When asked what should be the top priorities for Congress and the President addressing Social Security funding was named by 62 percent and addressing Medicare funding by 51 percent. Image: Lane V. Erickson/Shutterstock.com
By: FEDweek StaffAddressing the pending funding shortfalls in Social Security and Medicare were the top two retirement-policy related priorities for members of all generations in a poll conducted by the TransAmerica Center for Retirement Research.
“Americans are now expected to self-fund a greater portion of their retirement income compared with prior generations. However, many are not fully equipped to take on this added responsibility – and they need help from policymakers,” it said.
When asked what should be the top priorities for Congress and the President—with respondents free to name as many of the 10 listed they considered applicable—addressing Social Security funding was named by 62 percent and addressing Medicare funding by 51 percent. Making out of pocket health care expenses and prescription drugs more affordable was just behind, named by 49 percent.
Although those were the top priorities across generations, the priority placed on protecting Social Security and Medicare rose with each successively higher age group: 41 and 33 percent by Generation Z; 50 and 40 percent by Millennials; 63 and 49 percent by Generation X; 81 and 70 percent by Baby Boomers; and 82 and 73 percent by Silent Generation.
There was a similar pattern regarding making out of pocket health care expenses and prescription drugs more affordable, ranging up by generation from 33 to 65 percent, and for ensuring all workers can save for retirement in the workplace, from 38 to 52 percent.
Responses were much more closely bunched regarding other options, including increasing access to affordable housing and making long-term care more affordable.
There was relatively little difference by demographic factors such as gender, minority status, income and urbanicity.
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