Study: More middle-class Americans delaying retirement - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Study: More middle-class Americans delaying retirement

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MESA, Ariz. -

Most people know when they want to retire.  They have a certain age in mind, but a new poll shows more and more middle-class Americans say they believe they'll still be working when they're 80!

You can say she works hard for her money.  At 94-years-old, "Mom Peg" is still punching the time clock, working three days a week at Alagio Salon in Mesa.

"I can shampoo, do laundry, sweep up hair, sterilize brushes and combs," said Peg Houggy.

But Peg doesn't do this for money.

"I do it because I like to work and I'm happy doing it," she said.

"She's a blessing to have around.  Everyone walks through the doors and says, where's Mom Peg," said Houggy's daughter, Peg Kallberg.

But a lot of Americans worry they will have to work well into their 80s.

A new survey out by Wells Fargo shows 30 percent of middle income Americans think they'll be working until they're 80 or older because they won't have enough money to retire.

Houggy's daughter, who owns the salon, says she gets it.

"I truly think it's a shame whenever you get to be my mom's age and you still have the necessity to have to work because, really, truly, they've worked hard all of their lives," said Kallberg.

So the idea behind the survey is to start saving now so you can retire comfortably. 

Financial analysts predict you'll need about $4,000 a month to live comfortably, but then there's always people like "Mom Peg."  Even with enough money, she doesn't see or want retirement anywhere in her near future.

The same study from Wells Fargo also found that 52 percent of Americans say their most important day-to-day financial concern is paying the monthly bills.

Online:

Wells Fargo Study Finds Middle Class Americans Teeter on Edge of Retirement Cliff
www.wellsfargo.com/press/2012/20121023_MiddleClassRetirementSurvey

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