Many workers don't plan to retire, ever, study shows


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SALT LAKE CITY — A new survey shows many people don't plan to retire in their lifetime.

Wells Fargo asked 1,000 middle-class Americans: When will you be able to retire? Nearly two out of five said they plan to work until they are too sick to work or until they die.

Another 34 percent said they'll work until age 80. The number of people giving that answer has gone up 9 percent over the past two years.

A big reason is lack of money.

"We do not win the award for savers. That belongs to other countries. We spend," said Shane Stewart, a financial planner with Deseret Mutual.

Wells Fargo study
  • 37% - 'I'll Never Retire"
  • 34% - Work until "at least age 80"
  • 42% - Paying bills and saving for retirement 'Not Possible'

He said while the economy has improved, many people who lost jobs during the recession had to settle for lower-paying employment.

"Many people are living paycheck to paycheck," he said. "That's a little scary because all it takes is another job loss or a hiccup with someone's health in the family and then you have a problem."

The rising cost of health care is another factor keeping people working longer.

"There are many people working longer solely for those health benefits," Stewart said.

It's never too late to start planning for your retirement, he advised. The sooner you start, the more comfortable it will likely be.

#poll

"It could be as easy as an online tool or sitting down with your spouse or significant other and analyzing where we are now and what we would like to do," he said.

Stewart said the stock market is a good retirement investment, but only in the long run.

"It's a terrible time to have your stock way down when you need the money," he said.

If you need the money in five years or less? "You probably need to invest in things like bonds, cash, so you don't have to wait out a terrible market cycle," Stewart said.

The survey may not be all bad news. There are some people who'll work forever by choice.

"Many people feel it's better than sitting on the front porch on a rocking chair," Stewart said.

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Bill Gephardt

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