2 Biggest Retirement and Social Security Concerns for Americans Leading Into the 2024 Election
Written by
Yaël Bizouati-Kennedy
Edited by
Cory Dudak
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Inflation, soaring rates, a difficult housing market and the resumption of student loans are just a few of the financial issues many Americans consumers are facing leading into the 2024 election.
Two-thirds of Americans believe the ability to make ends meet is the most consequential personal finance issue at stake in the 2024 election, according to a new survey by Achieve.
In turn, 65% say healthcare access and affordability is the financial concern that has the most influence over how they will vote, the survey found.
Ability to Save for Retirement
Austin Kilgore, analyst with the Achieve Center for Consumer Insights, explained that Achieve asked Americans to rank a series of 12 financial issues based on which will be most affected by the outcome of the election. The ability to save for retirement/comfortably afford retirement was the third-highest issue in the Achieve Election Tracker.
“That tells us it’s clear that Americans understand the correlation between the results of the upcoming election, and Social Security and their retirement savings,” said Kilgore.
Concerns Around Social Security
Kilgore added that among retirees and older generations nearing retirement age, the amount of Social Security they receive and the overall performance of their 401(k) and other retirement savings can be a concern because inflation is making it harder for many people to make ends meet — especially those on a fixed income.
“Meanwhile, many younger Americans are concerned, understandably, about whether Social Security will even be around once they reach retirement age,” he added.
President Joe Biden’s 2024 State of the Union Address addressed what he plans to change — or not change — about drug costs and Medicare, and he also touched upon issues around Social Security. For instance, in terms of drug costs, many workers are entering retirement with medical debt. Meanwhile, another recent Allianz study in line with Achieve’s findings, recently found that an astonishing 72% of Americans say they can’t count on the benefits when planning retirement income, while 79% say they worry about the future of Medicare and Social Security.
What are the Drivers?
According to Kilgore, Inflation, higher interest rates and increasing levels of debt — including the resumption of student-loan debt — are all contributors.
“When people struggle to make ends meet or are dealing with high levels of debt, it’s hard to set aside money for the future, let alone make and stick to a long-term retirement plan,” he said.
Indeed, the survey found that households’ overall debt is very important to voters, as it is the third highest-ranked issue for how respondents say they’ll vote; 58% ranked it in their top six.
Meanwhile, 52% of respondents ranked the same topic among their top six issues they believe will be affected by the results of the election.
Asked whether these concerns differ from previous concerns in election years, Kilgore said that while these have been enduring issues “that have been difficult to address given longstanding gridlock in Congress,” the effects of inflation and higher interest rates are making them more urgent for many Americans this year.
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