wealthwire. Posted by Cori O'Donnell - Thursday, November 17th, 2011

Americans delay retirement plans, according to a survey by Wells Fargo & Co. (WFC), 80 is the new 65.

Americans are finding they need to remain on the workforce longer so they can save enough money to retire.

Wells Fargo surveyed 1,500 Americans whose income was between $25,000 and $99,999 and ranged in age from 20 up into their 70s. Participants were asked “… questions about retirement, savings and Social Security,” reports Reuters.

According to Bloomberg:

“About 76 percent of respondents said it’s more important to reach a specific dollar amount before retiring, compared with 20 percent who said it’s more important to retire at a given age, regardless of savings, according to the survey of adults with household incomes or assets from about $25,000 to $100,000.”

The survey also revealed that 74 percent of respondents expect to have to work during retirement, 39 percent say they will need to and the other 35 percent just want to continue to work. Twenty-five percent said they expect to work until they reach 80 because they do not have adequate savings to retire sooner.

Joe Ready, Wells Fargo’s director of Institutional Retirement and Trust, told Reuters "that raises a lot of social and economic implications. Will they have the physical ability to work, the mental capacity? What does that mean for the younger work force in terms of coming through and looking to get ahead?"

Here is a visual representation of the trend in workers’ expected retirement ages from 1991-2010:

retireChart 

When surveyed about saving for retirement, 53 percent said they need to cut back on spending now.

The chart below, provided by Gallup, shows the declining optimism of people towards their financial comfort when they retire:

 GallupRetire

“People are starting to move toward understanding the different levers of what they’re going to have to do to make it in retirement,” Ready said.

About 68 percent of people surveyed are not confident enough with the stock market to place their money there.

“About 45 percent of respondents said if they were given $5,000 they would buy a certificate of deposit, and 50 percent said they’d invest it in stocks or mutual funds,” according to Bloomberg.

There is a helpful alternative though that people just pass by because of the lack of confidence in stocks.

From Bloomberg:

“The Standard & Poor’s 500 Index returned 1.32 percent this year through Nov. 14. One-year CDs yielded 0.35 percent and five-year CDs paid 1.19 percent on average as of Nov. 3, according to Bankrate.com, an online provider of consumer-rate information and a unit of Bankrate Inc.”

 The average savings of those surveyed was only $25,000 towards retirement when realistically they say they’d need an average of $350,000 to support themselves after retiring...

 

Views: 161

Reply to This

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega's 4 blog posts were featured
6 hours ago
Burbia's blog post was featured

Charlie Kirk Assassination

September 10th 2025 in Utah Turning Point USA CEO has been assassinated. Coincidentally,  answering…See More
6 hours ago
Charles Magus's blog post was featured

FURTHER PROOF OF WALK-INS! Prisoners of the Dulce Base by Sherry Shriner

There is a real connection between the Cabal and what is happening at this Undergroung…See More
6 hours ago
Less Prone favorited Doc Vega's blog post Ashrams and Moonies Perfect Case for Mind Control
6 hours ago
Less Prone commented on tjdavis's blog post Sentient World Simulation
"Cannot open the link"
7 hours ago
Tina Sullivan is now a member of 12160 Social Network
12 hours ago
Doc Vega posted blog posts
22 hours ago
Sandy posted a video

We’re cooked

We’re cooked
yesterday
Sandy posted a photo
yesterday
tjdavis posted a video

Tom Horn discusses Masonic view of 2025

Startling perspective by Tom Horn of the upcoming year: 2025
yesterday
cheeki kea posted a photo
Tuesday
cheeki kea commented on Doc Vega's blog post Grooming the New Generation of Assassins
"It's a distressing state of affairs when evil leftists hardwire impressionable students and…"
Tuesday
Doc Vega commented on Doc Vega's blog post This Memorable Anthem Given by Nick Freitas Hit the Nail on the Head Please Listen!
"Burbia Charlie Kirk's wife is a real firebrand! God bless that poor woman! "
Monday
Doc Vega commented on Doc Vega's blog post This Memorable Anthem Given by Nick Freitas Hit the Nail on the Head Please Listen!
"Burbia thanks for the videos! "
Monday
Doc Vega posted blog posts
Monday
Burbia commented on tjdavis's video
Thumbnail

Charlie Kirk: Grief And Outrage From Turning Point USA in Phoenix

"Early reports said a.second shooter was there. Talk of Dischord chats. Peyton Gendron was coerced…"
Monday
tjdavis posted a video

America In Crisis: Illegals and Drug Smugglers Have Us Beat

An inside look at how bad the situation is at the Arizona/Mexico border. This exclusive tour with retired Arizona Sheriff Mark Lamb reveals just how bad thin...
Monday
Burbia posted a video

Sam Hyde Show: This is You

support the show: https://www.mde.tv/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🔥 BUY EXTREME PEACE on MDE.TV 🔥https://www.mde.tv/series/extreme-peace▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬...
Monday
Burbia commented on Sandy's photo
Monday
Burbia commented on Sandy's photo
Monday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted