Monday, October 29, 2012

Struggling to Save

Working until you are in your 80's? Pretty tough for the one-third of Americans who now say they are delaying retirement later and later.

As they struggle to save for retirement, a growing number of middle-class Americans plan to postpone their golden years until they are in their 80's. Nearly one-third, or 30%, now plan to work until they are 80 or older -- up from 25% a year ago, according to a Wells Fargo survey of 1,000 adults with income less than $100,000.
It's sad and a sign of desperation. Yes, we're living longer and we're healthier than previous generations. But realistically, not many of us will have the physical stamina or cognitive skills to continue as octogenarians.

Let's not mention the idea of the "golden years," when we're supposed to get the chance to pursue hobbies, volunteer time to cherished causes, travel, visit with grandkids or write those memoirs.

How can we do that with numbers like this?:
About 34% of middle-class Americans expect their retirement income to be 50% or less of their current annual income. Given Census Bureau data showing a median household income of $50,054 in 2011, this would mean living on roughly $25,000 or less per year -- which is near the poverty line for a family of four, the report found.

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