Retirement Insecurity 2024: Americans’ Views of Retirement

A national opinion poll finds that working age Americans are increasingly worried about retirement, and they see a return to pensions as a way to restore the American Dream of retirement. Eighty-three percent of respondents say that all workers should have a pension so they can be independent and self-reliant in retirement, and more than three-fourths of Americans agree that those with pensions are more likely to have a secure retirement.

The survey results are detailed in Retirement Insecurity 2024: Americans’ Views of Retirement conducted by Greenwald Research.

When asked if the nation faces a retirement crisis, 79 percent of Americans agree there indeed is a retirement crisis, up from 67 percent in 2020. More than half of Americans (55 percent) are concerned that they cannot achieve financial security in retirement.  Regarding Social Security, nearly all Americans (87 percent) agree Congress should act now to shore up funding rather than waiting ten years to enact a solution. Ninety percent say it should be a priority for the next president and Congress to tackle Social Security’s funding shortfall.

The report’s key findings are as follows:

• Americans express strong support for pensions. More than three-fourths of Americans have a favorable view of pensions, while 77 percent agree that the disappearance of pensions makes it harder to achieve the American Dream. Eighty-three percent of Americans say that all workers should have a pension so they can be independent and self-reliant in retirement.
• High retirement anxiety continues among Americans. When asked if the nation faces a retirement crisis, 79 percent of Americans agree there indeed is a retirement crisis, up from 67 percent in 2020. More than half of Americans (55 percent) are concerned that they cannot achieve financial security in retirement. When it comes to inflation, 73 percent of respondents said recent inflation has them more concerned about retirement.
• Americans want policy leaders to give their retirement concerns a higher priority.  The vast majority of Americans (87 percent) say leaders in Washington don’t understand how hard it is for workers to save for retirement, up from 76 percent in 2020. Also, 86 percent say Washington leaders need to focus more on retirement and give it a higher priority on the policy agenda, again up from 2020 (76 percent). Most  Americans (84 percent) say government should make it easier to offer pensions to their workers, up from 76 percent in 2020.
• Americans want action now to safeguard Social Security. Eighty-seven percent of Americans say Congress should act now to shore up funding rather than waiting another ten years to find a solution. Also, 87 percent say the program must remain a priority no matter the state of federal budget deficits. When it comes to expanding Social Security, slightly more than half of Americans (52 percent) agree with this concept.
• Americans are worried about long-term care costs in retirement. Eighty-seven percent are concerned generally about rising costs, while 80 percent are worried about the rising cost of long-term nursing care. A large share of Americans (66 percent) are worried about rising healthcare costs in retirement, 75 percent are concerned about rising housing costs in retirement, and 66 percent are worried about increasing costs to get help with everyday chores like cleaning and cooking.