Although tax hike proposals, immigration and energy policy appear to be a major element of this year’s midterm campaigns, a new poll also found that many Americans care about retirement security this election season.
According to a survey from Lake Research Partners and Public Opinion Strategies, a substantial majority of respondents are worried they won’t be able to maintain their standard of living in their old age. Some 70 percent expressed this view. The poll found that 62 percent said that Congress should make it a top priority to create more options for people to save for comfortable retirement.
The poll also found that 45 percent of prospective voters will take a candidate’s plan to address this issue into account when making their choice in November.
“Security in retirement is an issue that transcends party affiliation,” said Rob Autry, a partner at Public Opinion Strategies.
He added that “particularly in this year’s election, where we anticipate many close Congressional races, retirement issues will resonate with those who will likely swing many contests.”
Meanwhile, a study conducted by The Employee Ownership Foundation — which used data from the Department of Labor Form 5500 on defined contribution retirement plans — found that companies that offer employee stock ownership plans (ESOPs) provide more employee benefits.
The figures suggest that among those companies, 56 percent have have a second retirement savings program, typically a 401(k), while only 47 percent of all companies have some sort of defined contribution plan.