An unforgiving economy combined with plundered pensions and worries about the sustainability of Social Security have apparently sucked some air out of the dream of retiring by age 65. According to a survey, a quarter of Americans believe they’ll need to keep clocking in until 80 in order to be able to save up enough to retire.
Commissioned by Wells Fargo, the Harris Interactive survey of 1,500 middle class Americans found that three-fourths of respondents said they think they expect to work during their retirement years. This is bad news for younger workers hoping that retirement will thin out the work force and make for less competition.
The housing crisis has apparently played a part in the perceived need to work longer that spans the generation gaps. The survey says 86 percent of respondents between the ages of 25 and 75 consider owning a home debt-free to be an important step toward requirement. Those who haven’t faced foreclosures could be paying off their inflated mortgages for decades.