A new survey has found that the opinions of Democrats and Republicans are very similar with regard to retirement. Both accepted that they are not saving enough but still showed optimism. They also admitted that they don’t want to work post-retirement. They confessed to being overwhelmed by retirement and showed a lot of trust in their financial advisors.
The Research on Republican and Democrats Views on Retirement
The research mapping the views of Democrats and Republicans on retirement was conducted by Lincoln Financial Group. It shows that the views of both do not differ much. The survey was entitled as Measuring Optimism, Outlook, and Direction. It was also known as the MOOD study.
About 26 percent of Democrats accepted that they were managing their retirement planning well. Likewise, 25 percent republicans admitted to the same. The President of Retirement Plan Services at Lincoln Financial, Jamie Ohl stated that these are very low numbers.
In the same survey about 83 percent of Democrats said that they are optimistic about retirement even after the fact that they had little confidence in planning the retirement. About 80 percent of Republicans showed this confidence too.
In the survey, about 70 percent of Republicans admitted that the effort required to understand their retirement plan options overwhelms them. About 68 percent of Democrats also accepted the same thing. Both types of respondents also thought that trying to understand the insurance options overwhelms them. About 62 percent of Republicans and 64 percent Democrats admitted to the same.
Working in Retirement
Nearly 9 in 10 respondents belonging to both the parties confessed that they don’t want to work past retirement. Ohl says that it is challenging for the industry to reduce the gap between not wanting to work in retirement and lack of confidence in planning the retirement.
The survey also highlighted that Republicans and Democrats want to put their family first when managing the financial planning so that the families can have enough money to meet all the vital financial needs. About 90 percent of Republicans and 87 percent of Democrats admitted to the same.
Trust in Financial Advisors
About 9 out of 10 respondents comprising of Democrats and Republicans stated that they have more confidence with regard to financial security when they get the opportunity to work with a financial advisor. Nearly 95 percent of respondents said that they had full faith in the financial advisors’ capacity to plan their retirement.