Have you heard? A new survey came out that shows 25% of middle class Americans say they plan to delay retirement until at least 80. Given the average lifespan of a human is 78 years, that’s basically saying a good chunk of Americans are sure they are going to have work every day until they die.
The Wells Fargo retirement survey also shows that on average, Americans have only saved 7% of the retirement money they hoped to put aside. Yikes. One-third of those surveyed in their 60s had saved less than $25k for retirement.
Of course the study is by Wells Fargo, a bank, designed to scare you into investing your money (with them) so you’ll have enough saved for retirement. But the facts are striking — with the disappearing middle class and lack of salaries keeping up with inflation, it’s tough for most Americans to imagine a real retirement for many years to come. Continue reading