Democrats and Republicans agree on one thing: Retirement security is in jeopardy
According to a new poll, there is little polarization between Democrats and Republicans when it comes to their views on pensions.
More than 4 in 5 American voters, regardless of party affiliation, believe retirement security is an issue for the country, according to a recent poll of 1,000 US registered voters conducted by the Economic Innovation Group.
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Over 9 in 10 say Social Security “alone is not enough” to financially support retirees in their golden years, with Democrats and Republicans nearly on par at 92% and 94%, respectively.
"There's a pretty strong bipartisan bias, especially considering how polarized most economic issues are from a political perspective today," John Lettieri, President and CEO of Economic Innovation Group, told Yahoo Money. “[A] way to a secure retirement [is] not an inherently left or right political consideration. Almost everyone you ask says, 'Yes, I want that for myself and my family.' "
The country's pension system is "well designed" for the top 50% of earners, Lettieri said, but less so for low-income earners.
"[It] leaves the workers who supposedly need the most help and would benefit most from targeted policies," he said, noting that these workers have less access to work-funded pension plans and miss out on the benefits of state tax deductions for savers Provided.
Read more: 3 important factors to consider when planning your retirement
Access to retirement plans is another bipartisan belief, according to the survey. 91% of voters say all working Americans should be able to participate in a retirement savings plan. But only 59% do so, leaving tens of millions of workers without the opportunity to build savings capital with critical investment instruments.
Lettieri says the results "underscore the need for Congress to take action" in creating legislation to provide "much-needed assistance" to working Americans who do not have access to "resources to build wealth and financial security." and to bridge the wealth gap.
The Economic Innovation Group proposes extending the federal savings plan - the retirement savings plan the federal government uses for its employees - to all working Americans. Voters seem on board, and support for a universal savings plan (78%) has far surpassed other prominent wealth-building initiatives such as Universal Basic Income (47%), Child Support (41%) and Baby Bonds (40%) , according to the survey.
"This is about making sure everyone has access to the enormous benefits of the American economy," said Lettieri, "this huge engine of wealth creation."
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Stephanie is a reporter for Yahoo Money and Cashay, a new personal finance website. Follow her on Twitter @SJAsymkos.
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