Despite widespread political polarization, a majority of people in both the Democratic and Republican parties agree that America’s retirement situation is alarming. This is according to a recent study conducted by the National Institute for Retirement Security (NIRS).
An overwhelming majority of Republicans (81%), independents (79%) and Democrats (78%) agree that the country is facing a retirement crisis. More than half of respondents across party affiliations agreed with an additional question regarding their level of concern about achieving financial security in retirement.
Debt levels are also seen as a universal barrier to retirement security, regardless of party affiliation.
“A large majority of Democrats (74%), Republicans (68%), and independents (68%) believe there is a problem with their debt levels,” the survey explains. “Nearly three-quarters of indebted Democrats, Republicans, and independents say their debt is preventing them from saving for retirement.”
The greatest agreement across political lines may be related to social security programs.
“Americans overwhelmingly agree across party lines that Social Security must remain a priority, with 90% of Democrats agreeing, followed by Independents (88%), then and Republicans (86%),” the survey states. “Similarly, Americans of all political parties want lawmakers to act now to increase Social Security funding and expect the next administration and Congress to address the Social Security funding shortfall. ”
Both Kamala Harris and Donald Trump have vowed to protect Social Security programs for America’s seniors. And while Congressional candidates have also vowed to support it, their track record of action to address the impending 2033 benefit shortfall has been conspicuously lacking over the years.
Pensions are also viewed favorably across party lines, with a majority of respondents saying the government should make it easier for employers to offer pension plans.
But long-term care also remains a concern because it tends to be more expensive for older Americans living on fixed incomes.
According to NIRS, “A majority of Americans, regardless of political affiliation, say they are worried about the cost of long-term care, with 83% of independents, 81% of Democrats, and 80% of Republicans saying they are concerned about the cost of long-term care.” %.” “When it comes to the idea that the government should do more to ensure that Americans have long-term access to quality goods, an overwhelming majority across political lines agree that the government should take action. .”
