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Issues that may affect millions of retirement plans are expected to be heavily debated during the upcoming election. The Ameriprise survey found a majority of consumers say candidates' positions on health care (60%), Social Security (55%), taxes (53%) and Medicare (52%) are very likely to influence their vote—while 41% note unemployment. Similarly, more than one-quarter cite changes to Social Security (29%) and health care costs (26%) as the issues most likely to jeopardize their retirement plans. Retirement status appears to influence how strongly people feel about these issues. While candidates’ positions on health care are frequently cited as a deciding factor for both retired and non-retired Americans, significantly more retirees say this topic is very likely to influence their vote (71% versus 55%). Americans’ focus on health care may be for a very poignant reason as health concerns appear to force many people into an early retirement. Among retirees who left the work force earlier than expected, 46% say they did so because of a health issue, followed by a job setback (31%) or because they were financially capable (11%). Whether due to the economy, uncertainty over the upcoming election or other reasons, peoples’ views on the traditional retirement age also appear to be changing. While the vast majority of retirees (83%) say they were under age 65 the day they left the work force, many Americans expect to work much longer. Only 20% of workers say they plan to retire before age 65 and more than one-quarter (26%) say they plan to remain in the work force as long as they're able. More information and the complete rankings are available at http://newsroom.ameriprise.com/research+studies/retirementmindscape2012.htm.
Issues that may affect millions of retirement plans are expected to be heavily debated during the upcoming election. The Ameriprise survey found a majority of consumers say candidates' positions on health care (60%), Social Security (55%), taxes (53%) and Medicare (52%) are very likely to influence their vote—while 41% note unemployment. Similarly, more than one-quarter cite changes to Social Security (29%) and health care costs (26%) as the issues most likely to jeopardize their retirement plans.
Retirement status appears to influence how strongly people feel about these issues. While candidates’ positions on health care are frequently cited as a deciding factor for both retired and non-retired Americans, significantly more retirees say this topic is very likely to influence their vote (71% versus 55%).
Americans’ focus on health care may be for a very poignant reason as health concerns appear to force many people into an early retirement. Among retirees who left the work force earlier than expected, 46% say they did so because of a health issue, followed by a job setback (31%) or because they were financially capable (11%).
Whether due to the economy, uncertainty over the upcoming election or other reasons, peoples’ views on the traditional retirement age also appear to be changing. While the vast majority of retirees (83%) say they were under age 65 the day they left the work force, many Americans expect to work much longer. Only 20% of workers say they plan to retire before age 65 and more than one-quarter (26%) say they plan to remain in the work force as long as they're able.
Rebecca Mooreeditors@plansponsor.com