Many Feel Anxious About And Are Behind Schedule In Saving For Retirement

Transcription

1 2016 AARP SURVEY OF GEORGIA REGISTERED VOTERS AGES 35-64: STATE RETIREMENT SAVINGS PLAN Many Feel Anxious About And Are Behind Schedule In Saving For Retirement Survey findings show that most Georgia registered voters age who are in the workforce hope to retire and stop working at the average age of 66, but many do not feel financially prepared for retirement. Anxious About Having Enough Money for Retirement Very/Somewhat anxious 57% More than two in five (42%) feel they are behind schedule for planning and saving for retirement. Over half of respondents feel anxious about having enough money for retirement and eighty-seven percent (87%) wish they had more money saved for retirement. Not very anxious Not anxious at all 19% 22% Saving for Retirement While Working is the Best Way to Prepare for Retirement Nearly all (95%) survey respondents believe it is very important to be able to save for retirement while working. Over eight in ten of those offered a workplace retirement savings plan are making contributions. Most of those not offered a retirement savings plan at work would take advantage of a way to save for retirement at work if offered. Currently Making Regular Contributions to Workplace Retirement Savings Plan Would Take Advantage of Workplace Retirement Savings Plan if Available Yes 82% Very/Somewhat likely 85% No 18% Not very likely Not at all likely 2% 5% Georgia Registered Voters Support a State Retirement Savings Plan Almost nine in ten agree that Georgia lawmakers should do more to make it easier for Georgia small business owners to offer a way to save for retirement. Additionally, nearly three-quarters support a readyto-go state retirement savings plan that would help Georgia residents save for retirement through a publicprivate partnership. Voters Agree/ Disagree Lawmakers Should Support a Georgia Retirement Savings Plan Agree 87% Voters Support/Oppose a Georgia Retirement Savings Plan Support 73% Neutral 2% Disagree 9% Neutral 6% Oppose Fact Sheet 17%

2 2016 AARP SURVEY OF GEORGIA REGISTERED VOTERS AGES 35-64: STATE RETIREMENT SAVINGS PLAN GA Registered Voters See the Business Case for Workplace Savings Plans Many Georgia Registered Voters age in the workforce understand that offering workplace savings plans benefits the business, the employees, and the local economy. Agree/ Disagree Offering Workplace Retirement Savings Plan Helps Small Businesses and Economy Agree 87% Over four in five agree that being able to offer a workplace savings plan helps Georgia small businesses stay competitive by attracting good employees and benefiting the local economy. Neutral Disagree 5% 7% GA Registered Voters See the Economic Need for Workplace Savings Plans Many Georgia residents do not have access to a workplace retirement savings plan. Without being able to save for retirement at work, these residents could be approaching retirement with little money in savings. Three-quarters of respondents are concerned as a taxpayer that some Georgia residents will not have enough money in retirement and could end up on public assistance programs. Nearly all registered voters agree that elected officials should support legislation that makes it easier for workers to save their own money for retirement. Concern as Taxpayer: Lack of Retirement Savings Could Make Some Reliant on Public Assistance Agree/Disagree Elected Officials Support Legislation Making it Easier for Workers [Without Employer Options] to Save for Retirement Very/Somewhat concerned Not very concerned 13% 75% Agree 91% Not at all concerned 11% Neutral 2% Disagree 7% DEMOGRAPHICS n=1,000 Registered Voters in Georgia age Currently in the Workforce Age: 35-49: 47%, 50-65: 53% Gender: Male: 45%, Female: 55% Employment Status: Part-time: 12%, Full-time: 61%, Unemployed and Looking for work: 4% Political Views: Liberal: 17%, Conservative: 47%, Moderate: 28%, Other/ Not sure: 7% Education: Less than/high school: 21%, Post high school/some college: 22%, College grad/post college: 55% Race/Ethnicity: White or Caucasian: 60%, African-American: 29%, Other: 5%, Hispanic/ Spanish origin: 3% Income: Less than $50,000: 22%, $50,000-less than $100,000: 22%, $100,000 or more: 30% METHODOLOGY The AARP 2016 Georgia Retirement Security Study was a telephone study among 1,000 registered voters age in Georgia on retirement savings issues. Interviews were conducted November 10 - November 27, Sample was drawn from a registered voter list. The margin of error is +/-3.1%. Percentages reported are rounded. For full annotation visit

