Tags: Americans | work | retire | retirement

Study: Many Americans Brace to Delay Retirement, Work Until 70

Thursday, 05 Jul 2012 10:38 AM

The traditional goal of retiring at 65 is a thing of the past but most are OK with retiring at 70, a study finds.

A Center for Retirement Research at Boston College study finds that 86 percent of households would be prepared for retirement at age 70, USA Today reports, adding 49 percent would be able to retire at 65 though many would be at risk of running into financial trouble.

To better ensure retirement, people can work more or save more, the latter being increasingly unlikely thanks to rising costs of living and new financial realities, such as supporting cash-strapped children.

Editor's Note: The Final Turning Predicted for America. See Proof.

"I don't think people can save a lot more," says Alicia Munnell, director of the Center for Retirement Research at Boston College.

A study in late 2011 finds that the dream of retiring at 65 is long gone.

About a quarter of middle class Americans — earning $25,000 and $99,000 a year — see 80 as a good age to shoot for when it comes to retirement, a Wells Fargo study shows.

The rising costs of living, longer life spans and difficulties saving enough to retire are prompting many to write off calling work quits at 65.

Plus more Americans recognize they'll need to save more when they do clock out for the last time.

"Another interesting shift in the mindset of Americans is their perception of how much money they need. Three-fourths of respondents said it is more important to have a specific amount versus a date: $350,000 was the median nest-egg goal, but median retirement savings were only $25,000 dollars," says Laurie Nordquist, executive vice president of institutional retirement at Wells Fargo, according to CNBC.

"Social Security cuts and mortgage debts are on the top of their minds," Nordquist adds.

Editor's Note: The Final Turning Predicted for America. See Proof.



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Thursday, 05 Jul 2012 10:38 AM
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