Democrats and Republicans finally agree on something: America faces a retirement crisis

A new survey from a global investment firm recently uncovered a rare point on which Republicans and Democrats seem to agree: America faces a retirement savings crisis.

Only about half of American households have retirement savings accounts. The Social Security program may soon run short of funds, and those benefits were never meant to cover the full costs of retirement.

In an August survey, BlackRock asked 1,000 registered voters for their thoughts on retirement security in America. The responses transcended party lines.

When the survey asked voters if they think there is a retirement savings crisis in this country, 93% of Republicans answered yes, joined by 86% of Democrats and 94% of independents.

Three-quarters of Republicans said they are concerned about “not being able to maintain their standard of living” in retirement, joined by three-quarters of Democrats and a slightly smaller share of independents.

When the candidates talk Social Security, older voters listen

Election-year surveys consistently suggest older voters are paying attention to what the candidates say about Social Security.

In a series of polls this summer, AARP has found that voters over age 50 in battleground states are more likely to vote for candidates who “commit to protecting Social Security,” among other issues.

“What they’re looking for is an acknowledgement” from the candidates “that they’re going to do what they can do to preserve Social Security for future generations,” said John Hishta, senior vice president of AARP. “That is one unifying issue that cuts across party lines.”

An annual retirement survey from Transamerica suggests the threat to Social Security ranks among the top five retirement fears of middle-class Americans in 2024.

“Our research finds that millions of Americans – tens of millions of Americans – are at risk of not being able to finance a secure retirement,” Collinson said. “And Social Security is the No. 1 issue on people’s minds.”

According to Transamerica research, the top priorities listed by middle-class Americans for the president and Congress are to fix Social Security’s funding shortfalls, to make health care and prescription drugs more affordable, and to ensure that all workers can save for retirement at work.

More: What if every worker in America were auto-enrolled in retirement savings?

Wealthy Americans share many of the same fears about retirement. In a 2023 report, Transamerica found that retirement security rises with income – but only to a point. Even among Americans with more than $200,000 in household income, the report found, only 42% said they are “very confident” they can maintain a comfortable lifestyle in retirement.

“Even with objectively high net-worth individuals, the idea of retiring and starting to spend your own assets and the threat of running out of money is scary,” said Peter Lazaroff, a certified financial planner in St. Louis. “And it doesn’t matter what your politics are.”

This article originally appeared on USA TODAY: Republicans and Democrats agree: America faces a retirement crisis