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Title: Retirement: Is 80 the new 65?
Source:
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URL Source: http://news.yahoo.com/retirement-80-65-160300129.html
Published: Nov 21, 2011
Author: staff
Post Date: 2011-11-21 01:01:04 by Tatarewicz
Keywords: None
Views: 295
Comments: 7
Slowing down may not be an option for many Americans. A new survey finds that many plan to keep working for years — whether they want to or not The traditional retirement age of 65 is a thing of the past, according to a new survey from Wells Fargo. Many Americans say they intend to work well into their retirement years, and a quarter say they won't have enough money saved to retire comfortably until they're 80, if ever. Three quarters of the 1,500 middle-class Americans surveyed said the amount you have squirreled away — not your age — should determine when you slow down. Meanwhile, just 20 percent said you should pick an age and quit then, no matter how much money you have. What does this survey say about how Americans will spend their Golden Years? Here, four takeaways: 1. Many people don't want to retire Not everyone who plans to work into retirement is doing it just to pay their bills. Thirty-five percent of those surveyed said they'll keep working because they want to. But some in this group still plan to slow down a bit — 42 percent say they'll look for something with "less responsibility." 2. Americans are bad at saving The average person has set aside just 7 percent of his hoped-for retirement savings — a median of just $25,000 versus a desired goal of $350,000, according to the survey. Three in 10 people in their 60s have less than $25,000, suggesting they'll have no choice but to live on Social Security. One rule of thumb suggests that to retire worry-free, you'll need a nest egg of 10 times your final salary. 3. And they worry about relying on Social Security The Social Security system is facing an uncertain future, with baby boomers retiring and not enough money being paid into the system to cover all future benefits. Americans are factoring that into their expectations. Survey respondents in their sixties are counting on Social Security to provide 60 percent of their retirement income, while those in their fifties are banking on only 36 percent. That might be why younger people have fewer objections than their elders to cutting benefits to put the system on better financial footing. 4. We've lost our pie-in-the-sky attitude The recession has left us rattled, making pessimism rampant. In a Yahoo! Finance survey, 41 percent of respondents ages 18 to 64 said the American Dream is "out of reach." Thirty-seven percent said they had no retirement savings at all. Fewer than half had saved anything to pay for college for their kids. Sources: ABC News, Financial, LA Times (2), Motley Fool, Wells Fargo View this article on TheWeek.com Get 4 Free Issues of The Week
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#1. To: Tatarewicz (#0)
deleted
The relationship between morality and liberty is a directly proportional one. None are more hopelessly enslaved than those who falsely believe they are free. We need an experts' opinion!! :p
- Johann Wolfgang von Goethe, 1749-1832
#2. To: Tatarewicz, Cynicom (#0)
-Alex Kurtagic
#3. To: Tatarewicz (#0) (Edited)
Tall order. I'll bet I will be working until I drop dead. Let's just hope I'm not behind the wheel of the truck when it happens. ;) you should pick an age and quit then, no matter how much money you have.
"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
#4. To: BTP Holdings (#3)
You know what they say: big wheel's just keep on rollin'.... :p Let's just hope I'm not behind the wheel of the truck when it happens. ;)
-Alex Kurtagic
#5. To: BTP Holdings (#3)
Old truckers never die, they just get a new Peterbilt. behind the wheel of the truck when it happens.
Pagan worship primarily concerns propitiation. In other words, they are religions based on pure fear rather than repentance, contract, or submission -- Vox Day
#6. To: Turtle (#5)
Heard there is an outfit in Joplin that has pink Peterbilts. Not sure if it is still standing after the F-5 tornado, though. ;) Old truckers never die, they just get a new Peterbilt.
"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke
#7. To: BTP Holdings, 4 (#6)
Does anyone know how this retirement thing ever came about? And I'm not talking about too old, too incompetent, or too disabled to continue on. Meaningful productivity, is something that we should aspire to do as long as it is physically and mentally possible. It gives us a reason to get up in the morning, and the means to put jack in our pockets at the end of the day.
Break the Conventions - Keep the Commandments - G.K.Chesterson
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