Industry News

On February 26, 2019, the National Institute on Retirement Security (NIRS) released its report, Retirement Insecurity 2019: Americans’ Views of the Retirement Crisis.  The study examines Americans’ opinions regarding their economic security in retirement and possible policy solutions to help improve their outlook.  According to the study, Americans are very concerned about economic security in retirement.

Key findings include:

• Overall, 75% of Americans agree that the nation faces a retirement crisis;
• 58% of Americans are concerned about their ability to achieve a secure retirement;
• Nearly 65% of Americans plan to work longer and spend less in retirement;
• 77% have a favorable view of pensions and 79% support pensions for all workers;
• 64% believe that pensions help workers achieve a secure retirement as compared with 401(k) plans;
• 72% of Millennials are more concerned than other generations about achieving financial security in retirement;
• 80% believe employers should contribute more to employee retirement plans;
• 73% do not have the financial skills to manage their money in retirement;
• 56% support government increasing Social Security contributions from both employers and workers;
• Only 34% believe that the new tax law is improving their financial prospects;
• The majority strongly supports pensions for public sector workers with 82% supporting pensions for police officers and firefighters and 74% for teachers; and
• 83% believe that pensions are a good way to recruit and retain state and local workers.

The report is available here.