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80 is the new 65 when it comes to retirement, survey says
Reuters ^ | Karin Matz

Posted on 11/16/2011 7:45:49 PM PST by newzjunkey

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... On average, Americans have saved only seven percent of their desired retirement nest egg, with a median of $25,000 saved versus a median retirement goal of $350,000...

"We did find a bright spot among middle class Americans - more than three quarters do not want to retire with mortgage debt..."

(Excerpt) Read more at ca.news.yahoo.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: mortgages; retirement; savings
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80? Really? That's not the least bit realistic. There aren't enough jobs. There must be attrition in the workforce. Maybe that's what ObamaCare's for.
1 posted on 11/16/2011 7:45:54 PM PST by newzjunkey
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To: newzjunkey

Went to a site visit at one of my company’s plants and saw a familiar face.
Bob retired 10 years ago,
but he is back now working as a new employee at age 70.


2 posted on 11/16/2011 7:48:58 PM PST by Repeal The 17th
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To: Repeal The 17th

I see it all the time.


3 posted on 11/16/2011 7:51:46 PM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: newzjunkey

My retirement plan is drinking and smoking.

I don’t intend to make it to 80.


4 posted on 11/16/2011 7:54:27 PM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: newzjunkey

My dad retired on his 80th birthday in 1982.

Packed up his desk and walked out stating this game is getting too rough for me!


5 posted on 11/16/2011 7:54:39 PM PST by dalereed (uity wise!)
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To: newzjunkey

Anyone who imagines they can retire with $25K in the bank is delusional.


6 posted on 11/16/2011 7:55:05 PM PST by rbg81
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To: Repeal The 17th

“On average, Americans have saved only seven percent of their desired retirement nest egg, with a median of $25,000 saved versus a median retirement goal of $350,000...”

Wow! I retired at 55 ten years ago... I had three times that. I have more now than when I retired (except for my house. That has gone down in value.


7 posted on 11/16/2011 7:55:43 PM PST by babygene (Figures don't lie, but liars can figure...)
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To: newzjunkey

As long as you have your wits about you, and your health, I think this isn’t such a bad thing. It’s gets people out of the house, gives a sense of purpose, etc etc.

I always thought the time to “retire” was when you’re young and energetic enough to travel and learn about life.


8 posted on 11/16/2011 7:56:52 PM PST by Aria ( "If we ever forget that we're one nation under God, then we will be a nation gone under.")
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To: mylife

Wife and i started saving our money, mostly in bonds and bond funds many years ago. We’ve missed the highs but also avoided the blowouts.
I retired at 62 and signed up for reduced SS.

I would recommend signing up as early as you can. I have no doubt some kind of test will be made for new retirees at some point...


9 posted on 11/16/2011 7:56:57 PM PST by Eric in the Ozarks
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To: newzjunkey
"Wells Fargo bank asked 1,500 Americans..."

Wells Fargo bank is a pollster now? Zero has screwed the pooch for most people's retirement accounts, but $25,000 is much lower than the Pew numbers.


10 posted on 11/16/2011 7:57:18 PM PST by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: newzjunkey

It’s hard to hang on to a job anytime in the Oconomy, but it gets worse after 50 years of age.

People aren’t all rushing to retire at 60 or 62 - many are forced into it by companies phasing out seniors and others are left standing by companies moving offshore.

Both political parties have been onboard the “free trade train” for the last 50 years.

Year in and year out we hear how wonderful the next free trade agreement will be for us. Yet more and more jobs move offshore as soon as the newest free trade agreement is signed.

Politicians keep trying to engineer the econmomy for the benefit of other countries. We need a government that puts America and Americans first. It has been many years since that has happened.


11 posted on 11/16/2011 7:58:50 PM PST by Iron Munro (Ben Raines For President)
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To: Repeal The 17th

Having been a factory foreman, I personally would prefer older workers for light factory work. They don’t expect $20 an hour for a $7 an hour job. The come to work on time every day. They don’t even consider the possibility that talking on the phone while working is OK.

The factory I used to work for recruited some very elderly people from a retirement village for light assembly work a couple days per week and they were great. We just gave them chairs and parked them around a table to work and they did great. We had a guy who was 87 years old. He said it beat sitting in his apartment watching everybody else getting old.


12 posted on 11/16/2011 8:01:57 PM PST by cripplecreek (Stand with courage or shut up and do as you're told.)
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To: newzjunkey

Americans said ———

Really what Americans?

I’m not planning on working til I die, even though Obama and the Democrats plan it for me...


