A new glimpse into how middle-class people in the U.S. think about retirement is revealing some startling views about how long they expect to live and to work.
About half of middle-income Americans who are currently employed say they expect to work past age 65, according to a study from the Transamerica Center for Retirement Studies and the Transamerica Institute. While many say that is their preference, roughly 8 in 10 also cite financial pressures, including a shortfall in savings as well as worries that Social Security won’t provide enough financial support.
Transamerica defines “middle class” — a broad sociological term rather than a strict financial measure of income — as people earning $50,000 to $200,000 annually, which accounts for roughly 55% of U.S. adults.
“Many are saving for retirement, but the question is whether they are saving enough,” Catherine Collinson, the CEO of Transamerica Institute, told CBS MoneyWatch.
Read more at cbsnews.com
