A recent report suggests that senior citizens will not be
retiring anytime soon. Americans in lower-income brackets will
need to work as old as 85-years old to survive financially,
according to a study by the Employee Benefit Research Institute.
The Huffington Post Reports: Only by retiring at 75-years old
would a majority of those in the lowest income quartile —
defined as earning below $11,700 annually — have half a chance
of not running out of money during retirement, the study finds.
Working until 85 years old doesn’t completely secure Americans,
either. Indeed, a majority of workers that age making less than
$31,000 annually still have a roughly 20 percent change of
running out of funds, the report finds. This economic change is
mainly a result of the rise in life expectancy. Only 9 million
Americans were 65-years old or older in 1940. Today that number
has nearly doubled to over 34.9 million , and is expected to
climb.