Skip to comments.80 is the new 65 when it comes to retirement, survey says
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 ...
Anyone who imagines they can retire with $250K in the bank is delusional.
Is that you Joe?
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.
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!
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.
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.
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.
There is no doubt that proposals to that effect are being drafted at this very moment.
Obamacare: “the red pills make you scream”
“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).
I got my spot all picked out.
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.
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.
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.
Gotta work longer to support the bums, deadbeats, and parasites who comprise the Democrat party “base”.
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.
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...