Regardless of their political party affiliation, Americans are united in their support for Social Security, pensions and the need for lawmakers to shore up Social Security and make it easier for people to save for retirement.
This is according to a survey of 1,208 adults conducted by Greenwald Research for the National Institute on Retirement Security, a nonpartisan research institute in Washington, D.C.
Eighty-one percent of Republicans believe the nation faces a retirement crisis, on par with the 79% of Independents and 78% of Democrats who share that concern. Across all party lines, 79% of Americans think there is a retirement crisis, up from 67% in 2020.
Americans are overwhelmingly in favor of pension plans (90% of Democrats, 88% of Independents, and 86% of Republicans).
They want Washington lawmakers to ensure the future of Social Security and to make it a legislative priority, with the exact same percentage having this opinion as in the previous question.
Eighty-seven percent of all respondents say leaders in Washington don’t understand how hard it is for workers to save for retirement, up from 76% in 2020.
Roughly 75% of Americans across all party lines say their level of debt is problematic and keeping them from saving enough for retirement.
A vast majority of Americans are worried about the cost of long-term nursing care, with Independents at 83%, Democrats at 81%, and Republicans at 90%.
“Americans are casting their votes in the 2024 election, and there is deep division on so many important issues,” says Dan Doonan, NIRS executive director. “But polarization all but disappears when it comes to Americans’ concerns about their economic security in retirement. Most working Americans, except those in the top income brackets, are struggling to save enough money for a financially secure retirement.”
Lee Barney ✉
Lee Barney, Newsmax’s financial editor, has been a financial journalist for 30 years, covering the economy, retirement planning, investing and financial technology.
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