A majority of Minnesota registered voters age 45+ wish they had saved more money for their retirement and while many have access to a retirement savings plan through work, nearly a quarter have no access to any type of employer-sponsored savings plan. Additionally, a majority of Minnesota registered voters age 45+ support the creation of a voluntary state-sponsored retirement savings system.
Key findings of this survey include:
- More than six in ten (62%) working Minnesota registered voters age 45+ say their employers offer a defined contribution plan for retirement savings (i.e., IRA, 401k, or 403b). Just over a quarter (27%) of working Minnesota registered voters age 45+ have employers who offer a traditional pension plan. More than one in five (21%) are employed by a business that offers no retirement savings plans at all.
- When asked about the amount of money they have in savings, over three-quarters of Minnesota registered voters age 45+ (77%) indicate that they would like to have more money saved for retirement.
- More than seven in ten (73%) Minnesota residents age 45+ are highly in favor of a voluntary state-sponsored retirement savings plan. When analyzed by political party affiliation self-identified Democrats (83%), Republicans (72%), and Independents (72%) show high levels of support for a voluntary state-sponsored retirement plan.
- Of the respondents who were either in ’support’ of or ‘neither supported or opposed’ a voluntary state-sponsored retirement plan, more than four in five (86%) state that portability of the proposed state plan was important to them. More than three-quarters of this same group of respondents also indicate that having a voluntary state retirement plan that has a low cost to taxpayers (78%) and is accessible to everyone in the state (76%) is important to them. Nearly nine in ten (88%) of these same respondents would support a voluntary state savings plan where individuals contribute and that was professionally managed – similar to typical state sponsored college savings plans.
- Over two-thirds of Minnesota registered voters age 45+ (68%) agree that elected officials should support creating a state-run savings plan that would allow residents to save for retirement.
The 2014 AARP Minnesota telephone survey on retirement security was fielded by RDD Inc. from February 7th through February 10th, 2014 and yielded 1000 completed interviews. The final sample was weighted by registered voters age 45 and older residing in Minnesota from the Current Population Survey data. For more information, contact Aisha Bonner at firstname.lastname@example.org.