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www.wmfd.com - For many, retirement means traveling, golfing, spending time with the grandkids, but according to one survey, a growing number of people plan to keep working, forever, as Alison Kosik explains. }}" />

   
 
 
New Survey Shows Many People Can't Afford To Save To Retire

Story By: Larry Stine

 

 

 
 
 
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  Original Published: 10/28/2013 For many, retirement means traveling, golfing, spending time with the grandkids. But according to one survey, a growing number of people plan to keep working, forever. Alison Kosik has the details. Work 'til you die. That's the new retirement plan. A Wells Fargo survey says 37-percent of middle class Americans don't plan to retire, ever. They say they'll only retire when they're too sick to work. Some 34-percent plan to work until at least age 80. That's up from 25-percent in 2011 and 30-percent last year. One big reason why: money. People are trying to make do with less. The median household income has been falling since 2007, and a lot of jobs lost during the recession were replaced with lower-wage positions. Also a factor, some middle class workers are nervous about investing in the stock market. But many financial experts say stocks provide the best return on investment. After the recession, the S-and-P 500 roared back, and then some. It's currently at record highs. But people who don't have the income or don't have the savings are planning to rely on Social Security as their primary source of income. That's only about 15-thousand dollars a year, so they're working longer. It's not all bad news though. Some are using retirement as a way to start a new career, the opportunity to finally do what they love.
   
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