See other Editorial Articles
Title: More Americans delaying retirement until age 80
Source:
[None]
URL Source: http://presstv.com/usdetail/268873.html
Published: Oct 26, 2012
Author: http://presstv.com/usdetail/268873.html
Post Date: 2012-10-26 12:23:38 by tom007
Keywords: None
Views: 99
Comments: 11
More Americans delaying retirement until age 80 Fri Oct 26, 2012 2:53PM GMT As they struggle to save for retirement, a growing number of middle-class Americans plan to postpone their golden years until they are in their 80's. Nearly one-third, or 30%, now plan to work until they are 80 or older -- up from 25% a year ago, according to a Wells Fargo survey of 1,000 adults with income less than $100,000. "It is so tough for Americans to save for retirement that the answer seems to be to work longer," said Joe Ready, director of Wells Fargo Institutional Retirement and Trust. Overall, 70% of respondents plan to work during retirement, many of whom plan to do so because they simply won't be able to afford to retire full time. But working well into your 70's, 80's or even 90's, isn't always realistic, said Ready. Nearly three-quarters of those who plan to work into their 80's say their employer won't want them working when they're that old, for example. Other roadblocks, like health issues, could arise as well. Those who are unable to work as long as they intend could therefore face a very grim reality. In fact, more than one-third of Americans could wind up living at or near poverty in retirement, the survey found. About 34% of middle-class Americans expect their retirement income to be 50% or less of their current annual income. Given Census Bureau data showing a median household income of $50,054 in 2011, this would mean living on roughly $25,000 or less per year -- which is near the poverty line for a family of four, the report found. Retirement saving on the backburner Half of middle-class Americans report that their most pressing financial concern is paying their monthly bills, up from 37% a year ago. Saving for retirement is second on the list. Respondents also said that home remodeling and vacation planning have taken precedence over saving for retirement over the past 12 months. As a result, there's a huge disparity between what people need and what they have saved. While respondents said they will need a median of $300,000 in total savings to support themselves in retirement, the average amount saved is only $25,000. Overall, 53% of Americans say they don't know whether they will have enough saved for retirement -- up from 42% last year. Despite falling short of expectations, half of respondents said they consider themselves responsible for funding their own retirement through saving and investing. Another 27% said they will fund their retirement through their employer's plan, while 24% said they will mainly rely on Social Security benefits. Aside from putting daily bills and current financial needs ahead of retirement saving, many Americans aren't in the position to adequately fund their own retirement because they have no idea how much to save. Only 22% say they have calculated the amount of money needed for retirement -- whereas 75% of respondents said they guess. (Find out how much you will need for retirement). And guessing can be dangerous. While respondents estimated that the median cost of their out-of-pocket healthcare in retirement will be $47,000, for example, industry estimates put those costs closer to $260,000 or more, according to the report. "People tell us that retirement preparation should be on their shoulders but they are grappling with financial pressures each day," said Laurie Nordquist, director of Wells Fargo Institutional Retirement and Trust. "As a result, retirement has become a guessing game." Yahoo Finance
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: tom007 (#0)
Sadly they are all in Congress. Does anyone honestly believe that the global elites whose wealth and power depend on manipulation of the global chess board would leave something like the Presidency up to chance?
Rim shot. Good one FF. thanks. Does anyone honestly believe that the global elites whose wealth and power depend on manipulation of the global chess board would leave something like the Presidency up to chance?
Daniel Inouye is 88, been in Washington since 1959. Stupid voters abound in every state.
Look at Jesse Jackson Jr: batshit crazy under the generic term "depression", but won't resign, he's hanging on to his seat with a death-grip. Look at Robert "KKK" Byrd, he had to be wheeled into the Senate to vote when he was on his death-bed and died a Senator. Those bastards won't give up their seats no matter how sick they are.
More Americans delaying retirement until age 80
#2. To: farmfriend (#1)
"Satan / Cheney in "08" 
#3. To: tom007 (#2)
Good one FF.
#4. To: farmfriend (#1)
#5. To: farmfriend (#1)
-Alex Kurtagic
#6. To: farmfriend (#1)
Sadly they are all in Congress. You should get the Congressional Medal of Humor ! Too funny ! More Americans delaying retirement until age 80
"Bankers" - Kill em all and let Satan sort em out" !!!