3 Screening Questions: 2016 AARP Survey of Georgia Registered Voters Ages 35-64: State Retirement Savings Plan (n=1,000) S1. Our study is interested in the opinions of certain age groups. Could you please tell me your age as of your last birthday? Mean Age 49.9 S2. Are you registered to vote in Georgia? Yes ,000 No NS/REF S3. And just to confirm, are you a resident of Georgia? Yes ,000 No NS/REF S4. To ensure it is recorded accurately, could you please state your gender? Male Female

4 Q1. As you think about your finances in the future, how anxious do you feel about having enough money to live comfortably through your retirement years? Are: Very anxious Somewhat anxious Not very anxious Not anxious at all NS/REF Q2. Given the amount you currently have saved, do you wish you had more money saved for your retirement years? Yes No NS/REF Q3. I d like to ask you a few general questions about your work status. Which of the following best describes your current employment status? Are you: a. Self-employed full-time b. Self-employed part-time c. Employed full-time d. Employed part-time e. Retired and not working at all f. Unemployed and looking for work g. Not in the labor force for other reasons NS/REF Q4. [ASK ONLY IF Q3=A-D,F] Thinking about your future, do you hope to be able to completely retire one day and not work either full- or part-time for pay? Yes No Haven t thought about it/ns/ref

5 Q5. How important is it for people to be able to save money for their retirement years while they are working? Very important Somewhat important Not very important Not important at all NS/REF Q6. [DO NOT ASK IF Q3=E] When it comes to planning or saving for retirement, would you say that you are ahead of schedule, on track, or behind schedule? Ahead of schedule On track Behind schedule NS/REF Q7. [ASK ONLY IF Q3=A-D] Which of the following ways to save for retirement does your current employer provide? Do they provide: [MSET] Yes n a. A traditional pension plan a defined benefit plan? b. An IRA, 401k or 403b defined contribution plan? c. My employer doesn t offer a way to save for retirement NS/REF Q8. [IF Q7C=C-E] If your employer offered a way to save for retirement at work how likely would you take advantage of it? Very likely Somewhat likely Not very likely Not at all likely NS/REF

6 Q9. Are you making regular contributions to any of the following savings tools? a. A workplace retirement savings plan such as a 401k or 403b offered by your employer [DO NOT READ IF Q7=C OR NO OR Q3=E-G] Yes No NS/REF n b. A personal retirement savings plans such as an IRA or thrift savings plan n ,000 c. A personal savings account n ,000 d. Other personal investments in stocks or mutual funds n ,000 e. Something else ,000 n Q10. How concerned are you as a taxpayer that some Georgians have not saved enough money for retired and could end up being reliant on public assistance programs? Are: Very concerned Somewhat concerned Not very concerned Not concerned at all NS/REF

7 Q11. Many in Georgia, especially those who work for small businesses, do not have a way to save for retirement at work. One way to help more residents save would be for the state to set up a retirement savings plan, where workers can save for retirement automatically out of their regular paycheck. Workers can choose whether or not to participate, and the account would be portable from job to job. The plan would not use taxpayer dollars. It would be professionally managed and have low fees for participants and employers. Do you support or oppose this plan? Is that strongly or somewhat? Strongly support Somewhat support Neither support nor oppose Somewhat oppose Strongly oppose NS/REF Q12. Now I m going to read a list of some features of a proposed Georgia retirement savings plan and I d like you tell me how important each would be to you. After I finish reading each statement, tell me if that feature is very important to you, somewhat important, not too important, or not at all important to you. a. Portable, so if you leave one job you can take the money and account with you to your next job Very Somewhat Not very Not at all NS/ Important Important Important Important REF n ,000 b. Low cost to participants n ,000 c. Voluntary so participants are not required to make contributions n ,000 d. Available to everyone, including employees who work for small businesses n ,000

