April 1, 2002 -- A poll conducted for NPR shows
that a large majority of Americans are worried about whether they
will have enough money saved to retire. That's no surprise. What
is surprising is that the same poll shows that despite the
recent recession, declines in financial markets, and the collapse of
Enron, Americans remain open to the idea of investing part of their
Social Security taxes in the stock market.
The poll was
conducted by Republican Bill McInturff and Democrat Stan Greenberg.
Throughout 2002, the bipartisan pair will measure how opinions on
issues may affect this year's elections. The first poll is on
retirement security, as NPR's Mara Liasson reports for Morning
Edition.
The survey shows that Americans are anxious
after the Enron debacle, and that 59 percent favor more government
oversight of private pensions. Still, more than half the respondents
favor some form of privatization of Social Security, a share that
shocked both pollsters. Of people younger than 65, 63 percent said
they favor allowing people to onvest a portion of their Social
Security taxes in the stock market. And a majority held to that
opinion even when they were reminded of the Enron collapse.
The results run contrary to the conventional wisdom that
Social Security is the untouchable "third rail" of American
politics.
Below are questions from the survey. Click to see
a graphical representation of the results.
How concerned
are you about having enough money for retirement? Are you very
concerned, somewhat concerned, not too concerned, or not at all
concerned about having enough money for retirement?
See result
Let me ask you
about the income you think you will have for retirement. How much --
what proportion -- do you think will come from each of the following
(Social Security; employer's 401(k) plan)?
See result
Do you or your
spouse have any retirement savings such as a pension plan with an
employer, or a 401(k), or any tax-deferred account such as an IRA,
or don't you have any of these?
See result
Would you
support or oppose a plan in which people who choose to could invest
some of their Social Security contributions in the stock
market?
See result
And talking
again about this more specifically -- if you had to choose today,
would you have the country stay with the current Social Security
system or would you have it switch to a new system where people
could invest in the stock and bond market a portion of the amount
they now pay in Social Security taxes into their own personal
retirement account like an IRA or 401(k) account? (Asked of
respondents 65 and over.)
See result
And talking
again about this more specifically, if you had a choice today, would
you stay with the current Social Security system or would you switch
to a new system where you could invest in the stock and bond markets
a portion of the amount you now pay in Social Security taxes into
your own personal retirement account like an IRA or 401(k) account?
(Asked of respondents younger than 65)
See result
Which of the
following do you prefer for the country -- keeping the current
Social Security system with its guaranteed monthly benefits for
seniors OR changing the Social Security system to reduce the
guaranteed monthly benefits for new retirees, while allowing people
to put a portion of their Social Security savings in the stock
market? (65 and older)
See result
Which of the
following do you prefer for the country -- keeping the current
Social Security system with its guaranteed monthly benefits for
seniors OR Changing the Social Security system to reduce the
guaranteed monthly benefits for new retirees, while allowing people
to put a portion of their Social Security savings in the stock
market? (Younger than 65)
See result
Now, as you may
know, Enron's bankruptcy wiped out the savings of thousands of Enron
employees whose pension funds had been invested in the company's
stock. Knowing this, do you agree MORE with the Democrats in
Congress who say, "with Enron and so much corporate influence in
Washington, this is not the time to turn Social Security over to the
stock market. We need changes to improve Social Security, but not
ones that reduce the guaranteed monthly benefits for future
retirees?
Or do you agree more with Republicans in Congress
who say, "what happened at Enron proves people need more choice and
to be in control of their own retirement options, including the
right to invest a portion of their Social Security taxes into
government approved and diversified mutual funds?"
See result