As the U.S. presidential election nears, Americans are expressing concerns about how the outcome may affect their retirement plans. A new study from Wealth Enhancement shows that 80% of Americans are worried about the impact of the election on their retirement, including 73% of those who are already retired.
Despite these concerns, the study finds that many Americans remain optimistic about their long-term retirement prospects. Seventy-seven percent of respondents reported feeling positive emotions about their retirement lifestyle, such as happiness and gratitude. Among those who are already retired, 90% said they do not regret their decision to retire when they did.
Forty-nine percent of respondents are worried about the effect of the election on inflation and the cost of goods and services, while 39% are concerned about potential changes to the tax code.
In addition to short-term economic concerns, many Americans are also worried about the long-term implications of the election on their retirement. Nineteen percent of respondents, including 29% of Gen Zers, said they believed that the election would affect their overall retirement horizon, while 31% are concerned about the future of government programs like Social Security and Medicare.
Wealth Enhancement's portfolio consulting director, Ayako Yoshioka, noted that historical data suggests that elections typically have little long-term impact on market performance.
