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 ...
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.
I see it all the time.
My retirement plan is drinking and smoking.
I don’t intend to make it to 80.
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!
Anyone who imagines they can retire with $25K in the bank is delusional.
“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.
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.
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...
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.
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.
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.
Americans said ———
Really what Americans?
I’m not planning on working til I die, even though Obama and the Democrats plan it for me...
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.
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The government is putting this bull sh*t out.
Retire at 80 and die one day later...
54 was the “new 65” for me. Retired 12 years, now 66 years old and loving every minute of it.
Retire at 80... and drop dead the same day...
They want people to work till they drop dead...
Three words - lottery tickets.
(I didn't say I could count)
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...
let me guess...retired govt worker with a nice fat pension?.....
That’s a great, inspiring post. Thank you.
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.
Good luck to you. I wish you and your loved ones well.
Me, I'll be here... living on a sailboat (I hope):
“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.
People from 20 to 70+ earning 25-100K have saved a median amount of $25,000 towards retirement?
That means exactly nothing.
Is that your daughter?