“What about my nest egg?” With the election in mind, Americans are worried about their 401(k) plans

About 80% of Americans are bracing for the impact of political election results on their retirement savings, including 73% who are already retired. Americans' fears range from immediate economic concerns – such as inflation and the cost of goods and services (49%) or how much they will pay in taxes (39%) – to longer-term worries about the election's impact on their retirement savings (80%). These concerns include whether they can rely on government programs such as Social Security or Medicare (31%) and how the election might affect the performance of their investment portfolio (23%).

Two in ten (19%) Americans believe the election will have an impact When they are retiring – a concern that is most common among Generation Z (29%), according to the study of 1,000 U.S. adults. Americans who have not yet retired also fear that inflation has set back their retirement goals, delaying them by an average of nearly 8.5 years (55%).

Millennials are the most confident about their retirement plans: 37% say they are on track and 5% say they have already achieved their goals. Millennials are even more confident than baby boomers: only 22% say they are on track and 14% say they have achieved their goals. So overall, 35% are confident about their retirement plans.

“Historically, election results have had very little long-term impact on market performance,” says Ayako Yoshioka, portfolio consulting director at Wealth Enhancement, a wealth management firm. “If you're worried about the election, I advise you to talk to your advisor to make sure your financial planning is permanent, no matter who is in office.”

“A trusted advisor can help you sort out the details of your finances and create a plan that fits your individual goals and life vision,” says Yoshioka, “and that starts now. Want to invest in an election year? Think long-term.”

“A retirement plan should take into account lifetime income and life expectancy,” says Kate Maier, JD, CFP®, CTFA, vice president, private client at Wealth Enhancement. “In general, health care costs increase as people age, which is a very real consideration for retirees. A financial advisor can help work out the details of a plan that makes sense given their individual considerations.”