Many people look forward to retirement after spending years struggling through the daily grind. Unfortunately, a growing number of Americans may have to wait even longer to make their grand exit from the workforce. Although the average retirement age in the U.S. is just 63, according to a recent study by human resources consulting firm <culink class=“culinks” culang=“en” href=“http://curiyo.com/en/topic/Willis Towers Watson” title="" style=“border-bottom-width: 1px; cursor: help; z-index: 9000; border-bottom-style: dashed !important; display: inline !important; float: none !important; padding: 0px !important; margin: 0px !important; border-bottom-color: rgb(0, 161, 52) !important; background: inherit !important;”>Willis Towers Watson</culink>, almost a quarter of Americans believe they won’t be able to retire until age 70 or older. Worse yet, 5% are convinced they’ll never be able to retire at all.
Even workers who plan to retire at 65 aren’t so sure of themselves. Those surveyed admit that, while they’d like to retire at 65, they think there’s a 50% chance they’ll wind up working until 70.
So why all the negativity? A lot has to do with insufficient savings. With Social Security only designed to replace about 40% of the average American’s pre-retirement income, most of us have to save independently to ensure a reasonably comfortable retirement.
Yet an almost frightening one-third of Americans, many of whom are 55 and over, admit to having absolutely no retirement savings whatsoever.
Now I am 70 and I am disabled but given the choice i would have worked longer. Social Security has been raising the retirement age although most do not realize it. How do you feel about working longer? One point was made clear and than when you reach retirement unless you have a steady stream of income besides interest and such your savings will dwindle and as the years go by you will face higher costs and a government bent on taking away even more sources of income.