Survey Reveals Intergenerational Concerns About Retirement Savings | State


A new survey highlights calls for laws to make it easier for people to accumulate savings, and voices in Minnesota are hoping to spark more conversation about it.

An AARP poll shows that 63% of voters aged 25 and over are worried about having enough money to last until their retirement years. Some 92% support legislation to create more savings opportunities on the job, to be deducted from paychecks.

Kate Schaefers, volunteer president of AARP Minnesota, said this type of policy not only prepares younger age groups for their golden years, but also to be prepared for critical needs along the way.

“As we’ve seen some erosion of our middle class over the years, it’s really important to start early with savings practices,” Schaefers said. “So that people are prepared for these opportunities when they need to have money in the bank, but also for retirement.”

A proposal in Congress would require employers to set up automatic retirement accounts if they aren’t already on offer. Some states have similar laws, but Minnesota is not one of them.

The United States Chamber of Commerce advocates plans put in place by individual employers rather than states.

Schaefers said it’s important for different age groups to share their experiences of navigating the maze of savings. As for people approaching retirement age who do not have the necessary funds, she said she believes employers should offer more flexibility to allow them to continue working.

“I know this pandemic has had a huge impact on older workers,” Schaefers said. “And I think as we get out of it, providing these opportunities for people to be safe in the workplace, while still working at a certain capacity, is really going to help people, financially.”

Still according to the poll, only three in ten voters between 25 and 44 years old think they will have enough money for retirement. For those 45 and over not yet retired, 81% would like to have more money set aside.


About Ian Crawford

Check Also

6 reasons to consider delaying retirement

If you’ve dreamed of retirement since entering the workforce, you may have some idea of …