Across Party Lines, Americans Are United in Their Support for Social Security and Pensions

Nationwide Survey by the National Institute on Retirement Security Finds Bipartisan Worries About Financial Security in Retirement

Debt, Inflation, and Rising Healthcare Costs Are Key Drivers of Retirement Anxiety

WASHINGTON, Oct. 8, 2024 /PRNewswire/ -- Despite deep polarization across the U.S., a new research brief from the National Institute on Retirement Security (NIRS) finds common ground when it comes to Americans' support for Social Security and defined benefit pension plans. At the same time, Americans across party lines are worried about retirement. Most Americans agree that the nation faces a retirement crisis, with Republicans reporting this sentiment at a slightly higher level (81 percent) than Independents (79 percent) and Democrats (78 percent). When asked about their level of concern about achieving financial security in retirement, more than half of Democrats, Republicans, and Independents say they are concerned.

These findings are detailed in a new issue brief from NIRS, Views of Retirement in America by Political Party Affiliation. The findings are based upon a national survey of working-age Americans conducted by Greenwald Research. Read the issue brief.

This issue brief is a supplement to a recent NIRS report, Retirement Insecurity 2024: Americans' Views of Retirement. Read the report.

When it comes to pension plans, Democrats (81 percent), Republicans (80 percent), and Independents (76 percent) share positive views about these plans. Moreover, the vast majority of Americans regardless of party say all workers should have a pension and government should make it easier for employers to offer pensions.

Nearly all Americans agree that Social Security must remain a priority, with Democrats at 90 percent, Independents at 88 percent, and Republicans at 86 percent. Additionally, a large share of Americans across party lines believe that their level of debt is problematic, while about three-fourths of Democrats, Republicans, and Independents with debt say it is preventing them from saving for retirement. Meanwhile, the vast majority of Americans across political views say they are worried about the potential cost of long-term nursing care.

"Americans are casting their votes in the 2024 election, and there is deep division on so many important issues. But polarization all but disappears when to comes to Americans' concerns about their economic security in retirement," said Dan Doonan, NIRS executive director and report co-author. "This isn't surprising because the data is overwhelmingly clear that most working Americans, except for those in the top income brackets, are struggling to save enough money for a financially secure retirement."

"Given this high level of retirement insecurity, it makes sense that Americans of all political stripes have favorable views of pensions and want lawmakers to shore up Social Security funding. Pensions and Social Security both provide reliable streams of income in retirement that won't run out and aren't subject to market volatility, which could explain Americans' support for these retirement programs," Doonan said.

The key findings of this nationwide survey are as follows:

• Despite growing polarization, Americans are united in their retirement worries. Across party lines, Americans agree that the nation faces a retirement crisis, with Republicans reporting this sentiment at a slightly higher level (81 percent) than Democrats (78 percent) and Independents (79 percent).
  
  
• Debt is problematic and impeding retirement savings for Americans regardless of party. A large share of Democrats (74 percent), Republicans (68 percent), and Independents (68 percent) believe that their level of debt is problematic. About three-fourths of Democrats, Republicans, and Independents who have debt say it is preventing them from saving for retirement. 
  
  
• Across party lines, Americans hold pensions in high favor. Across the board, Democrats (81 percent), Republicans (80 percent), and Independents (76 percent) have positive views about pension plans. Regardless of party, a large share of Americans say all workers should have a pension and government should make it easier for employers to offer pensions.
  
  
• Democrats, Republicans, and Independents support Social Security and want action now to protect benefits. Americans overwhelmingly agree across party lines that Social Security must remain a priority, with 90 percent of  Democrats in agreement, followed by Independents (88 percent), then Republicans (86 percent). 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.
  
  
• Long-term care is a significant worry for Democrats, Republicans, and Independents. 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 percent, and Republicans at 80 percent. 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. 

Conducted by Greenwald Research, information for this issue brief was collected from online interviews between October 10-25, 2023. A total of 1208 individuals aged 25 and older completed the survey. The final data were weighted by age, gender, and income to reflect the demographics of Americans aged 25 and older. The sample was selected using Dynata, an online sample provider.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole. Located in Washington, D.C., NIRS membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org.

SOURCE National Institute on Retirement Security