National Poll Finds Retirement Security Concerns on the Rise

Leading pollsters release bipartisan survey analyzing perceived impact of Washington debt debate on financial security in retirement

WASHINGTON, Oct. 6, 2011 /PRNewswire-USNewswire/ -- A new bipartisan, national survey released today reveals that anxiety about retirement continues to grow, with near universal concern about having enough to make ends meet throughout retirement.  

The survey, conducted by Lake Research Partners and Public Opinion Strategies, shows widespread voter anxiety over having the means to maintain a comfortable standard of living throughout retirement. The poll was commissioned by Americans for Secure Retirement (ASR), a broad-based coalition of more than 70 organizations committed to raising awareness of policy issues related to retirement security.

"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. "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. Even those who feel we must make dramatic cuts to deal with the debt think Congress needs to identify concrete ways to help Americans deal with further retirement instability."

The survey reveals pervasive anxiety over how efforts to reduce our national debt may impact retirement security. Regardless of party affiliation, the majority of voters are concerned that cuts to Medicare or Social Security would have too significant an impact on retirement or that, if cuts are made, Congress must look for other ways to help Americans better plan for retirement. A majority of respondents also expressed support for proposals such as tax incentives to help save for retirement.

Additionally, the poll findings include:

• 88 percent of voters expressed concern about "being able to maintain a comfortable standard of living throughout retirement," with 52 percent of those individuals indicating they are "very concerned." This is up 15 percent from just last year.
• Concerns about being able to maintain a standard of living in retirement are extremely high across very diverse demographic groups:
  • White (86%)
  • African-American (88%)
  • Hispanic (96%)
  • Those without any investments (93%)
  • Those with over $100,000 in investments (84%)
  • Financial elites (81%)
  • Retired (81%)
  • Not-retired (89%)
• A third (31 percent) of all voters believe that if policymakers are going to cut Medicare or Social Security, they must looks for additional ways to help Americans better prepare for retirement.
• A full 50 percent of voters believe lawmakers should not cut Medicare or Social Security because it would have too significant an impact on retirement. Interestingly, this concern does not strictly fall along party lines. A plurality of Republicans and Tea Party supporters (34 percent of self-identified Tea Party supporters, 39 percent of Republicans) and the majority of Democrats (62 percent) express this viewpoint.
• 88 percent of voters view tax incentives to help save for retirement as important. This includes 81 percent of Tea Party supporters, 83 percent of Republicans, 86 percent of Independents and 94 percent of Democrats.

"Continued economic uncertainty, high unemployment and instability in the stock market have placed a growing concern on retirement security, and it's an issue that transcends party affiliation," said Celinda Lake, President of Lake Research Partners.  "As all eyes turn toward the 2012 election cycle, it's clear that fears regarding retirement security will play out big not only for Democratic voters, but even the most conservative of Republicans as well."

"We commissioned this poll to illustrate the overwhelming anxiety that exists about having the means to live comfortably in retirement," said Shannon Hunt, Executive Director of Americans for Secure Retirement. "As policymakers look for ways to address our national debt, they must find ways to generate peace of mind among Americans as they look toward retirement. Promoting solutions that provide guaranteed lifetime income – for example, annuities –would go a long way toward balancing these concerns."

The poll was conducted by Public Opinion Strategies, in consultation with Lake Research Partners, as part of a national omnibus survey of 800 registered voters.  The survey took place from September 10-13, 2011.  More information, including a detailed breakdown of the poll results, can be found here (http://bit.ly/qt4vpM).

About ASR

Americans for Secure Retirement is a broad-based coalition of more than 70 organizations and affiliates committed to raising awareness of the retirement problem and working with policymakers to find solutions that will help people have greater financial control over their retirement. Our members are a diverse group representing women, minorities, farmers, small business owners and the life insurance industry. You can learn more about ASR at www.paycheckforlife.org.

SOURCE Americans for Secure Retirement