Wells Fargo: 80 May Be the New 65

http://www.bloomberg.com/news/2011-11-16/wells-fargo-survey-says-80-may-be-the-new-65-for-retirement-age.html

Americans are prepared to work longer in order to save enough for retirement, according to a survey by Wells Fargo & Co. (WFC)

About 76 percent of respondents said it’s more important to reach a specific dollar amount before retiring, compared with 20 percent who said it’s more important to retire at a given age, regardless of savings, according to the survey of adults with household incomes or assets from about $25,000 to $100,000.

About 74 percent expect to work in retirement, according to the survey, with about 39 percent working because they’ll need to and 35 percent because they want to. And 25 percent of those surveyed said they expect they’ll need to work until at least age 80 because they don’t have sufficient savings.

About 68 percent of those surveyed said they’re not confident the stock market is a good place to invest their retirement savings. About 45 percent of respondents said if they were given $5,000 they would buy a certificate of deposit, and 50 percent said they’d invest it in stocks or mutual funds.