SCOTTSDALE, Ariz. — More people think they’ll still be working when they’re 80, according to a poll.
A new Wells Fargo poll showed that 30 percent of middle-income Americans think they will be working until they’re 80 or older, up from 25 percent last year. Seventy percent think they won’t have enough money to retire.
“It’s my contention that most people don’t know how much money they’re going to need to live on because they’ve never sat down to figure out how much money they need to live on,” said Valley financial analyst Wayne Stutzer, of KTAR’s “Smart Investor” show. “They always assume the worst.”
The survey found that nearly one-third of Americans could end up living near the poverty level during retirement.
Stutzer said most middle-income residents will probably need about $4,000 per month to live comfortably in retirement and they can start getting ready now.
“Sit down and take a look at what it’s actually costing you to live today, project out an inflation rate of three percent, and then start to see how much your going to need to have saved up in order for you to generate an income to live comfortably on,” Stutzer said.