A recent Wells Fargo survey finds that Americans are expecting to work longer to ensure they have enough money for retirement, 80 may be the new 65 for many American retirees. Of respondents age 40 to 59, 54% indicate they need to work in their retirement years, while only 34% of the 25 to 39 age group indicates they will be working in retirment.
At one of my last Managing Money in Tough Times workshops the financial reality facing retired Wyomingites became very apparant. We haven't been unaffected by the financial turbulance experienced in our country in recent years. It is a very real and difficult financial challenge for seniors who find themselves facing the reality of having outlived their retirement savings.
A tip from the class.... if at all possible, practice living on your retirement income before making the big decision to leave the workforce.