Tags: retirement | nest egg | wealth | wealth survey

Even Wealthy Worry If They'll Retire — Survey

Friday, 16 Dec 2011 10:53 AM

While most Americans struggle to make ends meet and worry if they will ever retire even for just a sliver of their golden years, wealthy Americans are probably not worried at all and are looking forward to yachting, buying beach homes and seeing the world, right?

Wrong, a new study finds.

Four in ten affluent Americans say their biggest fear about retirement is they "will do all the right things today and it still won't be enough for tomorrow," according to a poll of 801 affluent Americans conducted by Harris Interactive for Wells Fargo Retirement, CNBC reports.

"I think we just assumed they would be in a better place for retirement," says Karen Wimbish, director of Retail Retirement at Wells Fargo, CNBC adds.

"Even among those considered 'well off,' many seem to fear a sharp drop in their post-retirement standard of living due to insufficient retirement savings."

Another recent Wells Fargo study shows that retirement doesn't come at 65 like it did in the past, but more likely at 80.

About a quarter of middle class Americans see 80 as a good age to shoot for when it comes to retirement, the Wells Fargo study shows.

Rising costs of living, longer life spans and difficulties saving enough are prompting many to give up on calling it quits as far as working at 65.

"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," says Joe Ready, director of Wells Fargo Institutional Retirement and Trust, according to CNNMoney, adding that the study results pose a slew of tough questions.

"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?"

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While most Americans struggle to make ends meet and worry if they will ever retire even for just a sliver of their golden years, wealthy Americans are probably not worried at all and are looking forward to yachting, buying beach homes and seeing the world, right?Wrong, a...
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Friday, 16 Dec 2011 10:53 AM
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