Texas voters think there is a ‘retirement crisis’ and their post-work accounts are underfunded, according to new study from asset management giant BlackRock, even though the issue hasn’t drawn the same attention in national and state elections as other hot-button issues.
The study is part of what company founder and CEO Larry Fink called “rethinking retirement” in his 2024 annual chairman’s letter to investors. In his letter, Fink wrote that the retirement crisis requires a substantial response from the U.S. government.
“America needs an organized, high-level effort to ensure that future generations can live out their final years with dignity,” he wrote.
The new study, which surveyed 500 registered voters in Texas, seems to point toward Texan voters being in broad agreement with Fink. One of the most eye-catching figures: 91% of Texas voters think there is a retirement savings crisis in America.
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The survey results come two months ahead of a pivotal national election where the economy and inflation are expected to be key issues among voters, but social security and retirement savings policies have been overshadowed by abortion, immigration, foreign policy and tax priorities.
Texans are slightly more concerned about a retirement crisis than the country as a whole, of which 90% said there is such an issue.
Once you take that into account, the rest of the figures in the study are no surprise. More than 70% of registered Texas voters are concerned about having enough in savings or investments to fund their needs in retirement. A similar percentage are concerned about maintaining their standard of living or being able to afford long-term costs like nursing homes once they retire.
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Nationally, voters estimate it will take about $2.2 million to retire, but 62 % of registered voters in Texas surveyed report they have less than $150,000 in retirement savings.
All told, less than a quarter (24%) of registered Texas voters expressed a high level of confidence that they have enough to live throughout their retirement years. That’s a lower percentage than the 32% who reported they have no retirement savings at all.
That 32% with no retirement savings is skewed toward young people and minorities. According to the survey, 52% of registered Texas voters aged 18-34 and 46% of Black voters reported having no money saved for retirement.
That number is also high (41%) amongst women between the ages of 18 and 54. Lower earnings and longer life expectancy on average, as well as career pauses, often for family reasons, are three of the top factors for less savings among women.
The Motley Fool: Tech giant Alphabet built to thrive
If online search and advertising revenue dried up, Alphabet would rely on its Android smartphone, YouTube video platform and Google Cloud decentralized computing service in the short term.
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ProPublica: Irving-based auto lender Exeter deferred loans and drove up borrowing costs
Exeter is one of the largest auto lenders in the nation, specializing in high-interest loans to people with histories of not paying bills or defaulting on debt, a practice known as subprime lending. The company, which has more than 500,000 active loans and a partnership agreement with CarMax, the country’s largest used car retailer, casts itself as a provider of second chances. “We’re here to help,” it says on its website. In reality, Exeter’s practices often do the opposite. When the company allows a borrower to skip payments, it typically adds thousands of dollars in new interest charges to the customer’s debt. Dozens of customers told ProPublica that Exeter didn’t tell them about the added costs. When it’s time to make their final payment, many are faced with a huge bill, which they often can’t afford to pay.
NORTH TEXAS — A Richardson police chase ended in Dallas Monday evening, Dallas police said.
The chase ended along the southbound service road of Central Expressway, just north of the High Five.
From the CBS News Texas chopped, apparent bullet holes can be seen in a Richardson police vehicle.
It is unknown if anyone was injured.
Dallas police are assisting. Dallas Fire-Rescue is also on the scene.
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This is a developing story.
S.E. Jenkins
S.E. Jenkins is a digital content producer for CBS Texas. She has also been a Digital Content Producer in Tallahassee and Myrtle Beach. S.E. graduated with journalism degrees from Texas State University, Aarhus Universitet and City, University of London.
Texas’ stunning performance against UTSA on Saturday may have ended in a whopping 56-7 victory and a No. 1 standing in the latest AP Poll, but the feat came with the price of losing key playmakers to a throttling Roadrunners defense.
The Longhorns saw multiple players head to the sideline after being knocked around by a physical opposing secondary, including sophomore cornerback Malik Muhammad, senior wide receiver Silas Bolden and junior offensive lineman Kelvin Banks Jr. One of the more notable and concerning injuries struck starting quarterback Quinn Ewers, who suffered a hit to the abdomen that caused him to head into the medical tent early in the second quarter.
Even prior to the game, Texas announced that starting running back Jaydon Blue, defensive lineman Aaron Bryant, and defensive back Jelani McDonald would be ruled out due to previous medical complications.
It seemed like head coach Steve Sarkisian was running out of options, and fast. But he said the absences left room for both offensive and defensive depth to shine, a factor that has been extremely helpful in Texas’ road to glory this season.
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“We’re a little knicked up right now at some spots, and that’s why our depth is getting tested,” Sarkisian said. “But the beauty of it is that we have the depth that we have.”
Ewers’ unexpected departure called for backup quarterback Arch Manning to take the field, and he left Darrell K. Royal Stadium in awe after contributing four touchdowns within six drives during the final half, headlined by a 67-yard rush to the endzone in the second quarter.
“It was an odd play, but that gave an opportunity for Arch to get some valuable playing time and experience,” Sarkisian said.
Outside of Manning’s ability to handle the pressure and deliver a solid game for Texas, running backs freshman Jerrick Gibson and sophomore Quintrevion Wisner were able to receive some opportunities in the wake of Blue’s absence. The two had a collective 95 rushing yards on 19 attempts.
Combined with the offensive success under Manning, the Texas defense did its part in keeping the Roadrunners from seeing the red zone, even with Banks and Muhammad out of the game. It held UTSA to just 260 total offensive yards, averaging 3.8 yards per play, and only allowed one touchdown while accumulating 75 total tackles, including 12 for loss, and three sacks for the evening.
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Sarkisian specifically highlighted the fact that the Longhorns’ defense has incredible versatility and was able to see a variety of plays being made by different members of the interior line. He mentioned the names of transfer edge Trey Moore, freshman offensive linebacker Colin Simmons, freshman linebacker Anthony Hill, redshirt freshman linebacker Colton Vasek, and freshman linebacker Ty’Anthony Smith, all teammates that produced at least one tackle or a sack for the Longhorns.
“We got some depth on the interior defensive line,” Sarkisian said. “I think we added some juice off the edge with Trey and Colin coming on board. I think sliding Anthony in the middle and then rotating those guys like we have, and we saw a bunch of different guys make plays. And I think that’s one thing about the defense right now. It’s not just about one group or one player that’s dominating.”
Texas will be back in action at home next weekend against the University of Louisiana-Monroe with the hope of seeing some familiar faces return to the field or another chance to display its depth on all fronts.
