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.
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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.
Severe storms are moving across North Texas Wednesday night with strong winds and hail in parts of Kaufman and Wise counties. A brief break arrives on Thursday before a higher threat for large hail, damaging winds, and isolated tornadoes returns Friday.
AUSTIN, Texas (AP) — James Talarico did not mention Donald Trump when he greeted exuberant supporters at his primary night celebration.
But the newly minted Democratic U.S. Senate nominee in Texas is now a front man for the political opposition to the Republican president, not just in his own state but around the country. With his victory over U.S. Rep. Jasmine Crockett, the state lawmaker from Austin will test whether a smiling message of unity and change is enough to answer voters’ frustrations amid discord at home and now a war abroad.
READ MORE: What to watch in the consequential Senate primaries in Texas
“We are not just trying to win an election,” Talarico told supporters in the Texas capital early Wednesday. “We are trying to fundamentally change our politics, and it’s working.”
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The campaign provided “Love thy Neighbor” signs to people in the crowd.
The question for Talarico as he heads into the general election campaign is whether he can generate enthusiasm from voters who opted for Crockett because they saw her as the more aggressive fighter against Trump. Crockett conceded to Talarico on Wednesday morning, saying that “Texas is primed to turn blue and we must remain united because this is bigger than any one person.”
Talarico will need all the help he can get in a Republican-dominated state where Democrats have gone decades without winning a statewide race. He will face either U.S. Sen. John Cornyn or state Attorney General Ken Paxton, who advanced to a Republican runoff on Tuesday.
Conventional political wisdom has it that Talarico was the stronger Democratic candidate in November, especially if Republicans nominate Paxton, a conservative firebrand who has weathered allegations of corruption and infidelity over the years.
WATCH: What’s at stake for Democrats and Republicans in the Texas Senate primaries
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Although Democrats are often choosing between moderate and progressive candidates in primaries, they faced a largely stylistic choice in Texas.
Talarico, 36, is a Presbyterian seminarian who quotes Scripture and rarely raises his voice. Crockett, 44, is an unapologetic political brawler who hammers Trump and other Republicans with acidic flourish.
Both have been reliably progressive votes in their current roles and telegenic faces across cable news and social media. Both represent generational change for a party with aging leadership. Each called for a more equitable economy and society. Each talked about bringing sporadic voters into their coalitions.
But Talarico’s broader argument is one that he could have made regardless of whether Trump was in the White House. Talarico’s campaign, he said often, is about addressing a country whose fundamental divide is not partisan but “top vs. bottom.” He regularly assails the rise in Christian nationalism. A former teacher, he has advocated for public education –- and against Texas conservatives’ policies to restrict curriculum and reshape how U.S. history is taught.
“He’s just a good friend and he’s a serious advocate for the disenfranchised and a serious policymaker,” said Lea Downey Gallatin, 40, an Austin resident who became friends with Talarico when they interned together for a congressman.
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Crockett promised Democrats that she could increase turnout within the party’s base, while Talarico campaigned on the theory that he could pull new people into the party’s tent.
“I can’t tell you how many have come up to me, whispering that they’re not a Democrat,” Talarico said as he campaigned in San Antonio in the closing days of the primary campaign. “I can’t tell you how many young people have said it’s the first time that they’ve ever voted, and that they are participating for the first time.”
As he strolled through the city, Talarico posed for pictures and greeted the singer of a Tejano band playing nearby. He later spoke to hundreds of people at the historic Stable Hall, a 130-year-old circular structure built for showing horses and now a converted event center. Hundreds more, unable to get into the full event, wound around the corner and along the sidewalk for blocks.
Inside, Lori Alvarez, a 39-year-old who works for a disaster relief nonprofit, said she supported Talarico because “he really listens to what we need.”
“I think he’s going to be able to make change in Washington for us,” said the married mother of three young girls.
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Yet that was not what attracted so many voters to Crockett.
Troy Burroughs, a 61-year-old Navy retiree, called Crockett “rugged” and “the only one I see fighting for us.”
He added: “I like how she doesn’t back down from anybody.”
Burroughs said some voters probably saw Talarico as more electable because he is more soft-spoken. But, he said, “We’ve got to get into the gutter with these folks, because that’s where they are.”
Talarico, meanwhile, keeps fighting his own way.
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“Tonight, the people of our state gave this country a little bit of hope,” he said Tuesday, “and a little bit of hope is a dangerous thing.”
Barrow reported from Atlanta, Figueroa from Austin, Texas, and Beaumont from San Antonio.
A free press is a cornerstone of a healthy democracy.
Garland is about to witness a different kind of big top spectacle when Omnium Circus’ new show “I’m Possible” rolls into town for its first Texas performance on March 16 and 17 at the Atrium in Garland.
This inclusive circus was founded in 2020 by founder and executive director Lisa B. Lewis. She is no stranger to the circus world. Lewis grew up attending the circus with her grandfather, who was a Shriner. She would then later begin her own circus career at the Ringling Bros. and Barnum & Bailey’s Clown College.
A performer in a black suit rides inside a cyr wheel
against a stage lit in red. The letters of the OMNIUM
sign are in the background.
The idea for an inclusive circus came to her during one of her first experiences working as a clown. Lewis says that during her performance, she saw a row of grumpy teenagers.
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“They had their arms folded like they were mad and grumpy, and then my partner, whom I was working with, began telling jokes in sign language,” Lewis said. “How he knew they were deaf, I don’t know. The group of teenagers immediately started laughing, and the energy of the entire section shifted.”
Lewis said that in that moment, something clicked in her head, and she realized the power of inclusion.
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She would then go on to spread joy through the art of circus to special-needs kids. And then later, she created Omnium Circus.
“Circus elevates our belief in ourselves; it allows us to see the best of what humanity has to offer,” Lewis said.
A female with blue hair facing a man with a red hat
between them is a large bubble with smaller bubbles
inside of it. There is a golden light coming from
behind the bubbles.
Maike Schulz
Omnium is a Latin word meaning of all and belonging to all. The circus’ mission is to create joy and entertainment for all no matter the body you inhabit or the skin that you’re in.
The hour-long show in Garland will feature many inclusive acts, such as deaf singer-songwriter Mandy Harvey, an America’s Got Talent finalist and Golden Buzzer winner.
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The show will feature two ringmasters: deaf ringmaster Malik Paris will conduct the sign-language portion of the show, while ringmaster Johnathan Lee Iverson will handle the vocal portion. Iverson is the first Black ringmaster for a major U.S. circus, the Ringling Bros. and Barnum & Bailey Circus.
A juggler wearing red and black gazes at his pins in
the air while cast members around him look on in
amazement. The letters of the OMNIUM sign are in
the background behind the performers.
The show will also feature the six-time Paraclimbing World Cup champion, the world’s fastest female juggler, clowns from Dallas, plus more.
Details: March 16 at 7 p.m. and March 17 at 10:30 a.m. and 1:30 p.m.at the Atrium, 300 N. 5th Street, Garland. Tickets are $21.99 for youth and $27.19 for adults.