On Wednesday Wells Fargo released the results of its survey of 1,500 individuals between ages 25 and 75, titling it “80 is the New 65 for Many Middle Class Americans” while another study in June by three financial service non-profits showed three-quarters of those surveyed planning to work beyond age 65.
The first survey focused on middle class (incomes between $25,000 and $100,000 a year) citizens while the second concentrated on higher net worth individuals (those between ages 55 and 75 with investable assets of $100,000 or more) but the results were remarkably similar.
The Wells Fargo study found that one quarter of middle class Americans say they will “need to work until at least 80” to pay their bills, while three-quarters are expecting to work at least part time to help with the bills. And when those between ages 40 and 60 were quizzed, more than half say they will “need to work” after age 65.
When asked about reforming Social Security and Medicare, the younger Wells Fargo respondents were willing to accept future cuts to help reduce the country’s debt burden. The study also revealed expectations from those younger respondents about actually receiving anything from Social Security at all: more than a quarter of those in their 20s and 30s expect to receive nothing at all while others surveyed expect significant reductions in benefits by the time they qualify for them.
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