Survey findings show that most Arizona registered voters age 35-70 who are in the workforce hope to retire someday (83%), but many do not feel financially prepared for retirement. More than eight in ten (85%) wish they had saved more money for their retirement years. Four in ten (41%) say they are behind schedule in planning and saving for retirement. Six in ten (59%) feel anxious about having enough money for retirement.
Three in four support a ready-to-go state retirement savings plan that would help Arizona residents save for retirement through a public-private partnership. Voters of all political parties also support such a state plan; Republicans (74%), Democrats (81%), and Independents (75%). Most respondents favor a portable plan that follows people from job to job, and that has a low cost for participants.
The majority agree that Arizona lawmakers should do more to make it easier for Arizona small business owners to offer a way to save for retirement, and make it easier for workers to save money for retirement.
Many Arizona registered voters age 35-70 understand that offering workplace savings plans benefit the business, the employees, and the local economy. Over four in five (85%) agree that being able to offer a workplace savings plan helps Arizona small businesses stay competitive by attracting good employees and benefiting the local economy.
Competitive employers provide tools that allow people to prepare for their retirement years. Three in four respondents (74%) are concerned as taxpayers that some Arizona residents will not have enough money in retirement and could end up on public assistance programs.
Key findings include:
- Seventy-six percent (76%) of registered voters 35-70 in Arizona support a ready-to-go state retirement savings plan.
- Four in ten registered voters in Arizona in the workforce are behind schedule in planning and saving for retirement.
- Six in ten registered voters in Arizona in the workforce feel anxious about having enough money for retirement.
The 2016 AARP Arizona Voter Retirement Security Survey was a telephone survey about retirement security issues among 1,000 registered voters age 35-70 in Arizona. Interviews were conducted November 11th through December 5th, 2016. The sample was drawn from a registered voter list. Percentages reported are rounded. For more information contact Dana Kennedy, State Director, AARP Arizona at DKennedy@aarp.org or Terri Guengerich, AARP Research, TGuengerich@aarp.org.