Vast Majority of Women Agree Congress Should
Act Now to Shore up Social Security
WASHINGTON, April 29,
2024 /PRNewswire/ -- Eighty
percent of working age American women believe that the U.S. faces a
retirement crisis, and 78 percent say the typical worker just can't
save enough on their own to guarantee a secure
retirement according to a new research infographic from the
National Institute on Retirement Security (NIRS). Regarding Social
Security, nearly all U.S. women (86 percent) agree Congress should
act now to shore up funding rather than waiting ten years to enact
a solution.
Most American women (82 percent) also say all workers should
have a pension so they can be independent and self-reliant in
retirement, while 75 percent agree that those with pensions are
more likely to have a secure retirement.
These findings are detailed in a new research infographic from
NIRS, What Do Women Think About Retirement?. The findings
are based upon a national survey of working age Americans conducted
by Greenwald Research. Download the infographic.
This research infographic is a supplement to a recent NIRS
report, Retirement Insecurity 2024: Americans' Views of
Retirement. Read the report.
"Women face an uphill battle when it comes to retirement," said
Dan Doonan, NIRS executive director.
"The wage gap is stubbornly persistent for women and they typically
live longer than men. Women are less likely to have access to a
workplace retirement plan and have caregiving demands throughout
their lifetime that often hurts their earning potential. Generally,
women need a larger nest egg, yet most are in a weaker financial
position as compared to men. This new infographic sheds light on a
range of retirement worries facing working age women, along with
their desire for a return to the retirement certainty that pensions
provide."
"If policymakers are serious about improving the financial
resilience of women, they'll need to implement pragmatic retirement
solutions that will help women shore up their retirement position.
Women clearly see increasing pension coverage as part of the
retirement equation, and they want to see action now on Social
Security," Doonan said.
The research infographic reports:
- U.S. women are worried about retirement. When asked
if the nation faces a retirement crisis, 80 percent of women agree
there indeed is a retirement crisis and 81 percent say employers
should contribute more money to workers' retirement plans. More
than three-fourths (76 percent) say retirement is only getting
harder, and it's getting harder due to inflation (77 percent),
rising healthcare costs (77 percent), debt (58 percent), and fewer
pensions (58 percent).
- Women express strong support for pensions. Eighty-two
percent of women say that all workers should have a pension so they
can be independent and self-reliant in retirement, and 75 percent
say the disappearance of pensions has made it harder to achieve the
American Dream. Seventy-five percent say those with a pension are
more likely to have a secure retirement, and about three-fourths
(73 percent) have a favorable view of pensions.
- Women want action now to safeguard Social Security.
Nearly all women (89 percent) say it is important for the next
administration to work with Congress to develop a Social Security
funding solution. Also, 87 percent of women say the program must
remain a priority no matter the state of federal budget deficits,
while 86 percent say Congress should act now to shore up Social
Security funding rather than waiting another ten years to find a
solution.
- Working age American women are worried about long-term care
costs in retirement. Eighty-one percent of women are worried
about the costs of long-term care, and only 38 percent feel
confident they will be able to pay for any needed long-term care
costs. Most women (86 percent) agree that the government should do
more to help Americans get access to quality long-term care when
the need arises.
The National Institute on Retirement Security is a
non-profit, non-partisan organization established to contribute to
informed policymaking by fostering a deep understanding of the
value of retirement security to employees, employers, and the
economy as a whole. Located in Washington, D.C., NIRS membership includes
financial services firms, employee benefit plans, trade
associations, and other retirement service providers. More
information is available at www.nirsonline.org.
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SOURCE National Institute on Retirement Security