Has the U.S. become the work forever society? According to a recent survey by Northwestern Mutual, a majority of Americans said they plan to work into their 60s and 70s, and some even into their 80s. Yet at the same time they indicate they intend to work longer, Americans are also unsure of their financial preparedness to actually fund their advanced lifespans.
Those findings came to light in Northwestern’s “2013 Planning & Progress Study,” which it conducted with Harris Interactive. About 1,500 Americans from age 25 and up were polled in an online survey in January.
According to the responses, only 6 percent expect to retire before the age of 60, while 52 percent expect to retire in their 60s and 32 percent in their 70s. Some 10 percent envision working into their 80s.
However, when asked about their financial preparedness, based on their current situation, future prospects and long-term plans, 56 percent said they are prepared to live to the age of 75; 44 percent to 85; and 35 percent to 95.
Those numbers stand in stark contrast to actual data that reveals that there’s a 50 percent chance a 65-year-old man today will live beyond age 87 and that a 65-year-old woman will live beyond age 90. If a couple, there’s a 50 percent chance that one spouse will live to age 94 and older.