If 65 is the new 40, then 80 is the new retirement age. Or something like that.
When we read the following statistic, our jaws kind of dropped so if yours does, too you’re not alone.
According to a piece in Forbes, a growing number of middle-class Americans say they’ll need to work until they’re at least 80 years-old to comfortably retire!
This is based on a new Wells Fargo study which revealed 30 percent of survey respondents felt this way. More than half of respondents indicated their biggest financial concern is paying monthly bills. As for their second concern? Saving for retirement.
Joe Ready, director of Wells Fargo Institutional Retirement and Trust, told the site, “People say they’ll work longer, but how possible will this be for millions of Americans? Preparing for retirement can’t be kicked down the road because the other picture that is emerging is how many people will live very close to the poverty line in retirement.”