But even we're surprised by a Wells Fargo survey showing that 75% of Americans plan to work in their retirement years - and 25 percent saying they'll need to work until at least age 80 because they will not have enough money to retire comfortably.
According to a Business Week article on the study, this means 80 is the new 65.
I haven't had a chance to review the entire survey, but 75% saying they plan on working in retirement is quite a bit higher than 55%-65% shown by past surveys on this topic.
Also interesting is only 35% said they'll work because they want to. Past surveys have had this percentage closer to 50%.
These results reflect the realities of the Great Recession and the related downturns in the housing and stock markets. For good or bad, many Americans are waking up to the reality that they aren't financially prepared for retirement.
The good news is at least one group of seniors is happy to still be working. The survey results from the MBO Partners State of Independence study (Emergent Research partnered on this study) reflect this.
Over 90% of senior independents (freelancers, contractors, consultants, etc. aged 65+) reported being highly satisfied with their work.
Let's hope others find similar work satisfaction levels in the coming years.