WASHINGTON, DC – In a new AARP survey released today, 8 in 10 say that taking a stand on Social Security is a basic threshold for Presidential leadership. The survey of likely voters age 50+ also shows nearly 40% are dissatisfied with their retirement savings and nearly half of voters worry they won’t be able to achieve their financial goals over the next five years (49%). 4 in 10 (40%) still don’t know for certain which party’s presidential candidate they’ll choose in the 2016 general election.
“Almost every African American voter aged 50+ said leadership is a very important quality in a president,” said Edna Kane-Williams, AARP’s Senior Vice President of Multicultural Markets. “Laying out a plan to make Social Security financially sound and adequate is a test of how the candidates will lead. With so many older voters undecided, candidates who fail to tell voters where they stand on Social Security do so at their own risk.”
For African American voters, 63 percent of the survey takers think it is essential for presidential candidates to lay out their plans to update Social Security for future generations. This was true across party lines, as 78 percent of Democrats, 76 percent of Republicans, and 77 percent of Independent voters want to see a plan. It was also true for both African American and Hispanic/Latino voters, with 87 percent of African Americans and 83 percent of Hispanic/Latino voters wanting to see a plan in action. Additionally, 83 percent of all voters said it was very important that the government take action on Social Security.
More Economic Anxiety Ahead for African Americans
More than half of voters surveyed have economic anxiety, rating the national economy as performing poorly (55%). At home, just a quarter of voters are very satisfied (26%) with their financial situation, while nearly 3 in 10 (29%) are very or somewhat dissatisfied with their financial situation. 40 % of African Americans voters are worried or concerned about being able to achieve their economic and financial goals. Less than a quarter (22%) are very satisfied with their retirement savings and nearly 4 in 10 (37%) are somewhat or very dissatisfied with their retirement savings. 6 in 10 (62%) feel that gridlock in Washington has had an impact on their personal financial situation.
“Dissatisfaction with the level of retirement savings only increases the importance of presidential candidates taking a stand on Social Security,” added Kane-Williams. “If our leaders fail to act, future retirees could lose up to $10,000 per year in Social Security benefits.”
Late last year before the Presidential primaries AARP launched Take a Stand, a national accountability campaign demanding on behalf of all voters that presidential candidates take a stand on their plans to update Social Security. AARP expects every presidential candidate to lay out their plans to make Social Security financially sound and adequate so current and future generations can receive the benefits they’ve earned.
