A growing majority of Americans are worried about the security of their retirement and want a new type of pension plan open to everyone, according to a newly released National Institute on Retirement Security (NIRS) report.
The poll found that three-quarters of Americans would like to see a new type of pension plan open to everyone. The plan would be portable from job-to-job, allow for a regular check that lasts through retirement; and easy for employers to administer while offering professional money management.
The survey reveals that 87 percent of Americans believe the Great Recession has weakened the nation’s retirement system – up from 81 percent in 2011. Almost ninety percent of respondents also say Washington doesn’t understand their struggles in saving for retirement and over two-thirds say they don’t want to see Social Security benefits cut for current retirees.
“Despite stabilization of the financial markets, declining unemployment, and increased consumer confidence, Americans are deeply worried about retirement,” says Diane Oakley, NIRS executive director and report co-author. “Perhaps the high level of anxiety can be tied to Americans’ sentiment about the risks embedded in today’s crumbling retirement infrastructure—one where fewer Americans have a reliable monthly pension check in exchange for a system where Americans are investing on their own in a volatile stock market.”
View the entire report here.