Without the luxuries of yester-economy like pension plans and social security benefits, a quarter of Americans recently polled said they’re waiting until they’re at least 80-years-old before calling it quits.
The Wells Fargo-led survey polled 1,500 middle class consumers in August and September, finding that 76 per cent of respondents said they won’t even think about retiring until they’ve achieved a certain level of savings.
Only 20 per cent said retiring at a specific age is more important.
Baby boomers‘ retirement savings have been pushed to the back burner in light of declining home values, layoffs and politicians pushing forward plans to cut social security and Medicare in the future.
A majority of middle class Americans said they “need to significantly cut back on spending today to save for retirement,” according to the survey. Americans have saved only 7 per cent of their desired nest egg on average.
Of those polled, nearly 40 per cent said they are working just to make ends meet or maintain their lifestyles. 30-five per cent said they planned to continue working based on their own preference.
While most middle aged Americans said they will “need to work” into retirement years, younger workers were a little bit more hopeful. Only 34 per cent of respondents aged 25-39 said they’d need to work past retirement age.
Although Americans are clearly planning on working later in life, many said they would want to take a lower position that requires “less responsibility,” according to the survey.
If baby boomers decide to stick it out an extra 20 years, that could mean trouble for millions of millennials currently out of work who are lining up to nab their jobs once they’ve retired.
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