Kara McGuire writes about all things related to personal finance. Follow our coupon clipping, retirement saving, bargain hunting, budget mama as she saves, spends and searches for ways to keep more money in her wallet – and yours.
Age 80 is the new 65? Apparently so for one in four middle class Americans who said they'll be working "until at least 80" to afford retirement. Umm, what retirement?
That's the most striking finding of a new retirement survey from Wells Fargo that asked 1,500 Americans who earn between $25,000 and $100,000 about retirement preparedness. The phone survey was conducted in August and September - a volatile time in the markets and economy. Other intriguing findings:
I was also struck by some of the generational differences in the survey. For example, when it comes to how important it is to pay off the mortgage before retirement, 87 percent of those ages 25 to 29 say it's "very important" to do so compared to only 40 percent of those ages 60 to 75.
Half of 25 to 49 year olds also say they're willing to take a cut in Social Security to help balance the nation's budget compared to 28 percent of 50 to 59 year olds and 19 percent of 60 to 75 year olds.
Based on my conversations with Gen Y and Gen X over the years, I'm guessing that's because many of them don't believe Social Security will be there for them anyway, so whatever they receive is better than nothing.
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