Industry News

Recently, the National Institute on Retirement Security (NIRS) released its report, Retirement Insecurity 2024: Americans’ Views of Retirement. The report findings are based on a national opinion survey of working-age Americans on numerous retirement security issues related to restoring the “American Dream” of retirement. The survey was conducted by Greenwald Research in October 2023 with a total of over 1,200 individuals aged 25 and over. 

The key findings include: 

• ​About 75% of survey respondents expressed strong support for pensions to provide financial security in retirement with 83% expressing that all workers should have a pension to be independent and self-reliant in retirement;
• 79% of respondents feel there is a retirement crisis, up from 67% in 2020 while 55% are concerned about financial security and 73% are concerned about inflation;
• 87% of Americans are highly supportive of Social Security regardless of the status of federal budget deficits while 52% support expanding the program and 90% reported that Social Security’s funding shortfall should be a priority for the next President and Congress; and
• 87% of Americans are concerned about rising costs while 80% are worried about increasing costs of long-term nursing care in retirement. 

The report is available here.