The U.S. political environment is no doubt divisive, but both Democratic and Republican Americans do seem to be united in deep worry about their ability to comfortably retire, according to research by the National Institute on Retirement Security.
Moreover, the report found that Americans affiliated with both parties generally support Social Security and defined-benefit pension plans.
"The research finds that most Americans agree that the nation faces a retirement crisis, with Republicans reporting this sentiment at a slightly higher level (81%) than independents (79%) and Democrats (78%)," the non-profit research and education organization said on its website. "When asked about their level of concern about achieving financial security in retirement, more than half of Democrats, Republicans and independents say they are concerned."
Researchers cited multiple reasons for the concern.
Personal debt was a reason brought up by people across the political spectrum, according to the report, with 74% of Democrats, 68% of Republicans and 68% of independents saying their level of debt is "problematic." Also, about 75% of all respondents said debt is preventing them from saving for retirement.
Respondents were also worried by inflation and how it would impact their quality of life in retirement.
"More than half of Americans (55%) are concerned that they cannot achieve financial security in retirement," the report stated. "When it comes to inflation, 73% of respondents said recent inflation has them more concerned about retirement."
Survey respondents said other reasons for their retirement anxieties are that it’s harder to save, that they’ll have to work longer and that they've been negatively affected by the economy or stock market, the institute said.
Guaranteed income in the form of defined-benefit plans was valued by everyone, according to the report, with 81% of Democrats, 80% of Republicans and 76% of independents saying they have positive views about pensions, and many saying that all workers should have a pension and that "government should make it easier for employers to offer pensions."
They also felt strongly about Social Security, the institute said.
"Democrats, Republicans, and independents support Social Security and want action now to protect benefits," the institute said. "Americans overwhelmingly agree across party lines that Social Security must remain a priority, with 90% of Democrats in agreement, followed by independents (88%), then Republicans (86%). Similarly, Americans of all parties want lawmakers to act now to shore up Social Security funding and expect the next administration and Congress to solve the Social Security financial shortfall."
Americans were similarly united in their concerns about paying for long-term care, with 83% of independents, 81% of Democrats and 80% of Republicans citing it as an issue in retirement.
The study was conducted by Greenwald Research and was based on online interviews of 1,208 adults aged 25 and older between October 10 and October 25.