A recent national survey found Americans are expecting to work longer, The Associated Press reports, with many focusing on an amount of money they'll need to retire rather than a target age.
A quarter of respondents said they expect to work until they are at least 80 years old in order to save enough to retire comfortably, and three-quarters of them indicated it is more important to reach a savings target before retiring than to do so at a specific age. Only 20 percent took the opposite position.
The respondents' expectations seem to have changed in another respect as well, with 75 percent saying they expect to work after retiring. More than one third said they wanted to work, while almost 40 percent said it would be necessary to maintain their lifestyle.
Researchers indicated the changes are due to a shift in perception as many conclude they have not been saving enough, and expectations of Social Security and Medicare benefits have decreased.
Respondents between the ages of 20 and 30 predicted Social Security payments would cover an average of 20 percent of their income, compared to the 40 percent that the Social Services Administration reports it currently provides. Nearly 25 percent of those in the age group expect no help from Social Security. This could have a significant impact on the workforce, one analyst noted, as older workers postponing retirement could slow advancement for the following generations.
