New report illuminates public policy
priorities for retirement security across demographic
segments
LOS ANGELES,
Oct. 1,
2024 /PRNewswire/ -- Americans' top priority for the
President and Congress to help people have a financially secure
retirement is addressing Social Security's funding shortfalls,
according to American Voices: Public Policy Priorities
for Retirement Security, released by nonprofit Transamerica
Center for Retirement Studies® (TCRS) in collaboration with
Transamerica Institute®.
"With the disappearance of traditional pensions and strains on
safety nets such as Social Security and Medicare, Americans are
expected to self-fund a greater portion of their retirement income
compared with prior generations. But many are facing headwinds and
are not equipped to take on this added responsibility," said
Catherine Collinson, CEO and
president of Transamerica Institute and TCRS. "Millions of
Americans are at risk of not achieving a financially secure
retirement – and they need support from policymakers."
American Voices: Public Policy Priorities for Retirement
Security, a collaboration between nonprofit
Transamerica Center for Retirement Studies (TCRS) and Transamerica
Institute, examines Americans' priorities for the President and
Congress that would help people have a financially secure
retirement. The report provides infographic snapshots and
demographic comparisons by generation, employment status, race and
ethnicity, gender, household income, urbanicity, military status,
and LGBTQ+ status. It is based on a survey of more than 10,000 U.S.
residents aged 18 and older.
Americans' top priority for the President and Congress to help
people have a financially secure retirement is addressing Social
Security's funding shortfalls (62%), according to the survey's
findings. Other priorities include addressing Medicare's funding
shortfalls (51%), making out-of-pocket health care expenses and
prescription drugs more affordable (49%), ensuring all workers can
save for retirement in the workplace (44%), increasing access to
affordable housing (40%), innovating more affordable solutions for
long-term care (38%), implementing financial literacy curriculum in
schools (38%), supporting family caregivers (36%), providing and/or
subsidizing additional broadband access (28%), and creating
incentives for continuing education (26%).
Most demographic segments analyzed in the report are in
agreement on prioritizing Social Security and Medicare as the two
most urgent policy concerns. Demographic segments are also
generally aligned on the need to make out-of-pocket health care
expenses and prescription drugs more affordable, as well as
ensuring all workers can save for retirement in the workplace.
Notably, older generations (i.e., Silent Generation, Baby Boomers,
and Generation X) and retirees typically had higher response rates
regarding these specific priorities compared with other segments –
possibly because these issues are more relevant to them at their
current life stages.
"The President, Congress, and policymakers pave the way for
strengthening our retirement system so that all Americans can
achieve a financially secure retirement. With a collective effort
among stakeholders including industry leaders, employers, and
individuals, our nation can innovate and implement solutions that
address the needs of current and future generations of retirees,"
said Collinson.
American Voices: Public Policy Priorities for Retirement
Security is based on findings from the 24th
Annual Transamerica Retirement Survey conducted in late 2023.
Additional demographic perspectives on priorities for the President
and Congress can be found in Transamerica Institute's recent survey
reports on The Retirement Outlook of the American Middle
Class, The Multigenerational Workforce: Life, Work, and
Retirement, and Workplace Transformations: Employer Business
Practices and Benefit Offerings.
To download the report,
visit www.transamericainstitute.org. Listen to Transamerica
Institute's podcast ClearPath – Your Roadmap for
LifeSM. Follow on LinkedIn, Facebook, and X
@TI_insights and @TCRStudies.
About Transamerica Center for Retirement
Studies
Transamerica Center for Retirement Studies®
(TCRS) is an operating division of Transamerica Institute®, a
nonprofit, private foundation. Transamerica Institute is funded by
contributions from Transamerica Life Insurance Company and its
affiliates. TCRS and its representative cannot give ERISA, tax,
investment, or legal advice. This material is provided for
informational purposes only and should not be construed as ERISA,
tax, investment, or legal advice. Interested parties must consult
and rely solely upon their independent advisors regarding their
situation and the concepts presented here. For more information
about TCRS, please refer to www.transamericainstitute.org.
About the 24th Annual Transamerica Retirement
Survey
The analysis contained in American Voices:
Public Policy Priorities for Retirement Security was
prepared internally by the research team at Transamerica Institute
and TCRS. The 25-minute online survey was conducted within the U.S.
by The Harris Poll on behalf of Transamerica Institute between September 14 and October 23, 2023, among
a nationally representative sample of 10,002 people. Data was
weighted where necessary for age by gender, race and ethnicity,
region, education, marital status, household size, household income
and propensity to be online to being them in line with their actual
proportions in the population. Respondents were selected from among
those who have agreed to participate in our surveys. The sampling
precision of Harris online polls is measured by using a Bayesian
credible interval and the worker sample data is accurate to within
+1.2 percentage points using a 95% confidence level. This credible
interval will be wider among subsets of the surveyed population of
interest. Percentages are rounded to the nearest whole percent.
Media Contact: Kyle Moschen
kmoschen@webershandwick.com
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SOURCE Transamerica Center for Retirement Studies