Middle-Class Voters’ Top 5 Retirement Demands for the Next President

Members of the middle class have some big worries about retirement. They are hoping the next president and Congress will address their concerns.

Recently, the Transamerica Center for Retirement Studies surveyed more than 5,700 middle-class adults and asked them which retirement security issues they hope the next president and Congress will tackle. Those surveyed had an annual household income between $50,000 and $199,999, which accounts for 55% of U.S. adults.

Based on their answers, here are the top retirement concerns Americans hope the next president and Congress will work to fix.

1. Address the Social Security shortfall

Middle-class survey respondents who said this should be a priority for the president and Congress: 65%

Most folks are aware that Social Security is in big financial trouble. As we have reported, if something doesn’t change, it is estimated that by 2033, the program won’t be able to cover the cost of all its retirement benefits.

Almost everyone seems to acknowledge that this is a major problem. Yet, neither party has successfully addressed how to fix it.

Voters are hoping either Vice President Kamala Harris or former President Donald Trump will finally do so. Find out more about where the candidates stand in “Where Does Kamala Harris Stand on Social Security? Same Place as Trump, Apparently.”

2. Address the Medicare shortfall

Middle-class survey respondents who said this should be a priority for the president and Congress: 53%

The nation’s retirement health insurance program also faces some tough sledding unless Congress does something to improve its fortunes.

It is estimated that by 2036, there will only be enough funds to pay for 89% of all scheduled benefits for Medicare Part A, which helps pays for hospice care, inpatient hospital care and nursing facilities.

Things are looking better for Medicare Parts B (physician and outpatient services) and Part D (prescription drugs). No shortfall is expected for another 75 years or more for these programs.

3. Make health care more affordable

Middle-class survey respondents who said this should be a priority for the president and Congress: 50%

Health care is expensive. Even passage of the Affordable Care Act did little to tame the expense of health insurance premiums and other out-of-pocket costs for millions of Americans.

Yet, half of Americans still hope either Trump or Harris will work with Congress to do something that will bring down patient bills.

4. Make workplace retirement plans more accessible

Middle-class survey respondents who said this should be a priority for the president and Congress: 47%

Many of us take our workplace 401(k)s and other retirement plans for granted. Yet, millions of American workers do not have access to any workplace retirement plan.

Americans would like to see the next president work with Congress to fix this problem.

5. Make schools teach financial literacy

Middle-class survey respondents who said this should be a priority for the president and Congress: 40%

There comes a point in life when many Americans realize that they never learned how to properly manage money. Perhaps this happens relatively early in adulthood, when they fall into credit card debt.

Sadly, it sometimes happens much later, when workers approach retirement and are shocked to discover how little they have actually saved.

There is a widespread belief that a lot of this pain could be avoided if schools would teach financial literacy. And 4 in 10 Americans would like to see the federal government mandate such lessons.

Keep reading for the rest of the top 10 retirement priorities according to survey respondents.

Other retirement priorities of the middle class

Here are the rest of the concerns survey respondents mentioned.

• Make long-term care services and supports more affordable: 39%
• Increase access to affordable housing: 39%
• Implement policies that support family caregivers: 37%
• Provide and/or subsidize broadband access: 28%
• Create incentives for workers to update job skills through education and training: 28%