What You Need to Know
- Most Americans of both political parties agree there Is a retirement crisis ahead.
- A majority of those surveyed say COVID-19 has delayed their retirement plans.
- Many stated that pension plans are better than 401(k) plans.
It should come as no surprise that most Americans support Social Security, but the support cuts across political party lines in this divided nation, according to a new survey by the National Institute on Retirement Security, a nonprofit advocacy group.
Also, 67% of respondents said they strongly or somewhat agreed that America is facing a retirement crisis, including 70% of Democrats and independents and 62% of Republicans surveyed.
The survey also found that 51% of Americans believe COVID-19 has increased concerns about retirement security.
The NIRS found “that retirement anxiety transcends political affiliation. Across party lines, Americans are frustrated with policymakers and that they can’t save enough on their own to be self-sufficient in retirement,” said Dan Doonan, NIRS executive director and report co-author, in a statement.
“As such, enacting retirement policy solutions would be a win-win for policymakers and the country, delivering financial relief for working families on an issue that concerns Americans on both sides of the aisle,” he added.