80 Is the New 65
By Ric Edelman
We’re not talking about speed limits.
Ah, the good old days. Life was fab when you retired at 65 with a gold watch, a pension and a monthly Social Security check.
If those days are not entirely gone, they’re fast disappearing. So say the people who responded to a 2011 Wells Fargo study. Three out of four adults say they expect to work well beyond age 65, and 25% say they won’t retire until age 80.
Of respondents in the 40-to-59 age group, slightly more than half say the need for money will force them to keep working in retirement, and almost as many say they expect to perform jobs similar to what they are doing now. Only 42% say they’ll be engaged in work that requires “less responsibility.”
All these people are assuming they’ll remain healthy enough to be able to work in their elder years.
Unless you’re excited about that type of future, you should talk with a financial advisor today — to get a financial plan that can enable you to retire much sooner. If you don’t have such a plan, talk to an independent, objective, feebased advisor now.
Originally published in Inside Personal Finance March 2012