It looks like retirement is no longer all about sea cruises and rocking on the porch. According to new retirement planning research released today, most people think their last decade or two will be spent on the job.
About 25 percent of people between the ages of 25 and 75 with household income under $100,000 surveyed for Wells Fargo Institutional Retirement & Trust said they'll need to work until they are age 80 because they can't afford to retire.
“Eighty is the new 65,” said Joseph Ready, executive vice president of Wells Fargo, to Bloomberg reporters.
Those most likely to agree that they are going to be on the job until their dotage were:
- 38 percent of those between the ages of 40 and 75.
- 37 percent who earned less than $50,000 in annual household income.
- 34 percent who were single.
- 28 percent of those with less than $50,000 in investable assets.
On the other side of the table sit the 37 percent who say they have no fears about retirement finances -- that everything will work out in the end. Those most likely to hold this optimistic opinion were:
- 47 percent of people without children.
- 45 percent of people who are Southerners.
- 42 percent of those with more than $50,000 in investable assets.
- 38 percent who are married couples.
Despite the current national discussion about Social Security shortfalls, on average people believe Social Security will provide 27 percent of their retirement income. Those who call themselves Democrats believe it will provide 30 percent; independents, 25 percent; and Republicans, 24 percent.
Social Security cutbacks will be a tough sell with 75 percent of current retirees strongly opposed to reductions and 50 percent of those currently in the workforce equally opposed.
Finally, if you were planning on getting an inheritance, don't count on that either. More than 72 percent say they are "living in the moment" and don't plan to leave one.