Will the 2016 election affect your retirement outlook?
The November election is drawing nearer and speculation about who will be the nation's next president abounds. A recent survey from the Pew Research Center found that the economy is the number one issue American voters are concerned about. Many of the respondents said that Social Security was also an important issue that would likely influence their vote.
Find out now: How much do I need to save for retirement?
Read on to learn more about how the winning candidate's economic policies could have an impact on Americans' retirement plans and overall financial outlook.
Democrats vs. Republicans: Who's Saving More?
There might be a correlation between political leanings and retirement readiness. A survey by Personal Capital found that compared to Democrats, Republicans were more likely to have a retirement account.
Why is that the case? It could have something to do with a generational divide. A Harvard poll found that among younger voters, 61% were in favor of Hillary Clinton compared to the 25% who supported Donald Trump.
In terms of retirement savings, the idea that Republican voters might have an edge makes sense. Many young voters haven't started socking away anything for retirement. Between student loan debt and skyrocketing rents, many young adults are struggling to cover day-to day expenses. As a result, some of them aren't focused on saving for retirement.
Related Article: Americans Are Saving Less, Stressing More
Social Security and the 2016 Presidential Election
More Americans reported that they'd be worried about their retirement savings if Clinton were elected instead of Trump, according to the Personal Capital survey.
As far as Clinton's plans for Social Security go, she has proposed reforms that would expand the program and offer more benefits to disadvantaged workers. She also wants to require the wealthiest Americans to contribute more to Social Security.
While that could be a boon for some Americans, it could hurt others who are investing for the future. There's been speculation that in order to bolster Social Security, Clinton would recommend raising taxes on investment income. That may explain why some people are less confident about her ability to brighten their retirement horizon.
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Many Americans haven't saved a dime for retirement. Regardless of who wins the 2016 presidential election, you could struggle if you don't make saving for the future one of your top priorities.
If you don't have any retirement savings, you can consider opening an IRA or contributing to your company's 401(k) plan. Bottom line: If you want to live a comfortable life after you retire, it's best to start saving as soon as possible.
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