When was the last time you felt stress-free? How long has it been since you got through a day without worrying about money, the future, or the emails in your inbox? It’s enough to start daydreaming about the day you trade in your office cubicle for something a bit more tropical. Is 32 too early to retire? I’m asking for a friend.
The 2016 election was divisive, no doubt, but anxiety about retirement reaches across party lines, putting most Americans on the same side of an issue for once. The National Institute on Retirement conducted a study revealing two facts that supersede political divides. First, Americans fear their retirement security is in jeopardy. Second, they feel no reassurance that the government will get to work addressing the nation’s retirement crisis anytime soon.
With most Americans behind on retirement savings, it’s no surprise they feel scared, overwhelmed, and unprepared about their future. The following 13 reasons might be why Americans — regardless of their political affiliations — are worried about their future retirement funds. Will the government do anything about No. 10?
13. They believe in a retirement crisis
Although political polarization exists for a vast number of issues, Americans can agree on one thing: Economic conditions are affecting their ability to achieve a secure retirement. About 78% of Democrats and 76% of Republicans said so, according to the National Institute on Retirement study. Eighty-eight percent of Americans would go further to claim the nation faces a retirement crisis. If the goal is to live out your later years on the golf course, you must control your debt. However, the number of retirees with student-loan debt recently quadrupled, with people older than 60 carrying about $66.7 billion in student loans.
There was a time when middle-class Americans could rest comfortably under the protection of their social security, pensions, and other assets. But the inconsistencies of the stock market and unemployment continue to affect savings to the point where most feel uncomfortable relying on it for economic security.