A recent study from the National Institute on Retirement Security shows that most Americans believe that politicians are out of touch with the realities of what it's like to retire today.
According to the study, the 2011 Pensions and Retirement Security Study, nearly 9 out of 10 Americans (86 percent) believe the retirement system is under stress and needs to be reformed. Additionally, 80 percent of Americans believe that the recent economic downturn shows just how risky America's retirement system can be, and 73 percent believe that stock market volatility makes it impossible for the average American to predict how much they will have in their nest egg when they retire.
Yet, despite the obvious threats to their retirement security, 79 percent of respondents claim that leaders in Washington do not understand how hard it is to prepare for retirement in this economy, and 80 percent of Americans believe leaders in Washington need to give a higher priority to ensuring more Americans can have a secure retirement. Three-quarters of Americans believe that employers not offering a retirement plan should be required to automatically enroll employees into an Individual Retirement Account, with employees having the choice to opt out.
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Congress is considering further cuts to Social Security benefits and no COLA increases, yet 68 percent of those polled are opposed to cutting benefits for current retirees, and 59 percent are opposed to cutting benefits for future retirees.
Americans believe so strongly in Social Security that, of three actions specified in the survey, by far, Americans believe strengthening Social Security is the most important action that leaders in Washington can take. Forty-seven percent of survey respondents prefer this option, far exceeding support for giving tax breaks to employees (29 percent) and giving tax breaks to companies (20 percent).
Pensions are also a hot-button issue. More than 8 out of 10 Americans (83 percent) continue to believe that the government should make it easier for employers to offer pensions. Of those without pensions 58 percent said a pension would make them more confident about their chances of having a secure retirement.
Other findings related to pensions include:
- About 8 in 10 Americans believe all Americans should have access to a pension so they can be independent and self-reliant in retirement.
- Eighty-four percent say Americans with pensions are more likely than those without to have a secure retirement.
- More than three quarters of Americans believe the disappearance of pensions has made it hard for workers to achieve the American dream (77 percent).
Despite all this,72 percent of workers with pensions believe their pensions will still be there at retirement.
Social Security has been a trigger issue for Democrats, who recently launched an ad campaign accusing 10 Republican House members of "wanting to Dismantle Social Security and Medicare," according to a Wall Street Journal blog. The campaign includes calls, e-mails and ads targeting Reps. Paul Gosar, R-Ariz., Allen West, R-Fla., and Sean Duffy, R-Wisc. The campaign also targets Rep. Paul Ryan (R., Wisc.), chairman of the House Budget Committee.
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