Millions of Americans are uneasy about their financial prospects in old age -- a nervousness that complicates US President George W. Bush's uphill efforts to persuade them to accept dramatic changes he's proposing for Social Security.
Almost half of Americans who haven't retired say they don't think they're doing a good job of getting ready for that time in their lives, an Associated Press (AP) poll found. Many say they're not confident they'll have enough money to live comfortably after they quit working.
"People are trapped in a dilemma," said Robert Blendon, a polling expert at Harvard's Kennedy School of Government. "They know they're not saving enough. They can't count on Social Security and they're not sure these private accounts will be better. They're not sure what to do."
In this uneasy climate, Bush's plan to allow personal accounts within Social Security hasn't caught fire with the public. The plan calls for to letting younger workers put part of their Social Security payroll taxes in private investment accounts.
More than half of Americans, 55 percent, say they oppose his plan to create personal accounts, while 39 percent say they support it, according to the poll conducted for AP by Ipsos-Public Affairs. Support for the plan drops among Democrats and independents when it's described specifically as "President Bush's plan."
Two-thirds of those who say they're doing an excellent job of preparing for retirement support Bush's plan to create personal accounts, while those doing a good job are evenly split.
Two-thirds of those doing a fair or poor job of preparing for retirement oppose his plan. One-third of those who haven't retired say they're not confident they'll have enough money to live comfortably in retirement.
Maureen Jones, a 46-year-old wife and mother in Detroit, said she can't save money and her situation makes her uneasy.
"Something's got to be done. Social Security doesn't seem to be working," she said. "My husband is concerned for his Social Security, we're both concerned. We haven't got an IRA right now. And the job situation stinks so much there's no way to put anything away."
Support for personal accounts is higher among young adults and declines steadily as people get older, the poll found.
People were about evenly divided on whether investing Social Security taxes in the stock market or in bonds would give them more or less money.
Established investors were more likely than non-investors to think investing some of their Social Security taxes in the stock market would give them more money.
Some other poll findings:
One in five hope to retire at 55 or younger, nearly half plan to retire in their 60s and 10 percent say they will retire at 71 or older or never retire.
About two-thirds of current workers plan to keep working after they've retired -- for a variety of reasons. Some want to make enough money to make ends meet; others want money for extras or just a way to stay busy.
Half of those polled said they have a 401(k) retirement plan, and almost that many said they have individual retirement accounts and employer-paid pension plans -- indicating some people have a combination of the three.
Nearly half of China’s major cities are suffering “moderate to severe” levels of subsidence, putting millions of people at risk of flooding, especially as sea levels rise, according to a study of nationwide satellite data released yesterday. The authors of the paper, published by the journal Science, found that 45 percent of China’s urban land was sinking faster than 3mm per year, with 16 percent at more than 10mm per year, driven not only by declining water tables, but also the sheer weight of the built environment. With China’s urban population already in excess of 900 million people, “even a small portion
UNSETTLING IMAGES: The scene took place in front of TV crews covering the Trump trial, with a CNN anchor calling it an ‘emotional and unbelievably disturbing moment’ A man who doused himself in an accelerant and set himself on fire outside the courthouse where former US president Donald Trump is on trial has died, police said yesterday. The New York City Police Department (NYPD) said the man was declared dead by staff at an area hospital. The man was in Collect Pond Park at about 1:30pm on Friday when he took out pamphlets espousing conspiracy theories, tossed them around, then doused himself in an accelerant and set himself on fire, officials and witnesses said. A large number of police officers were nearby when it happened. Some officers and bystanders rushed
HYPOCRISY? The Chinese Ministry of Foreign Affairs yesterday asked whether Biden was talking about China or the US when he used the word ‘xenophobic’ US President Joe Biden on Wednesday called for a hike in steel tariffs on China, accusing Beijing of cheating as he spoke at a campaign event in Pennsylvania. Biden accused China of xenophobia, too, in a speech to union members in Pittsburgh. “They’re not competing, they’re cheating. They’re cheating and we’ve seen the damage here in America,” Biden said. Chinese steel companies “don’t need to worry about making a profit because the Chinese government is subsidizing them so heavily,” he said. Biden said he had called for the US Trade Representative to triple the tariff rates for Chinese steel and aluminum if Beijing was
Beijing is continuing to commit genocide and crimes against humanity against Uyghurs and other Muslim minorities in its western Xinjiang province, U.S. Secretary of State Antony Blinken said in a report published on Monday, ahead of his planned visit to China this week. The State Department’s annual human rights report, which documents abuses recorded all over the world during the previous calendar year, repeated language from previous years on the treatment of Muslims in Xinjiang, but the publication raises the issue ahead of delicate talks, including on the war in Ukraine and global trade, between the top U.S. diplomat and Chinese