Great news, your children will be able to retire by age 80! We’ve come a long way baby. It used to be age 65 was a normal age for retirement, but rising healthcare costs, mortgage debt, and other costs have made that an unrealistic age for 25% of middle class Americans.
…About a quarter of middle class Americans — earning $25,000 and $99,000 a year — see 80 as a good age to shoot for when it comes to retirement, a Wells Fargo study shows. “Another interesting shift in the mindset of Americans is their perception of how much money they need. Three-fourths of respondents said it is more important to have a specific amount versus a date: $350,000 was the median nest-egg goal, but median retirement savings were only $25,000 dollars,” says Laurie Nordquist, executive vice president of institutional retirement at Wells Fargo, according to CNBC.