Study shows many Americans unable to retire until age 80

April 12, 2014

Study shows many Americans unable to retire until age 80

Article provided by Warren Luccitti, Esq.
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Years ago, Americans were able to confidentially retire by the age of 65. Many could leave their jobs with a comfortable nest egg and even a pension to get them through their retirement years.

Today, the landscape is quite different. In fact, a new study conducted by Harris Interactive, a global market research firm, shows that many Americans today say they won't be able to retire until age 80. And 37 percent of Americans indicate that they won't ever be able to retire and will simply have to work until they die.
The survey

Harris Interactive conducted the survey late last summer on behalf of Wells Fargo. The firm surveyed roughly 1,000 middle class Americans between the ages of 25-75 years of age.

Roughly 59 percent of individuals indicated their constant concerns about paying day to day bills; a 10 percent increase from the year before. Some surveyed stated that they have saved, but no respondent indicated that they had a nest egg of more than $63,000--hardly enough to sustain the cost of living during retirement. And, even if the money set aside grows in an investment portfolio, there's no guarantee it will be there when it comes time to retire. The stock market is always unpredictable, particularly in a variable economy.
The future of retirees

Sadly, the number of Americans who say they will not be able to retire early or at all because of financial concerns seems to rise every year. Today, 37 percent indicate the inability to retire. In 2012, 30 percent of Americans made this affirmation; in 2011, that number was 25 percent.

According to Nordquist, this isn't surprising. "For the past three years, the struggle to pay bills is a growing concern, and the prospect of saving for retirement looks dim, particularly for those in their prime saving years," she said.

In a few years, if economic conditions continue down the same path, the number of Americans who claim that they will not be able to retire could reach close to 50 percent.
Bankruptcy as an option

For some, the inability to put aside money for retirement is due in part to high credit card bills or loans that take up much of their monthly budget.

Fortunately, bankruptcy is a potential solution for individuals struggling to pay debt. Filing for bankruptcy may be a scary undertaking, but bankruptcy has done more help than harm for so many people. It can erase debt and leave money at the end of the day for people to put away for retirement. Speaking with an attorney to see how bankruptcy can really be a lifesaver is advised.