13 posted on 11/16/2011 8:02:41 PM PST by Freddd (NoPA ngineers.)
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To: Eric in the Ozarks

I understand.
I am in the same boat.
Seriously I have been very conservative with the market, and intend to go to a low cost area with decent healthcare for retirement.

I know folks that think they are going to retire in Hawaii and travel the world.
Got luck with that.
Your money will be gone in a heartbeat.


14 posted on 11/16/2011 8:03:44 PM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: Freddd


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15 posted on 11/16/2011 8:03:53 PM PST by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: newzjunkey
When it comes to retirement, many middle class Americans said 80 is the new 65 and plan to delay retirement

The government is putting this bull sh*t out.

Retire at 80 and die one day later...

BEWAHAHAHAHAHAHAH

16 posted on 11/16/2011 8:05:17 PM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: newzjunkey

54 was the “new 65” for me. Retired 12 years, now 66 years old and loving every minute of it.


17 posted on 11/16/2011 8:06:48 PM PST by Graybeard58 (Of course Obama loves his country but Herman Cain loves mine.)
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To: cripplecreek

Retire at 80... and drop dead the same day...

Too funny...

They want people to work till they drop dead...

No joke.


18 posted on 11/16/2011 8:07:55 PM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: mylife
My retirement plan is drinking and smoking.

Three words - lottery tickets.

(I didn't say I could count)

19 posted on 11/16/2011 8:08:25 PM PST by Graybeard58 (Of course Obama loves his country but Herman Cain loves mine.)
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Comment #20 Removed by Moderator

To: rbg81
Anyone who imagines they can retire with $25K in the bank is delusional.

Anyone who imagines they can retire with $250K in the bank is delusional.

21 posted on 11/16/2011 8:10:54 PM PST by BunnySlippers (I LOVE BULL MARKETS . . .)
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To: Graybeard58
Aw those never pay! ☺
22 posted on 11/16/2011 8:11:08 PM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: Graybeard58

Is that you Joe?


23 posted on 11/16/2011 8:11:36 PM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: dragnet2
Retire at 80 and die one day later...

Well, that's right. It used to be you retired at 65 then dropped dead the next day. Still happens. Death is sort of a rising tide when you start to notice it.

24 posted on 11/16/2011 8:12:12 PM PST by dr_lew
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To: Graybeard58

Curious: Do you think your money will hold out if you are lucky enough to live into your 90s?

That’s what I always worry about. Plus, I just bought a new house!


25 posted on 11/16/2011 8:14:32 PM PST by BunnySlippers (I LOVE BULL MARKETS . . .)
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To: BunnySlippers

You are probably very right.

But many people will retire with less than 500K in savings, SS and a pension.

Of course SS and pensions may be taken away, and they have designs on 401ks and IRA’s.

Even cash is not safe today.


26 posted on 11/16/2011 8:15:48 PM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: Sooth2222
You're comparing a retirement nest egg to net worth.
27 posted on 11/16/2011 8:16:01 PM PST by Ken H (They are running out of other people's money. )
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To: mylife
Even cash is not safe today.

So very, very true.

I never trusted the government ... even before I knew I was a Conservative. I plan to build a fortress ... if I'm lucky.

28 posted on 11/16/2011 8:19:02 PM PST by BunnySlippers (I LOVE BULL MARKETS . . .)
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To: BunnySlippers
Good for you. I can supply guns if you need them ☺
29 posted on 11/16/2011 8:19:54 PM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: dr_lew

New SS benefit changes.

You can now apply for Social Security after going into dementia, on or after your 3rd stroke, or after your 80th birthday, which ever comes first.


30 posted on 11/16/2011 8:20:56 PM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: dragnet2

There is no doubt that proposals to that effect are being drafted at this very moment.

Obamacare: “the red pills make you scream”


31 posted on 11/16/2011 8:23:55 PM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: Eric in the Ozarks

“I retired at 62 and signed up for reduced SS.

I would recommend signing up as early as you can. I have no doubt some kind of test will be made for new retirees at some point...”

Agree...applied last week (@ 63).


32 posted on 11/16/2011 8:23:57 PM PST by Magic Fingers
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To: BunnySlippers
I plan to build a fortress ... if I'm lucky.

I got my spot all picked out.


33 posted on 11/16/2011 8:24:53 PM PST by dr_lew
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To: mylife

Haha. Have mine. But my last contractor stole all my ammunition ‘i am sure.

Luckily, I have a good gun shop in my new neighborhood.


34 posted on 11/16/2011 8:30:49 PM PST by BunnySlippers (I LOVE BULL MARKETS . . .)
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To: BunnySlippers

Fair enough.


