More people waiting to retire until the age of 80 - KWWL - Eastern Iowa Breaking News, Weather, Closings

More people waiting to retire until the age of 80


A recent survey shows more people will wait until age 80 to retire. According to Wells Fargo and Company's annual retirement survey, 25% of the 1,500 middle class Americans surveyed across the country say they will keep punching a clock until they turn 80.

Christi Mason, the Project Director for the AARP's Foundation Work Search, says her organization has been extremely busy.

"Certainly an increase in phone calls a lot of people needing to supplement their social security income finding they're just not able to make it on their social security and need to go back to work," said Mason.

This organization is federally funded and not available to everyone. It's based on age, income, and residency.

While they help people with the basics of a job search they also offer encouragement.

"Some people are concerned they're too old to go back to work and no one is going to hire them, but we say age is an asset in our office we're seeing more and more employers hiring mature workers and what they have to offer such as life experience they can act as role models to younger workers. They don't have an entitlement attitude and they are dependable and have a good work ethic," said Mason.

For people still hoping to retire before age 80, Financial Advisor Dave Becker says you might have to make some tough decisions.

"I think a lot of folks need to change their expectations and need to say it's not reasonable for me to live in this house or to take two vacations a year or whatever it may be. You just need to try to get yourself away from that and not keep up with the Joneses," said Becker.

Also according to this survey, 39% of all respondents said they will need to work during their retirement years to make ends meet. Another 35% said they will work because they want to, rather than out of financial need.

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