80 is the new 65 when it comes to retirement, survey says

By Karin Matz

CHICAGO | Wed Nov 16, 2011 4:38pm EST

(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?”

Read the full article at Reuters.com.

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One thought on “80 is the new 65 when it comes to retirement, survey says

  1. Where we live, we have a much younger retirement line, and it has often led to frustration for some other people, especially the ones who still needs to support their family. I heard a friend say that he knew of a man who forged his papers just so that he can be allowed to work.

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