35 posted on 11/16/2011 8:35:51 PM PST by mylife (The Roar Of The Masses Could Be Farts)
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To: dragnet2

So far only 2 male members of my family made it to age 80 and not beyond. Not interested in working fulltime beyond age 65 if I can help it.


36 posted on 11/16/2011 8:37:55 PM PST by tflabo (Restore the Republic)
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To: newzjunkey

We do what we can do regarding retirement because we can do it. I retired at 57, worked off and on for other companies in the industry because I wanted to do so and because they wanted my experience. During that part of my retirement I managed a plant with 150 employees for a couple years.

We now live in a 6500 sq ft home (bought 9 years ago) on 5 1/2 acres (with horses), recently appraised at $650,000...we have no mortgage payment and no credit card debt, and we have an annual retirement income in excess of $50,000.

We do what we want when we want to do it. We also help others in various ways, including financial. And I consult with people on alternative health care matters. I am only 4 years away from that 80 mark, and have no intention of slowing down. Also have no intention of working for other people. We like retirement, and one thing we do not do is watch TV - our choice is no TV connectivity in our home.

God is good, and we thank Him for providing for us.


37 posted on 11/16/2011 8:38:25 PM PST by GGpaX4DumpedTea (I am a tea party descendant - steeped in the Constitutional legacy handed down by the Founders)
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To: newzjunkey

Gotta work longer to support the bums, deadbeats, and parasites who comprise the Democrat party “base”.


38 posted on 11/16/2011 8:38:51 PM PST by Lancey Howard
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To: newzjunkey

This is what happens to a nation that abandons the biblical model for retirement.

No surprise as many predicted that we would come to this point.


39 posted on 11/16/2011 8:41:58 PM PST by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.)
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To: newzjunkey

you know, the desk sitters and that type can work to 100 for all I care.....when you do actually hard, difficult and emotionally and physically taxing work, you can’t work til 80...


40 posted on 11/16/2011 8:42:26 PM PST by cherry
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To: babygene

let me guess...retired govt worker with a nice fat pension?.....


41 posted on 11/16/2011 8:43:48 PM PST by cherry
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To: GGpaX4DumpedTea

That’s a great, inspiring post. Thank you.

FRegards,
LH


42 posted on 11/16/2011 8:45:16 PM PST by Lancey Howard
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To: BunnySlippers
Curious: Do you think your money will hold out if you are lucky enough to live into your 90s?

Well, that is the plan, so far so good. I know plans go astray sometimes but as I said, so far so good.

There's a leap of faith involved, no matter how much money you have. I mulled it over for probably about two years before retiring. It's something that can't usually be undone and that's a bit scary.

43 posted on 11/16/2011 8:47:24 PM PST by Graybeard58 (Of course Obama loves his country but Herman Cain loves mine.)
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To: Graybeard58

Good luck to you. I wish you and your loved ones well.


44 posted on 11/16/2011 8:51:54 PM PST by BunnySlippers (I LOVE BULL MARKETS . . .)
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To: dr_lew
You can have your icy mountain.

Me, I'll be here... living on a sailboat (I hope):


45 posted on 11/16/2011 9:01:16 PM PST by gogogodzilla (Live free or die!)
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To: Graybeard58
It's something that can't usually be undone and that's a bit scary.


46 posted on 11/16/2011 9:08:12 PM PST by dr_lew
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To: cherry

“let me guess...retired govt worker with a nice fat pension?.....”

That’s funny. Retired HP engineer who had a stay at home disabled wife. Let me give you a hint... Only bought one new car in my life, and that was before I got married. Funny what saving will do for your net worth.


47 posted on 11/16/2011 9:14:30 PM PST by babygene (Figures don't lie, but liars can figure...)
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To: newzjunkey

People from 20 to 70+ earning 25-100K have saved a median amount of $25,000 towards retirement?

That means exactly nothing.


48 posted on 11/16/2011 9:17:56 PM PST by PhatHead
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To: Graybeard58

Is that your daughter?


49 posted on 11/16/2011 9:20:01 PM PST by 1010RD (First, Do No Harm)
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To: cherry
"you know, the desk sitters and that type can work to 100 for all I care

I've got news for you. I've worked from the military to asphalt, construction, heavy equipment, carpet and tile and catering. I now sit behind a computer screen as a design engineer. I have never known work that is harder emotionally and physically then what I am doing now. But it does pay well.
50 posted on 11/16/2011 9:35:44 PM PST by JoSixChip (Top 10% of wage earners pay 70% of total income taxes collected. Bottom 50% pay less then 3%, fair?)
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