6 Retirement Issues the Middle Class Wants the Next President To Address

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Retirement is on the minds of many Americans. Now that the 2024 presidential election is now just a handful of weeks away, Americans are thinking about how the next president will tackle their concerns. The Transamerica Center for Retirement Studies asked over 5,700 middle-class adults what they think about retirement. These people shared what they’re worried about and what they hope will happen. The results reveal the problems everyday Americans are thinking about when they try to plan for the future. 

Here’s a list of the top retirement issues that middle-class Americans care about most. These are the things they really want Congress, and the next president — whoever wins — to fix.

Addressing Social Security’s Shortfalls

At the top of the list is the urgent need to fix Social Security’s funding problem. A resounding 65% of survey respondents felt this way. This cornerstone of American retirement has been a source of growing anxiety for years. Reports say that if nothing changes, by 2033, it won’t be able to pay all promised retirement benefits. Everyone seems to agree this is a big problem. But so far, neither Republicans nor Democrats have fixed it.

The next president will need to make some tough choices, such as raising the retirement age, increasing payroll taxes or adjusting the formula used to calculate benefits. Whatever the solution, middle-class Americans want a plan that ensures that Social Security will still exist when they reach retirement.

Tackling Medicare’s Financial Challenges

Medicare also has money problems, and the survey results show that 53% of middle-class Americans are worried about it. The baby boomer generation is entering retirement en masse, and the strain on Medicare has never been greater. By 2036, there might not be enough money to pay for all the hospital and nursing home care it promises.

The next administration will need to explore ways to reduce healthcare costs so that Medicare can stay funded.

Making Healthcare More Affordable

It’s not just Medicare. Middle-class Americans are worried about the cost of all healthcare. Out-of-pocket expenses and prescription drug costs have become outrageously expensive. Despite all the good the Affordable Care Act does, many people still pay too much for their health insurance and their medical bills. Half of those surveyed want the next president to work with Congress to lower these costs.

The next president will face pressure to bring these costs down. This could involve negotiating drug prices, expanding coverage options or promoting transparency in healthcare pricing. Americans want solutions that will allow them to get the healthcare they need without depleting their retirement savings.

Ensuring Workplace Retirement Savings for All

Many people save for retirement through plans at work, like 401(k)s. But millions of workers don’t have access to these plans. This means they’re at a big disadvantage when it comes to building their retirement savings. 47% of the Americans surveyed want the next president to help fix this problem.

The next administration could create initiatives to help ensure that all workers have the opportunity to save for retirement through their workplace.

Implementing Financial Literacy in Schools

Some people get a rude awakening when they get into credit card debt, or when they’re close to retirement and haven’t saved enough. They realize they never learned how to handle money well. Many think this could be avoided — 40% of survey respondents called for the government to make schools teach kids about money.

The next president could help by developing financial literacy programs in schools. This could include lessons on topics like budgeting, saving, investing and more. This would empower the next generation to make informed financial decisions throughout their lives.

Increasing Access to Affordable Housing

Many people worry about where they’ll live when they retire. Houses and apartments are getting more expensive in many parts of the country. This is making it harder for middle-class retirees to keep the standard of living they’re used to.

Almost 40% of the people in the survey said this is a big problem, and that Americans could use government support to help make housing cheaper for retirees. The next president could take steps to help seniors stay housed comfortably without them needing to spend their entire savings on a place to live.

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