Tuesday, April 24, 2007

Survey: Twenty Percent of Workers Plan To Stay at Work until They Die

According to a financial literacy poll conducted by Bankrate, Inc., nearly 20% of individuals plan to work until death, with the percentage rising with age, so that 40% of seniors surveyed saying they will work until death. In addtion, 28% of those surveyed save less than 5%, including 16% saving nothing at all for retirement. Nevertheless, six out of ten Americans "never worry" or worry "not very much" about outliving their retirement savings and, in fact, 27% plan on quitting in their 50s.
"If you're age 65, one of the key things that keeps you coming to work is the desire to avoid touching your IRA and nest egg for as long as you can," says Tim Driver, founder of the Web site, "Many of these people have lived through the Depression. They grew up in an environment where watching pennies was the norm. Many of them are working for healthcare, too. It's by far and away the largest concern for that group."
Source: Bankrate, Inc. News Release (April 23, 2007)

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