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Republicans Are More Likely to Have a Retirement Account Than Democrats

Republicans Are More Likely to Have a Retirement Account Than Democrats

(Dollar Photo Club)

By    |   Thursday, 18 August 2016 06:39 AM

 

Republicans are more likely to have a retirement account than Democrats, at least among those Americans even concerned enough to have already started saving for their golden years.


One in five working-age Americans have no retirement savings regardless of party affiliation, shocking proof that many citizens aren’t prepared for their financial future, according to the 2016 Election Survey from San Carlos, California-based online financial advisory firm Personal Capital.


Americans believe that the state of the economy and healthcare are two of the most important problems facing the country (33 percent and 31 percent respectively), just behind the threat of terrorism (48 percent).

Additional issues concerning Americans are:

  • crime (24 percent),
  • immigration (23 percent),
  • unemployment (21 percent),
  • education (20 percent),
  • morality (15 percent),
  • war (14 percent)
  • and the environment (12 percent).

 

As few people (8 percent) list retirement security as a top concern going into this year's election.
 

"Regardless of who wins the presidency, there are 10,000 people who retire each day in this country, and that number is expected to remain the same until the last Baby Boomer turns 65 in 2030," said Bill Harris, CEO of Personal Capital.

"If this survey shows us anything, it's that we all need to see retirement savings as a priority, because we will all be impacted by it in the future."
 

Younger People From All Parties Are More Hopeful About Retirement
 

The survey found that Millennials (age 18-34) feel more secure about their retirement (20 percent) versus those aged 35-54 (12 percent). Younger people see education as a priority issue this election (31 percent), behind terrorism (43 percent) but ahead of the economy (28 percent), with only 7 percent listing retirement savings as a top issue.
 

"The increasing costs of higher education are having a direct impact on millennials who are holding off on saving for retirement," said Harris. "With the average new graduate saddled with $37,172 in debt, up from about $35,000 last year, that may seem like the logical choice today. But, our fear is that this group will hold off until it's too late."
 

Both Trump and Clinton Presidencies Mean Retirement Concerns
 

Americans are worried about the consequences of their preferred candidate not winning the election. When asked about retirement, 64 percent of Republicans and 18 percent of Democrats are 'more worried' about their retirement savings if Clinton is elected, while 59 percent of Democrats and 15 percent of Republicans are 'more worried' about their retirement savings if Trump is elected.
 

Retirement woes by the numbers:
 

  • Total Millennials from both parties feel 'very unfavorable' toward Trump (57 percent) and are 'more worried' about retirement savings if he is elected (49 percent)
  • Households that earn under $50K say they are 'more worried' if Trump is elected; households that earn over $50K say they are 'more worried' if Clinton is elected
  • Only 19 percent of Clinton supporters and 18 percent of Trump supporters report feeling 'confident' with their retirement savings


"Both parties have devoted sections of their official 2016 platforms to Social Security and how they will address retirement security if they are in the White House," continued Harris. "We know that with the growing cost of healthcare, education and the shifting economy, Americans will only be able to retire comfortably by planning and saving for the future - no matter who wins the election."
 

But yet another recent study discovered that even if you are saving for retirement, you're not out of the emotional woods yet.

Charles Schwab’s survey of 1,000 workers and 401(k) participants nationwide found that saving for retirement is the leading source of financial stress for people of all ages.


Schwab Retirement Plan Services Inc. said the vast majority think retirement should be a prominent issue in the upcoming presidential campaigns, though they’re pretty evenly split on which candidate will be better for their economic security.

“With so many competing obligations and priorities, it’s natural for people to worry about whether they’re saving enough for retirement,” said Steve Anderson, president, Schwab Retirement Plan Services, Inc. “Roughly nine out of ten respondents told us they are relying mostly on themselves to finance retirement. It’s encouraging to see people of all ages taking responsibility for their own future and making this a top priority,” he said.  

(Newsmax wire services contributed to this report).

© 2019 Newsmax Finance. All rights reserved.

   
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Republicans are more likely to have a retirement account than Democrats, at least among those Americans even concerned enough to have already started saving for their golden years.
republicans, democrats, retirement, savings
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2016-39-18
Thursday, 18 August 2016 06:39 AM
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