AARP MASSACHUSETTS RETIREMENT SECURITY SURVEY · 0 Yes (TERMINATE) 100 No 0 Don’t know (TERMINATE) 0 Refused (TERMINATE) Q1. [ALL] As you think about your finances in the future,
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MASSACHUSETTS REGISTERED VOTERS ARE ANXIOUS AND BEHIND SCHEDULE ABOUT RETIREMENT
Registered voters in Massachusetts ages 25 to 64 do not feel financially prepared for retirement. Nearly all (89%) of those ages 35 and older wish they had more money saved for retirement and half (50%) of younger voters do not think they will be able to save enough money for their retirement years. Most Massachusetts registered voters ages 25-64 feel anxious about having enough money to live comfortably through their retirement years and half say they are behind schedule for planning and saving for retirement.
WISH THEY HAD MORE MONEY SAVED FOR RETIREMENT (n=600 RVs AGES 25-64 IN MA)
ANXIETY ABOUT HAVING ENOUGH MONEY FOR RETIREMENT (n=600 RVs AGES 25-64 IN MA)
MASSACHUSETTS REGISTERED VOTERS CONCERNED ABOUT IMPACT OF EXPENSES ON RETIREMENT
Cost-of-living and health care expenses can make affording retirement a challenge for many workers. Indeed, most Massachusetts registered voters are concerned about cost-of-living increases reducing their standard of living (Very: 39%; Somewhat: 41%). In addition, almost half are not very (25%) or not at all (22%) confident they will have enough money to cover health care expenses in their retirement years. As taxpayers, most (79%) are concerned (Very: 44%; Somewhat: 36%) that some Massachusetts residents have not saved enough for retirement and could end up being forced to rely on public assistance programs.
MASSACHUSETTS REGISTERED VOTERS SEE COST-OF-LIVING AND HEALTH EXPENSES IMPACT THEIR SAVING FOR RETIREMENT
(n=600 RVs AGES 25-64 IN MA)
MASSACHUSETTS VOTERS SUPPORT PUBLIC-PRIVATE STATE RETIREMENT SAVINGS OPTION
Most voters agree that elected officials should support legislation that would make it easier for small businesses to offer workers a way to save for retirement, with nearly three in five saying they strongly agree. And, support is evident for a public-private managed state retirement savings option – the majority of registered voters would support this type of program with well over one in three (37%) saying they would strongly support it.
Don't know,
1%
No, 10%
Yes, 89%1%
14%
15%
24% 46%
0% 20% 40% 60% 80% 100%
Not sure
Not anxious at all
Not very anxious
Very/Somewhat anxious
70%ANXIOUS
47%
79%
0% 20% 40% 60% 80% 100%
Not very/not at allCONFIDENT will have
enough money for healthcare expenses
Very/SomewhatCONCERNED about cost-of-
living increases reducingstandard of living
AGREE OR DISAGREE: ELECTED OFFICIALS SHOULD SUPPORT A MASSACHUSETTS RETIREMENT SAVINGS OPTION
(n=600 RVs AGES 25-64 IN MA)
SUPPORT OR OPPOSE: PUBLIC-PRIVATE MANAGED MASSACHUSETTS RETIREMENT SAVINGS OPTION
KEY WORKPLACE SAVINGS PROGRAM FEATURES IMPORTANT TO MASSACHUSETTS VOTERS
Massachusetts registered voters understand that a sound state work-place savings program should include key features such as portability, availability to all, voluntary participation, and automatic deduction.
Most registered voters say it is important to them that a retirement savings program be transferrable from one job to another, with over eight in ten saying this is a very important feature. Likewise, voters think it is important that a retirement savings program is available to all employees without a way to save for retirement at work, including small business employees – over two-thirds say this feature is very important. A retirement savings program that is voluntary, where participants are not required to contribute, is very important to almost three in five registered voters, and auto-deduction is a very important feature for forty percent of registered voters in Massachusetts.
IMPORTANCE OF KEY FEATURES OF STATE WORKPLACE RETIREMENT SAVINGS PROGRAM
(n=600 RVs AGES 25-64 IN MA)
REGISTERED VOTERS BELIEVE IT IS VERY IMPORTANT TO SAVE FOR RETIREMENT WHILE WORKING
Data from this survey shows that nearly all (89%) Massachusetts registered voters believe it is very important to be able to save for retirement while working. Yet, almost half of Massachusetts’s private sector employees (about 1,250,000) work for an employer that does not offer a retirement plan.1 Moreover, small businesses with fewer than 100 employees are less likely to offer a retirement savings plan than larger businesses. Almost one in five (18%) registered voters in this survey say their employer does not offer a retirement savings plan and the majority of them would take advantage of a way to save for retirement at work if offered.
