Many Americans say they can't retire until their 70s or 80s

[n2doc]

By Walter Hamilton
May 7, 2013, 11:37 a.m.
It’s the new retirement: More than four in 10 Americans think they’ll have to work into their 70s or 80s because they can’t afford to retire, according to a new survey.

One in 10 people expects to toil into their 80s, while 32% expect to be on the job into their 70s, according to the report by insurer Northwestern Mutual.

On average, those surveyed expect to leave work at age 68. However, the report points out, that doesn’t jibe with reality.

The mean age of those already retired is 59, the study said.

An increasing number of people figure they’ll simply work longer to make up for inadequate nest-egg savings these days, not realizing how layoffs, poor health or other forces pushed their forebears out of the workforce far sooner than they wanted.

more
http://www.latimes.com/business/money/la-fi-mo-americans-retirement-unaffordable-20130507,0,6791475.story

[KG]

1. i'm planning to work till i die. no way i can ever 'retire'

[NV Whino]

2. Likewise

[Newest Reality]

3. What is this thing

called, "retirement"? Explain to me this.

[Newsjock]

4. Retire now, spend the meager savings, max the credit cards, enjoy life, and say goodbye

One can wonder whether that would be the more prudent course. Since most of us will never, ever have enough savings to be even remotely close to that magical $2 million or whatever other stupid number all the retirement-planning leeches say we need, what point is there in continuing to work until we drop to the factory floor? Then we'll just be even older and spending everything we have just to maintain only a marginal quality of life, if that.

Besides, it sure seems entirely possible that the overall American quality of life is going to head straight down the shitcan even faster in the years to come, whether through climate change, idiot Republicans, and/or anything else. Might as well enjoy it while there's still something to enjoy and I'm able to enjoy it.

(Single, never married, no family, so nobody counting on inheriting anything from me, not that there would be anything anyway.)

This seems to be an all-too-plausible future for too many people.

[Kolesar]

6. You could get a roommate if you only have a modest SS pension

You are so correct about the retirement planning leeches. They want *us* to sacrifice now and place a huge amount into their risky equity investments while they carve off most of the gains.

Enjoy yourself. It's later than you think.

[RebelOne]

5. True. I was forced into retirement in 2010.

I was 71 and would still be working now if I hadn't been laid off. I am 74 now and would love to be working, but no one would hire me at this age.

[LooseWilly]

7. I was barely employed for nearly two years, looking back on it... I think that was my retirement...

At least I had my health?...

[LiberalElite]

8. This situation reminds me of

that frog in the pot of water. Gradually the water gets hotter and hotter and the frog dies. Over a period of a few decades, American society has gradually changed from a society where you could expect to retire and live at least adequately from 65 yrs old. Now we're routinely encouraged to put off retirement. Since no one knows how long they'll live, it appears that for a sizeable number of Americans, retirement essentially is a thing of the past. Back to the [19th century] future anyone? Maybe they should put us geezers-in-waiting out on the ice floes while we still have some.