A significant swath of Americans now expect to spend almost 40 years in retirement, with about 1 in 8 workers planning to stop working before they turn 61. At the same time, most workers say they want to live until they’re 100.
That means some workers are eyeballing a four-decade retirement, an ambitious goal that comes with serious downsides. Among them: How to fund almost 40 years of retirement at a time when most workers are far from reaching their savings goals.
The findings, from a recent survey from financial services firm Corebridge Financial, underscore the gap between Americans’ lofty dreams for their golden years versus their financial realities. The median retirement savings balance for people who are between 55 to 64 — just years from potentially stepping back from work — is $185,000, according to NerdWallet.
“100 is a very long and fulfilling life, and that’s pretty optimistic and great to see,” Bryan Pinsky, president of individual retirement at Corebridge Financial, told CBS MoneyWatch. “That optimism and hope does come with a little bit of tension — only 27% are very or extremely confident that they won’t outlive their retirement savings.”
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A significant swath of Americans now expect to spend almost 40 years in retirement, with about 1 in 8 workers planning to stop working before they turn 61. At the same time, most workers say they want to live until they’re 100.
That means some workers are eyeballing a four-decade retirement, an ambitious goal that comes with serious downsides. Among them: How to fund almost 40 years of retirement at a time when most workers are far from reaching their savings goals.
The findings, from a recent survey from financial services firm Corebridge Financial, underscore the gap between Americans’ lofty dreams for their golden years versus their financial realities. The median retirement savings balance for people who are between 55 to 64 — just years from potentially stepping back from work — is $185,000, according to NerdWallet.
“100 is a very long and fulfilling life, and that’s pretty optimistic and great to see,” Bryan Pinsky, president of individual retirement at Corebridge Financial, told CBS MoneyWatch. “That optimism and hope does come with a little bit of tension — only 27% are very or extremely confident that they won’t outlive their retirement savings.”
**Read more:** [https://www.cbsnews.com/news/retirement-income-how-to-fund-40-years-of-retirement/?ftag=CNM-05-10abh9g](https://www.cbsnews.com/news/retirement-income-how-to-fund-40-years-of-retirement/?ftag=CNM-05-10abh9g)
Ben Shapiro says that’s stupid
I think they should stop working at 67 and die at 20.
Retirement is a financial number, nothing to do with age.
life expectancy is 77.2 in the US so…..
Not me!
Americans are more and more clueless ever day. And blaming it on politicians when it’s on them.
No, Americans can not afford to ever stop working.
Most (males) people once fully retired die within 5 years
Amazon’s Upload: how do we get them to pass at 60 and work to 100?
A lot of people gonna find a Remington white wall art project or high dose prescription for “retirement”.
No
Here me out i think we should be retired when we are born until 60… theeeeeen start working !
Gig is the future of work. Jobs being work you actually want to do, is the question. And it has a lot more to do with inequality than education.