Retirement security is a top concern among Americans and could be an important issue in the upcoming elections, a recent survey found.
The poll, commissioned by Americans for Secure Retirement, found that nearly half of those surveyed found they are very concerned about being able to maintain a comfortable standard of living throughout retirement, with an additional one-in-four saying they were at least concerned.
Nearly six-in-10 said creating more retirement options that help retirees make sure their savings last throughout their lifetime should be one of the top priorities of Congress.
A candidate's commitment to address retirement issues would be a highly important factor in how 45% of the respondents would vote in November. By demographics, the highest percentage response came from unmarried women at 59%, followed by women over 50 at 58%, African-Americans at 57% and blue-collar women at 56%.
Over half of the women who identified as either Democrats or Republicans also expressed this could be a factor in deciding how to vote.
Meanwhile, a survey done by reverse mortgage lender Generation Mortgage Co., Atlanta, found the Sandwich Generation, those baby boomers forced to take care of their elderly parents at the same time they are supporting their own children, see their own financial situation in a negative light and are having to make tough financial decisions and cutbacks.
Because of outside financial pressures like job loss or cuts in pay, 17% admit they have failed to make a mortgage or rent payment on time due to insufficient funds.
Approximately 78% are worried about not having enough money to retire comfortably and 23% said they restructured their retirement plan in the last year due to financial reasons. More than half said they plan to work part time after they retire to help make ends meet.
Jeff Lewis, chairman of Generation Mortgage, said "the Sandwich Generation is probably the most financially vulnerable demographic to result from the recession. They are unemployed or underemployed, financially supporting two generations in their family and are saddled with debt from bills and a mortgage. As this group looks to retire, their financial situations, coupled with the state of the economy, is not leaving them with many options."
