It’s Almost Halloween But Two New Retirement Studies Are What’s Really Scary

I can remember the day my father hung up his stethoscope. He loved his career as a pediatrician, but like most American workers, couldn’t wait to enjoy life away from the daily grind at the office. He was 62. Nearly 30 years later my dad is still enjoying retirement.

But two new surveys reveal something very disturbing: For a growing number of middle-class Americans the golden years might not arrive until they’re into their 70’s and even 80’s.

An analysis of more than 1,600 retirement reports generated by FreeRetirementReport.com found that the average baby boomer can’t retire until they’re 75. And a new Wells Fargo study found that 30 percent of middle-class Americans believe they’ll need to keep on working until they’re at least 80-years-old in order to retire comfortably.  That’s up from 25 percent a year ago.

A Wells Fargo spokesman says it’s very tough for Americans to save for retirement, and the answer seems to be to keep working later into life. “People say they’ll work longer, but how possible will this be for millions of Americans?” says Wells Fargo’s Joe Ready. “Preparing for retirement can’t be kicked down the road because the other picture that is emerging is how many people will live close to the poverty line in retirement.”

My father and I have had a long-running joke over the past three decades. It goes something like this when we talk on the phone:

  • Him: “How’s work?”
  • Me: “I’m running around like crazy, but it’s okay. Can’t wait until the weekend.”
  • Him: “Weekend? What’s that? Every day is a weekend for me.”

He’ll be 91 on Halloween. What’s really scary is what these two studies mean to my retirement plans. Golden years? What’s that?

3 Comments on “It’s Almost Halloween But Two New Retirement Studies Are What’s Really Scary

  1. Mark- your dad was my doctor from the time I was 7 yrs. old. He always seemed like he really enjoyed his job. I used to lie to him and tell him I felt great so he wouldn’t give me any shots.

  2. Time for Doug’s wife of 67 years to enter in: (Ha) Yes, Doug DID thoroughly enjoy practicing Pediatrics. he absolutely LOVED taking personal care of families of children—-and was a great communicator with them and seemed to excel in diagnosis. In fact I was amazed when he hung up his “shingle” at the age of 62. But, even then in 1982, the government was already greatly intruding on the practice of medicine with large amounts of paperwork to be filled out, and restrictions to be required, taking the real JOY of taking care of his patients the way he wanted and had been trained to do at the prestigious Children’s Hospital of Pittsburgh, etc. He wanted to SPEND MORE TIME with each patient and their parent, instead of shuffling them through more quickly as required . Doctors today therefore charge excessively MORE as a result, and see fewer patients. It has become an IMPERSONAL PROFESSION. Some doctors have remarked that Doug practiced in the very BEST OF YEARS for the practice of Medicine WITHOUT GOVERNMENT CONTROL. He saw the “handwriting on the wall”, trending toward SOCIALIZED MEDICINE like Great Britain and Canada, which is definitely NOT in the best interests of the patient. But we have now gradually become more of a socialized country in which people expect more handouts and help from government——until ALAS, if we vote for Obama, it will have reached it’s goal. He practiced in an entirely different era of medicine Older people and the “children” he treated are now grandchildren—–and Doug is now happily living on at the age of almost 91 (on Halloween)—-and ,Yes, GARDENING, as well as many other things. God has been so good! Prvberbs 3: 5 & 6 are his favorite Bible verses.

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