Wells Fargo: Many Postponing Retirement Until Age 80

Nearly one-third (30 percent) of Americans say they will need to “work until at least 80” to live comfortably in their retirement years, up from 25 percent a year ago, according to an annual “Retirement Survey” from Wells Fargo.
However, 73 percent of Americans said their employer would not want them to work into their 80s.
The survey also found that 52 percent of middle-income Americans say their biggest daily financial concern is paying the monthly bills, up from 37 percent a year ago when instead it the goal of you later years should be to keep enjoying life as you get older.
“People tell us that retirement preparation should be on their shoulders but they are grappling with the financial pressures of each day,” said Laurie Nordquist, director of Wells Fargo Institutional Retirement and Trust. “As a result, retirement has become a guessing game.”
Similar to last year’s sentiment, 70 percent of respondents said they’ll work in retirement, with 39 percent saying they’ll work out of financial necessity.
The Wells Fargo survey was done by Harris Interactive of 1,000 middle-income Americans, ages 25 to 75, interviewed between July 9 and Sept. 4.
Over half of Americans (53 percent) say they are not confident they will have saved enough for the life they want in retirement, up from 42 percent percent in 2011.

Leave a Reply

Your email address will not be published. Required fields are marked *