Many Americans Expect to Work in Later Years - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Many Americans Expect to Work in Later Years

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Is 75 the new 65?  The answer may be yes when it comes to retirement.  Is retirement becoming a dying dream?  According to a recent poll, some Americans think the answer is yes.

More than four in five older Americans expect to continue working during their latter years, a sign that traditional retirement is out of reach for many.  Among Americans ages 50 and older, 82 percent expect to have some kind of job during their retirement, according to a poll by the Center for Public Affairs.  With life-spans expected to increase and sluggish economies in some parts of the country, it's important to plan for retirement as early as possible.

"I think you should start planning very early in life, I really do.  In your thirties, you need to start thinking about what are you doing? Why are you working?  What am I doing later in life?  How am I going to get my kids through school, and still have something ready for my wife and I or whatever to retire," says financial planner Darrel Hovde.

More than 1,000 people were polled for the survey.  Out of that number, 40 percent say they have $100,000 or less saved for retirement, and nearly one quarter say they have less than $10,000 saved.

 

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