New Retirement Study Not So Golden

Wells Fargo researchers say people expect less help from Social Security, Pensions or even Savings

By Vikki Vargas and Bill French
|  Saturday, Nov 19, 2011  |  Updated 11:41 AM PDT
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    The Occupy protesters want jobs.  A lot of people who already have jobs wonder if they'll ever be able to leave them.

    Rodney Mock, Ursula Harder and Steve Tierney, three colleagues who work at the same Internet security company, wonder if retirement will ever be feasible for them.

    "Savings plan, definitely," said Harder. "It's not something that I depend on it terms of Social Security, I don't depend on that anymore."

    "Even if you're putting away money and you say you're doing the right things...then what would you do, if the pile you have isn't worth anything?" said Tierney.

    According to a retirement study by Wells Fargo, it seems the younger the worker, the less likely he or she will depend on Social Security to get through the golden years.

    Workers age 40 and under say they expect 20 percent of each retirement dollar to come from the government. Those in their 50s expect a bit more, 36 percent. Those closest to retirement age expect 46 percent of their retirement income from Social Security.

    Robert Aboit isn't there yet. He's 68 years old with no plans of walking away from the benefits business he has built over three decades. He advises workers to invest in 401K plans.

    "A problem that we have had for a long time is we are not saving nation," says Aboit.

    The same study says most of us have saved just 7 percent of what we think we'll need to leave the corner office, and 25 percent of us predict we will work into our 80s.

    After all, Betty White acts, Ed Asner does commercials and Carol Channing is still performing.

    The study says the whole concept of retirement has changed. It's no longer a finite age. Instead, it's what's in your bank account.

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