Despite the country’s highly divisive political climate currently, Americans across party lines are worried about retirement, according to a report released Thursday by the National Institute on Retirement Security.
This national survey of working-age Americans also reveals that more than two-thirds of respondents (67%) believe that the nation faces a retirement crisis. More than half (56%) are concerned that they won’t be able to achieve a financially secure retirement. Some 68% say the average worker cannot save enough on their own to guarantee a secure retirement. And 65% of current workers say it’s likely they will have to work past retirement age to have enough money to retire.
Further, more than half of respondents (51%) say that the COVID-19 pandemic has increased their concerns about achieving financial security in retirement. And the COVID-19 concern is high across party lines: 57% among Democrats; 50% for Independents; and at 44% for Republicans.
“Today’s COVID-19 job losses, furloughs and pay cuts will further damage Americans’ ability to have a secure retirement, said Dan Doonan, NIRS executive director and report co-author. “This new research shows the deep economic impacts of the pandemic have only increased Americans’ retirement anxiety,”
Doonan’s research also indicates that Americans are highly supportive of Social Security, and there is even some support for expanding the program. The vast majority of respondents (79%) agree that Social Security should remain a priority of the nation no matter the state of budget deficits, with nearly half (49%) in strong agreement. Most Americans (60%) agree that it makes sense to increase the amount that workers and employers contribute to Social Security to ensure it will be around for future generations. And half support expanding Social Security, with 25% saying it should be expanded for all Americans and 25% saying it should be expanded except for wealthier households.
Investigators with Greenwald Research conducted online interviews in December with more than 1,000 individuals aged 25 and older for the study.