National Institute on Retirement Security Study: Yes, There is a Retirement Crisis - ThinkAdvisor
ThinkAdvisor’s Ginger Szala, executive managing editor of Investment Advisor magazine, reports on the conclusions drawn from the National Institute on Retirement Security’s (NIRS) new survey. Although not necessarily a revelation to many, the study finds that “67% of respondents said they strongly or somewhat agreed that America is facing a retirement crisis, including 70% of Democrats and independents and 62% of Republicans surveyed.” Embedded in that finding is the sentiment that America’s Social Security System needs to not only be retained, but strengthened via higher payroll taxes. Read Ms. Szala’s post here…
The NIRS report shows that the COVID-19 pandemic has added to the concerns that most Americans have about retirement security, adding to the worries facing many about their ability to save sufficiently to sustain them in retirement. While the concerns revealed in the study are gloomy, there is a sort of bright side: there is agreement among Americans (at least those polled in the survey) that transcends the political divide, with a clear majority (79%) believing Social Security support needs to be a “congressional priority despite budget deficits.”
As the Social Security solvency crisis moves closer and closer to its endpoint, it’s interesting to see prominent surveys reporting a growing agreement with respect to the seriousness of the matter. As the Associatin of Mature American Citizens (AMAC) has been saying for many years, the problem is not self-correcting, and the longer it takes to craft real solutions, the more severe the implications will be. AMAC has aggressively advocated for improvement and modernization of Social Security, and has been promoting its “Social Security Guarantee” as a framework to address the problem. Learn more about this policy proposal at https://amac.us.
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