Loading Please wait, logging in.
Join ALFA Member Login RSS Feed
Tagline Image
Bookmark and Share  

Many Middle Class Americans Expect to Work into Eighties

A new survey indicates that most middle class Americans plan to save up a specific amount before retiring and put less emphasis on a given retirement age.  Many even plan to work into their eighties in order to live comfortably in retirement.

The survey results, released by Wells Fargo, indicate that three-fourths of middle class Americans expect to work in their retirement years. About 54 percent of those aged 40 to 59 say that they will need to work in retirement to live comfortably in their golden years, and only 25 percent say they will work in retirement because they want to. A quarter of all respondents said they will need to work past aged 80 in order to maintain a comfortable quality of life in retirement.

“The fact that the vast majority of middle class Americans expect to work well past the traditional retirement age has significant societal and economic implications,” said Joe Ready, director of Wells Fargo Institutional Retirement and Trust. “Will people be physically and mentally able to work later in life? What will it mean for young people entering the workforce? And, how does our system of retirement savings need to be reformed to help reduce the savings gap?”

The median retirement savings goal was 350,000 dollars, while 29 percent of people in their 60s have saved less than 25,000 dollars for retirement. Furthermore, respondents significantly underestimated the cost of the healthcare expenses they will likely pay in their retirement. Most of those surveyed estimated a median of 60,000 dollars in costs, while only 20 percent estimated 100,000 dollars or more, which is a more accurate prediction for health care costs.

Read the press release describing the findings, 80 Is The New 65 For Many Middle Class Americans When It Comes To Retirement, Wells Fargo Retirement Survey Finds.

Suggested Articles:

6/26/2015
A landmark national summit on Affordable Assisted Living was held last week in Rosemont, Illinois. The summit, which was spearheaded by assisted livi...
5/20/2015
The White House Conference on Aging has released a retirement security policy brief focusing on issues related to Social Security, increasing retireme...
4/28/2015
The average American is now spending about 20 years in retirement, noted Consumer Finance Protection Board Director Richard Cordray in remarks at a Wh...
4/28/2015
Social Security announced a new strategic plan, Vision 2025. The vision is designed to serve as a guide for the agency and show how it will accomplish...
4/21/2015
Business Planning, CEO, cheatsheet, Competitive Positioning, Facts and Figures, Financing Senior Living – Consumer Education, Reports
Genworth Financial has released its long-term care 2015 Cost of Care survey, revealing that the median cost of living in a private room in an assisted...
4/15/2015
Federal Agency Activity, Medicare
The Centers for Medicare and Medicaid recently revised rules relating to hospice care patients who are Medicare beneficiaries. Upon electing hospice c...
4/2/2015
The Consumer Financial Protection Board has issued a consumer advisory listing three pension traps to avoid. Many retirees depend on a pension to c...
2/24/2015
The Administration for Community Living has announced a new funding opportunity for the Senior Medicare Patrol program project cooperative agreements.
2/18/2015
cheatsheet, Competitive Positioning, Facts and Figures, Financing Senior Living – Consumer Education, Reports
A new study crunching assisted living data lists the top 10 most expensive states with Washington, DC, topping the list. Washington is followed by ...
2/4/2015
The Social Security Administration is offering a new online service for replacing an SSA-1099 form for beneficiaries who maintain a “my Social Securit...
11/22/2011


Additional Resources