For Retirement, Is 80 the New 65?

The traditional retirement age of 65 is an outdated concept and middle-class Americans expect to continue working far longer, according to a  survey released today by Wells Fargo & Co.

Some 76 percent of the 1,500 middle-class Americans surveyed by Harris Interactive said it is more important to have a specific amount saved before retirement, regardless of age, and just 20 percent said it’s most important to retire at a specific age, no matter how little or much they saved.

“The fact that the vast majority of middle-class Americans expect to work well past the traditional retirement age has significant societal and economic implications,” Joe Ready, director of Wells Fargo Institutional Retirement and Trust, said in a statement. “Will people be physically and mentally able to work later in life? What will it mean for young people entering the workforce? And, how does our system of retirement savings need to be reformed to help reduce the savings gap?”

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