#7. To: noone222, farmfriend, X-15, Cynicom, 4 (#6)
Harry Reid Injured In Car Accident 4 minutes ago (RTTNews) - Senate Majority Leader Harry Reid has been taken to the hospital after was in a car accident in Las Vegas. He reportedly suffered minor rib injuries, a police spokesman said, according to the Las Vegas-Review Journal. The 72-year-old Reid was believed to have been in a rear-end accident on Interstate 15 on Friday afternoon. The accident involved two Las Vegas police SWAT protection detail vehicles and two U.S. Capitol Police vehicles, as well as two civilian vehicles. Reid's wife Landra, as well as first lady Michelle Obama, were to give speeches at Las Vegas event on Friday afternoon. Two northbound lanes of Interstate 15 were closed because of the accident. some hopeful congressional news -
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
#8. To: Lod (#7)
Paranoid much, Harry Reid??? The bastard has good reason to fear the citizenry: most Americans would pay good money to put a bullet into his sorry carcass. The accident involved two Las Vegas police SWAT protection detail vehicles and two U.S. Capitol Police vehicles
-Alex Kurtagic
#9. To: X-15 (#8)
They had to fly the capitol cop rigs out there for that worthless pos? I guess... No wonder they're buying so much ammo - they'll need it.
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
#10. To: All, more good .gov news - China this time (#9)
China Launches Criminal Investigation Against Bo Xilai 44 minutes ago (RTTNews) - Prosecutors in China have formally launched a criminal investigation into disgraced former top Communist party official, Bo Xilai, for alleged criminal offenses, the state-run Xinhua news agency reported Friday. "The Supreme People's Procuratorate has decided to put Bo Xilai under investigation for alleged criminal offenses," Xinhua reported without providing further details. The development come hours after Bo was expelled from the Chinese parliament. The move effectively stripped him of parliamentary immunity, thereby paving the way for his criminal prosecution. Bo was expelled from the Communist Party of China (CPC) last month after he was accused of abuse of power, bribe-taking and violating party discipline. The party at that time said Bo's "suspected law violations" and relevant evidence would be handed over to "judicial organs." The developments come after a Chinese court convicted Bo's wife Gu Kailai in August for murdering British businessman Neil Heywood. Subsequently, Gu was given a suspended death sentence, implying that the death sentence will be commuted to life imprisonment if she does not commit offenses in the next two years. Bo was at the helm of the Communist party in the city of Chongqing when Heywood was found dead at a hotel in the city in November 2011. Although initial police reports suggested that Heywood had died of excessive drinking, a reinvestigation confirmed he was poisoned. The scandal led to Bo's downfall in Chinese politics. His political future was marred by an episode involving his former police chief Wang Lijun, who suddenly appeared at the U.S. Consulate in Chengdu, about 350 kilometer from Chongqing, in early February. Nevertheless, Wang was detained by Chinese security forces after he came out of the Consulate the following morning. Bo and Wang were close for a decade, and it was Bo who brought the latter to Chongqing in 2008 to crush the city's mafia. The pair reportedly fell out after Wang informed Bo that his family was the subject of a police investigation related to the death of Heywood. Wang is said to have told US diplomats during his brief stay at the embassy in February that Gu had poisoned Heywood. It is believed that his accusations prompted the reinvestigation into Heywood's death. Lijun has since been jailed in connection with the scandal. Until recently, Bo was until recently considered a potential candidate to be elected to the nine-member Standing Committee of the CPC Politburo, the innermost core of power, when the party adopts a once-in-a-decade leadership change at the Party Congress in November. Bo has not appeared in public since the scandal came to light. Although Bo's name was not openly mentioned during Gu's prosecution, the state-media later implicated him in the murder committed by his wife, suggesting possible criminal proceedings against Bo in connection with the case.
“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken
#11. To: Lod (#7)
He's being checked out for a broken nose: In other News, Barack Obama complains of a bruised buttocks. The 72-year-old Reid was believed to have been in a rear-end accident
"Bankers" - Kill em all and let Satan sort em out" !!!
Top • Page Up • Full Thread • Page Down • Bottom/Latest