New American Retirement Scenario: Work Until You Die
Here is some good news for all the working stiffs: nobody except the top quartile of income earners will be able to retire at 65 anymore, so plan on working until you die. Young people trying to find jobs? You will never, ever find a job because all the jobs will be taken by 80-year-old people, especially those good Wal-Mart jobs.
Those who earned between $11,700 and $31,200 will need to work till age 76 to have a 50% chance of covering basic expenses in retirement. Those who earned between $31,200 and $72,500 will need to work to age 72 to have a 50% chance and those who earned more than $72,500, those in the highest income quartile, catch a break; they get stop working at age 65 to have a 50/50 chance of funding their retirement.
Do you really love whatever job you are doing now? Good, you will be doing it for another fifty years. [MarketWatch]