Not only are they planning on retiring later, but Americans still in the workplace are expecting that their retirement will be filled with … work. Why? Most say they can't afford to do otherwise.
That's according to the Northwestern Mutual 2015 Planning & Progress Study, which found that working Americans expect to retire at age 68. That's a full 10 years later than those currently retired managed to leave their jobs behind.
In addition, 62 percent of those who expect to stay in the workplace past the age of 65 say it will be out of necessity—because they can't afford to do anything else. And 79 percent say their top worries are insufficient savings and a lack of confidence in social safety nets, such as Social Security. Fifty-three percent are also worried about increasing costs—health care among them.
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