IMPORTANCE OF SAVING MONEY FOR RETIREMENT WHILE WORKING (n=600 RVs AGES 25-64 IN MA)
39%
28%
21%
11%
40%
57%
68%
83%
0% 20% 40% 60% 80% 100%
Contributions automaticallytaken each paycheck
Voluntary participation foremployees
Available to all, incl. smallbusiness employees
Portability - can take to nextjob
Somewhat important Very important
1%
<1%
1%
89% 9%
Don't know
Not at all important
Not very important
Very/somewhatimportant
0% 20% 40% 60% 80% 100%
LIKELIHOOD OF TAKING ADVANTAGE OF WAY TO SAVE FOR RETIREMENT AT WORK IF EMPLOYER OFFERED
(n=103 RVs AGES 25-64 IN MA WITH NO ACCESS TO EMPLOYER PLAN)
4%
6%
7%
60% 23%
0% 20% 40% 60% 80% 100%
Not sure
Not at all likely
Not very likely
Very/somewhat likely
83%
LIKELY
DEMOGRAPHICS n=600 registered voters in Massachusetts AGES 25-64; Age: 25-34: 24%,: 35-49: 32%; 50-64: 44%. Gender: Male: 47%, Female: 52% Employment Status: Part-time: 19% (includes 7% self-employed), Full-time: 74% (includes 11% self-employed), Unemployed and Looking for work: 7% Political Views: Liberal: 38%, Conservative: 25%, Moderate: 30%, Other/ Not sure: 4% Race/Ethnicity: White or Caucasian: 80%, Black or African American: 9%, Hispanic/ Spanish origin: 9% Income: Less than $50,000: 25%, $50,000-less than $100,000: 30%, $100,000-less than $150,000: 20%
METHODOLOGY The AARP 2019 Massachusetts Retirement Security Study was a telephone study among 600 registered voters age 25-64 in Massachusetts on retirement savings issues. Interviews were conducted May 1 - 6, 2019. The sample was drawn from a registered voter list. Half (300) of the interviews were conducted via landline phone and half (300) via cell phone. The margin of error is +/- 4 percent. All data are weighted by age, gender, and race/ethnicity according to April 2019 Massachusetts voter database statistics. For more information on this issue in Massachusetts, contact Jessica Costantino at 617.305.0538 or [email protected]. For more information on the methodology or survey, contact Jennifer Sauer at 202-607-3795 or [email protected]. View this summary at www.aarp.org/MARetirementSavings and other AARP research at http://aarp.org/research.
1 2015 AARP, Workplace Retirement Plans Will Help Workers Build Economic Security David John and Gary Koenig AARP Public Policy Institute. https://www.aarp.org/content/dam/aarp/ppi/2015-08/aarp-massachusetts-fact-sheet.pdf
D11. [ALL] We realize income is a private matter and so rather than ask you anything specific about your
income, I’d like to ask you to please stop me when I get to the category that includes your household’s
income before taxes in 2018. Was it…?
% n=600
2 Less than $10,000
4 $10,000 to less than $20,000
6 $20,000 to less than $30,000
6 $30,000 to less than $40,000
7 $40,000 to less than $50,000
7 $50,000 to less than $60,000
9 $60,000 to less than $75,000
14 $75,000 to less than $100,000
13 $100,000 to less than $125,000
7 $125,000 to less than $150,000
7 $150,000 to less than $200,000
8 $200,000 or more
1 Don’t know
7 Refused
AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With nearly 38 million members and offices in every state, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, AARP works to strengthen communities and advocate for what matters most to families with a focus on health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the nation's largest circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org or follow @AARP and @AARPadvocates on social media.
For more information on this issue in Massachusetts, contact Jessica Costantino, AARP Massachusetts at 617-305-0538 or [email protected]. For more information on the methodology or the survey, contactJennifer Sauer at [email protected]. View this summary www.aarp.org/MARetirementSavings and otherAARP research at http://aarp.org/research.