|New Study Finds Overwhelming Support for Action to Provide All Americans with Pensions|
WASHINGTON, D.C., Feb. 26, 2013 – A new research report finds overwhelming support for Congressional action to provide all Americans with access to a new type of privately run pension plan. The research finds that Americans remain highly anxious about retirement, and see pensions as a way to improve retirement readiness.
NEW STUDY FINDS OVERWHELMING SUPPORT FOR ACTION TO PROVIDE ALL AMERICANS WITH PENSIONS
85 Percent of Americans Worried About Retirement; Millennial Generation Highly Dissatisfied with Retirement Prospects
Live Webcast of New Report Findings at Retirement Policy Conference on Tuesday, February 26, 2013, at 8:15 AM ET
WASHINGTON, D.C., February 26, 2013 – A new nationwide public opinion research report finds overwhelming support for Congressional action to provide all Americans with access to a new type of privately run pension plan. The research also finds that Americans remain highly anxious about their retirement prospects (85 percent), and see pensions a way to improve their retirement readiness. Even though their retirement is in the distant future, virtually all Millennials – those born after 1976 for the purposes of this study – agree that the nation’s retirement system is under stress and needs repair (95 percent).
These findings are contained in a new research report, Pensions and Retirement Security 2013: A Roadmap for Policy Makers, issued today by the National Institute on Retirement Security (NIRS) at the organization’s fourth annual retirement policy conference in Washington, D.C. Conference speakers include Kathleen Kennedy Townsend and other retirement leaders and experts. The full program is available here.
Watch a live webcast of the event and a review of the new research findings here or at http://media1.ifebp.org/Mediasiteex/Catalog/Full/d44bf161a0b148f4a7a22ca97cb8078221/?state=zeL9b7tjdEFzv1hIkHeR.
“Despite stabilization of the financial markets, declining unemployment, and increased consumer confidence, Americans are deeply worried about retirement,” said Diane Oakley, NIRS executive director and report co-author. “Perhaps the high level of anxiety can be tied to Americans’ sentiment about the risks embedded in today’s crumbling retirement infrastructure—one where fewer Americans have a reliable monthly pension check in exchange for a system where Americans are investing on their own in a volatile stock market,” she said.
Oakley continued, “An overwhelming majority of Americans agree that the Great Recession exposed the risks of the nation’s retirement system—87 percent, up from 81 percent in 2011. Across generations, Millennials are most in tune with the risks of the system—some 96 percent agree that the downturn exposed risks inherent in the system. It seems today’s younger workers want the security of their grandparents’ pension, not the do-it-yourself retirement accounts of their parents.”
The polling also conducted a deeper examination of measures Congress could introduce to make pensions more broadly available to Americans. The poll described a possible new type of privately run pension plan that would be available to all Americans; portable from job to job; allow for a regular check that lasts through retirement; and easy for employers to administer while offering professional money management. These characteristics are similar to a possible proposal by the U.S. Senate called Universal, Secure, and Adaptable (“USA”) Retirement Funds.
Three quarters of Americans agree that such a new pension system is a good idea, with Millennials highly supportive at 84 percent. Some 81 percent of Americans indicate they would participate in a plan with the described features if it were available, with Millennials supporting such a measure at 88 percent. The report key findings are as follows:
The National Institute on Retirement Security (www.nirsonline.org) is a non-profit organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy through national research and education programs. Located in Washington, D.C., NIRS has a diverse membership of organizations interested in retirement including financial services firms, employee benefit plans, trade associations, and other retirement service providers.
kkenneally at nirsonline.org