Anxiety over Retirement Security On the Rise: Survey

Retirement income security is the great unifying issue. No matter the gender, ethnicity, generation, or even political affiliation, Americans are increasingly concerned about maintaining their standard of living throughout retirement, according to a new survey commissioned by Americans for Secure Retirement (ASR), a coalition of more than 70 organizations committed to raising awareness of policy issues related to retirement security.

Half of respondents said they are “much less” or “somewhat less” confident about their retirement outlook. Not surprisingly, this pessimism spikes among baby boomers ages 45-54 (62 percent) and 55-64 (60 percent) who are nearing or at retirement age.

Concern about maintaining a standard of living in retirement cuts across all major demographics, including White (86 percent), African-American (88 percent) and Hispanic (96 percent). Again, not surprisingly, those with nothing set aside expressed more concerned (93 percent) than those with more than $100,000 in investments or savings (84 percent).  Those not yet retired were likewise more concerned about retirement income providing a comfortable standard of living than those who are retired (89 percent vs. 81 percent).

On retirement security, lawmakers across the political spectrum agree on the benefits of saving money for retirement. This is deemed the best course of action by Democrats (94 percent), Independents (86 percent), Republicans (83 percent) and Tea Party supporters (81 percent).

It gets trickier when the issue of what to do about Medicare and Social Security enters the fray. Nearly a third (32 percent) of Tea Party supporters said cuts in these programs are necessary. Republicans and Independents are twice as likely to agree than Democrats (22 percent vs. 11 percent).

But half of respondents said that “no matter what,” lawmakers should leave these programs alone. (Eight-two percent expressed concern that they may not be able to rely on Social Security to provide their retirement benefits). There is also widespread consensus among those surveyed that the government should offer tax incentives to individuals to encourage saving for retirement (88 percent).

“What we're seeing is significant, and increasing, concern from Americans of all political stripes about falling short financially during retirement,” said Bill McInturff, founder and partner of Public Opinion Strategies, one of the organizations that conducted the ASR survey, said in a statement. “Not only are Americans concerned about their own financial health, but they also express widespread concern over how the continued contentious debate in Washington could further undermine what they are planning for in retirement. “