Eight in 10 Americans worry about the impact of the election on their retirement plan

MINNEAPOLIS, Sept. 17, 2024 /PRNewswire/ -- As the U.S. presidential election nears, Americans are apprehensive about how it may affect their personal finances, new research from Wealth Enhancement finds. Wealth Enhancement is an independent wealth management firm with more than $90 billion in total client assets and is ranked #5 on Barron's list of Top 100 RIA Firms.¹

Americans' apprehensions span from immediate economic concerns—like inflation and the cost of goods and services (49%) or how much they will pay in taxes (39%)—to longer-term worries about the impact of the election on their retirement plan (80%), whether they will be able to rely on government programs like Social Security or Medicare (31%), and how the election might affect the performance of their investment portfolio (23%).

Two in 10 (19%) Americans believe the election will affect when they retire—a concern most prevalent among Gen Z (29%), according to the study of 1,000 U.S. adults. Americans who have not retired yet also fear inflation has set back their retirement goals, delaying them by nearly 8.5 years on average (55%).

"Historically, the outcomes of elections have had very little long-term impact on market performance," says Ayako Yoshioka, a Portfolio Consulting Director at Wealth Enhancement. "For those feeling concerned about the election, I'd encourage them to talk with their advisor to ensure their financial plan is built to last, regardless of who's in office."

Despite near-term concerns, many Americans maintain a positive long-term outlook, with 77% experiencing positive emotions around retirement, including happiness (45%) and gratitude (37%).

Americans have clear ambitions for their retirement lifestyle, with an emphasis on experiences like traveling (58%) and picking up new hobbies (41%). They also plan to contribute to the greater good, expressing wishes to volunteer within their local community (26%) and work part-time on passion projects (22%).

Still, less than half (48%) of U.S. adults believe they have "done everything right" to prepare for retirement—and even fewer working adults (35%) think they have met or are on track to meet their retirement goals. Three in five Americans (61%) have concerns about running out of money during retirement.

Most U.S. adults are leaving valuable, comprehensive financial planning solutions on the table, with only 19% regularly meeting with a financial advisor to discuss their retirement plan. For those not yet retired, 18% haven't set any retirement goals at all.

"A trusted advisor can help you sort through the details of your finances and craft a plan that meets your unique goals and vision for life," Yoshioka says, "and that starts now. Want to invest in an election year? Think long term."

Find the full report on Wealth Enhancement's Newsroom.

Media Contact 
Marianne Gebhardt 
Senior Marketing Communications Manager
[email protected]

Prosek Partners, on behalf of Wealth Enhancement Group
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Methodology

The Wealth Enhancement retirement lifestyle study was conducted by Wakefield Research among 1,000 nationally representative U.S. adults ages 18+, in July 2024, using an email invitation and an online survey. Data has been weighted to ensure an accurate representation of nationally representative U.S. adults ages 18+.

About Wealth Enhancement

Wealth Enhancement is a national independent wealth management firm with an endless passion for enriching clients' lives. Its advisors across 115 offices craft personalized financial plans, backed by a team of Roundtable™ specialists. Uniquely tailored financial plans and investment management services serve more than 61,000 households with over $90 billion in assets under management. Since 1997, Wealth Enhancement has raised the standard of wealth management with specialized knowledge, attentive service, and integrated planning to help every client craft their future. Learn more at wealthenhancement.com.

Wealth Enhancement Group and its Registered Investment Advisor, Wealth Enhancement Advisory Services, had $91.0 billion in client assets, including $4 billion of brokerage assets held at LPL Financial, as of August 31, 2024.  

1. Awarded 9/15/2023 for the one-year period ending June 30th of the ranking year.

SOURCE Wealth Enhancement Group