More than six in ten Delawareans feel anxious about having enough money for retirement. That’s one of the findings from a recent AARP Delaware statewide survey of registered voters in Delaware, ages 25-64.
Only 13 percent of respondents reported they feel ahead of schedule for retirement.
“Residents of the First State are working hard, but many do not have a way to save for retirement out of their regular paycheck easily,” said AARP Delaware State President George Meldrum. “The results of this survey show that a secure retirement is still out of reach for many residents of the First State and they want our state leaders to create a pathway that will allow more workers to set aside the money they will need to care for themselves in later years.”
Among the survey’s other key findings are:
- 73 percent worry about their standard of living in retirement due to increased costs of living
- 74 percent support a public-private partnership to create a Delaware retirement savings program
- 87 percent agree that elected officials should support legislation to make saving out of their regular paycheck easier for workers.
A big concern among Delaware voters is that if retirement savings rates remain inadequately low, the state will be strained to fund social safety net programs like Medicaid and help older adults with lower incomes.
Seventy-six percent of taxpayers who responded are concerned that inadequate retirement savings could make it harder for people to care for themselves as they age.
Eighty-seven percent of Millennials who responded, said they were likely to take advantage of an employer-sponsored savings plan if offered to them.
Seventy-six percent are concerned that their children or grandchildren will not be able to save enough money to live comfortable in retirement.
“While Social Security is an important piece of the puzzle, it’s just not enough to depend on alone,” said Meldrum. “Many future retirees will not be able to handle daily living expenses – like medicine, utilities, and rent – as they move into their next chapter of life.”
Research shows that people are fifteen times more likely to save for retirement when they can do so at work.
AARP Delaware is calling on state leaders to alleviate some of the growing anxiety felt by many Delawareans, and work to pass legislation creating a saving opportunity for employees, especially those who work for small businesses, who historically have been unable to provide a savings plan for its workers.