We've long been forecasting and writing about the growing trend of Americans working past traditional retirement age.
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.
Unfortunately many people are delaying retirement due to finances. We've always been told to invest in 401k's and retirement plans but unfortunately many people have seen their plans dip in value.
Posted by: Mortgage Interest Rates | April 16, 2012 at 07:58 AM
I see this all the time in the tax business.
People have lost their 401K money etc.
Chris
Owner Cel Financial Services
Registered bonded California CTEC Tax Preparer
http://www.taxprepfillmore.com/
Posted by: Chris | December 10, 2011 at 03:01 PM