Vast Majority Wants a U.S. Pension
NEW YORK (TheStreet) -- Here's an intriguing concept: Every American should have a pension.
Far-fetched? Maybe not.
A study shows the vast majority of U.S. adults (especially millennials, the generation of U.S. adults born after 1976) say the current retirement system is in major disrepair and needs an overhaul. To many Americans, a national pension plan is the way to go.
Certainly, Americans are anxious yet underachieving toward their own retirements. A recent report out from HSBC (HBC) says Americans will spend 21 years in retirement but have enough only savings to get through 14 years.Thus the relatively quiet but firm push for some sort of national pension plan. According to the Washington, D.C-based National Institute on Retirement Security, 84% of Americans say they are in favor of a pension "for all Americans" and that Congress should act on the problem. More:
- 85% of Americans say they are "highly anxious" about their retirement prospects.
- 95% of millennials say the current retirement system is "under stress and needs repair."
- 90% of Americans support "a new pension plan that is available to all Americans, is portable from job to job and provides a monthly check throughout retirement for those who contribute."
- 67% of Americans say "it is a mistake to cut government spending in such a way as to reduce Social Security benefits for current retirees."
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