from offering pensions as a benefit in favor of 401(k) retirement accounts. Regardless of party, Americans think they were better off when pensions were the norm.

Whether Democrat, Republican or independent, a large share of Americans say all workers should have a pension and the government should make it easier for employers to offer pensions.

Social Security is a big priority

This bipartisan unity especially extends to Social Security. Social Security is forecast to run short of funds around 2031. Congress passed a law in the 1990s that mandates a 20% cut in Social Security benefits at that time if lawmakers have not found a way to make the system whole.

The survey shows that Americans overwhelmingly agree across party lines that Social Security must remain a priority, with 90% of Democrats in agreement, followed by Independents (88%), then Republicans (86%).

Similarly, Americans of all parties want lawmakers to act now to shore up Social Security funding and not wait until the funds run out.

Finally, Americans of all political stripes are worried about the cost and availability of long-term care. Independents are most worried at 83% but Democrats and Republicans are close behind, at 81% and 80% respectively.

When it comes to views about the government doing more to help Americans get access to quality long-term, the overwhelming majority across the political spectrum agree that the government should take action.

 

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