8 Q13. One way that local small businesses can stay competitive is by offering their employees some of the same benefits that big companies do, like a retirement savings plan. But many small businesses are currently unable to do so because it s too costly and complicated to set up a plan on their own. Thinking about this, do you agree or disagree with the following statements? Is that strongly or somewhat? Georgia elected officials should do more to make it easier for small businesses to offer their employees a way to save for retirement? Do you: Strongly agree Somewhat agree Neither agree or disagree Somewhat disagree Strongly disagree NS/REF Q14. Georgia elected officials should support legislation that makes it easier for workers to save their own money for retirement. Do you agree or disagree with the following statements? Is that strongly or somewhat? Strongly agree Somewhat agree Neither agree or disagree Somewhat disagree Strongly disagree NS/REF ,000 Q15. How strongly do you agree or disagree that being able to offer a voluntary, portable retirement plan would Georgia small businesses attract good employees and be good for our local economy? Is that strongly agree, somewhat agree, somewhat disagree, strongly disagree or do you neither agree or disagree? Strongly agree Somewhat agree Neither agree or disagree Somewhat disagree Strongly disagree NS/REF

9 Q16. Finances are a private matter and I want to respect that privacy. Rather than ask for anything specific about your total savings, please just stop me when I read the broad range that includes in total, about how much money do you currently have in savings and investments? Please include savings, certificates of deposits, stocks, bonds, mutual funds, employer-sponsored retirement savings plans, and other investments, but do not include the value of pension plans or your primary residence. Is it: Less than $ Less than $1, $1,000-$4, $5,000-$9, $10,000-$24, $25,000-$49, $50,000-$74, $75,000-$99, $100,000-$149, $150,000-$199, $200,000-$499, $500,000-$999, $1,000, NS/REF Demographics D1. What is your current marital status? Are you: Married Not married, living with your partner, or significant other Separated Divorced Widowed Currently single, never married NS/REF D2. [If D1=1 ASK: Are you or your spouse currently a member of AARP? IF D1=2 ASK: Are you or your partner currently a member of AARP? OTHERWISE ASK Are you currently a member of AARP? ] Yes No NS/REF

10 D3. What is the highest level of education that you completed? % ALL n 0 to 12 th grade, but with no diploma High school graduate or equivalent Post high school education, but with no degree year degree year degree Post-graduate study, but with no degree Graduate or professional degree NS/REF Are you of Hispanic, Spanish, or Latino origin or descent? Yes No NS/REF D5. What is your race? Are you: Black/African-American White/Caucasian Native American/Alaskan Native Asian Native Hawaiian/Pacific Islander Some other race NS/REF D6. Do you own or rent your primary residence? Own Rent Live with family Live with friends Other NS/REF

11 D7. Do you do something to earn extra money that is not your main source Income? Yes No NS/REF D8. Do you consider yourself to be a: Democrat Republican Independent Something else NS/REF D9. How would you characterize your political views? Would you say you are: Very Conservative Somewhat Conservative Moderate Somewhat Liberal Very Liberal None of the above/something else NS/DK/REF D10. We realize income is a private matter and so rather than ask you anything specific about your income, I d like to ask you to please stop me when I get to the category that includes your household s income before taxes in Was it: Less than $10, $10,000 to less than $20, $20,000 to less than $30, $30,000 to less than $40, $40,000 to less than $50, $50,000 to less than $60, $60,000 to less than $75, $75,000 to less than $100, $100,000 to less than $125, $125,000 to less than $150, $150,000 to less than $200, $200,000 and more NS/REF

12 AARP is a nonprofit, nonpartisan organization, with a membership of nearly 38 million that helps people turn their goals and dreams into 'Real Possibilities' by changing the way America defines aging. With staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, AARP works to strengthen communities and promote the issues that matter most to families such as healthcare security, financial security and personal fulfillment. AARP also advocates for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name. As a trusted source for news and information, AARP produces the world s largest circulation magazine, AARP The Magazine and AARP Bulletin. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. To learn more, visit or and our on Twitter. State Research at AARP brings the right knowledge at the right time to our state and national partners in support of their efforts to improve the lives of people age 50+. State Research consultants provide strategic insights and actionable research to attain measurable state and national outcomes. The views expressed herein are for information, debate, and discussion, and do not necessarily represent official policies of AARP. AARP Research For more information about this survey, please contact: Jennifer Sauer or jsauer@aarp.org