|Planning to work after 80?
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- Three-fourths of middle class Americans expect to work in their retirement years.
- About 54 percent of those aged 40 to 59 say that they will need to work in retirement to live comfortably in their golden years.
- Only 25 percent say they will work in retirement because they want to.
- A quarter of all respondents said they will need to work past aged 80 in order to maintain a comfortable quality of life in retirement.
The median retirement savings goal was 350,000 dollars, while 29 percent of people in their 60s have saved less than 25,000 dollars for retirement. Furthermore, respondents significantly underestimated the cost of the healthcare expenses they will likely pay in their retirement. Most of those surveyed estimated a median of 60,000 dollars in costs, while only 20 percent estimated 100,000 dollars or more, which is a more accurate prediction.
Perhaps this is more a lesson for young people about saving for retirement. Because I think many of us of a certain age already know the realities.