Do you plan on working longer than the average person’s lifespan? Sounds ridiculous, but that’s the new face of retirement. In a survey done by Wells Fargo, it was shown that Americans have only been able to save 7% of what they need for retirement. And 30% of people that were close to the age of 62 have actually saved less than $25,000 for their retirement. The outcome is that people are now expecting to work until they are 80 years of age or older. No more is there a concrete age that you plan to retire by. The new reality is, people are better understanding the amount of money they will need to have a good retirement. If it takes working until they are 75 to reach that goal, then that is what they will do.
It also turns out that many people are choosing to work longer regardless of their financial situation. Granted, 42% of those surveyed said they hope to have a job that has less responsibility than their current job, the trend is to stay in the workforce and remain active for as long as physically and mentally possible. How do you feel about working past the average retirement age of 65? Is this something you want or have to do?