Despite rampant political polarization, a majority of people affiliated with the Democratic and Republican parties agree that the state of retirement in the U.S. is concerning. This is according to a recent survey conducted by the National Institute on Retirement Security (NIRS).
An overwhelming majority of Republicans (81%), Independents (79%) and Democrats (78%) agree that the nation faces a retirement crisis. An additional question about the concern level for reaching financial security in retirement was agreed on by more than half of respondents under each party affiliation.
Debt levels are also seen as a universal impediment to retirement security across each political affiliation.
“A large share of Democrats (74%), Republicans (68%), and Independents (68%) believe that their level of debt is problematic,” the survey explained. “About three-fourths of Democrats, Republicans, and Independents who have debt say it is preventing them from saving for retirement.”
The most uniformity in agreement across political lines might relate to the Social Security program.
“Americans overwhelmingly agree across party lines that Social Security must remain a priority, with 90% of Democrats in agreement, followed by Independents (88%), then Republicans (86%),” the survey said. “Similarly, Americans of all parties want lawmakers to act now to shore up Social Security funding and expect the next administration and Congress to solve the Social Security financial shortfall.”
Both Kamala Harris and Donald Trump have vowed to protect the Social Security program for older Americans. And while congressional candidates also vow to support it, their record of action on addressing the impending 2033 shortfall in benefits has been severely lacking over the years.
Pensions are also viewed favorably across party lines, with a majority of respondents saying that the government should make it easier for employers to provide pension plans.
But long-term care also remains a source for concern, as costs tend to pile up for older Americans living on a fixed income.
“The vast majority of Americans across political views say they are worried about the cost of long-term nursing care, with Independents at 83%, Democrats at 81%, and Republicans at 80%,” according to NIRS. “When it comes to views about government doing more to help Americans get access to quality long-term, the overwhelming majority across the political spectrum agree that government should take action.”
