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When the survey asked voters if they think there is a retirement savings crisis in this country, 93% of Republicans answered yes, joined by 86% of Democrats and 94% of independents.

Three-quarters of Republicans said they are concerned about “not being able to maintain their standard of living” in retirement, joined by three-quarters of Democrats and a slightly smaller share of independents.

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Wealthy Americans share many of the same fears about retirement. In a 2023 report, Transamerica found that retirement security rises with income – but only to a point. Even among Americans with more than $200,000 in household income, the report found, only 42% said they are “very confident” they can maintain a comfortable lifestyle in retirement.

“Even with objectively high net-worth individuals, the idea of retiring and starting to spend your own assets and the threat of running out of money is scary,” said?Peter Lazaroff, a certified financial planner in St. Louis. “And it doesn’t matter what your politics are.”

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