For Americans, 80 Is the New 65 When It Comes to Retirement
November 17th, 2011Oh sure.
Via: Reuters:
When it comes to retirement, many middle class Americans said 80 is the new 65 and plan to delay retirement because of worries over money, according to a new survey.
Wells Fargo bank asked 1,500 Americans who earned between $25,000 and $99,999 and ranged in age from 20 into their 70s questions about retirement, savings and Social Security for its seventh annual retirement survey.
Three-fourths of those surveyed said they expect to work in their retirement years. One quarter said they will “need to work until at least age 80” to live comfortably in retirement.
Of Americans who will work in retirement, “47 percent said that they are going to continue in the same job or a similar job of similar responsibility,” Joe Ready, Well Fargo’s director of Institutional Retirement and Trust, told Reuters Insider.
“That raises a lot of social and economic implications. Will they have the physical ability to work, the mental capacity? What does that mean for the younger work force in terms of coming through and looking to get ahead?”
My sister’s and I had a discussion about when to retire when our mother lived until age of 93 and for the most part, paid for the caregiving of her life for her last 11 years. Due to her frugality, Mom had enough money to pay for that out of her own wallet. Medicare and Mom’s supplemental AARP paid for most of the medical bills.
We discussed our lack of savings and said yea verily, there will be no early retirement – or any retirement for us until we can accrue about half a million for our caregiving in our elder years. All things considered, that is what it cost my Mom to live at home any have private care, and keeping up her home. That doesn’t count my time, and what I put into her caregiving venture out of my own pocket.
Good luck friends.