Many middle-class Americans plan to work until they die?!!

Many middle-class workers plan to work throughout their old age, according to a recent Wells Fargo survey.

A growing percentage of middle-class Americans say they have saved so little for retirement that they expect to work into their 80s or even until they either get too sick or die, according to a recent survey.

Nearly half of middle-class workers said they are not confident that they will be able to save enough to retire comfortably, according to a Wells Fargo survey of 1,000 workers between the ages of 25 and 75, with household incomes between $25,000 and $100,000.

As a result, 34% said they plan to work until they're at least 80 -- that's up from 25% in 2011 and 30% last year. An even larger percentage, 37%, said they'll never retire and plan to either work until they get too sick or die, the survey found.

Driving these concerns is that many of the respondents said they simply can't afford to pay their monthly bills and save for retirement at the same time.

Money 101: Planning for retirement

"For the past three years, the struggle to pay bills is a growing concern and the prospect of saving for retirement looks dim, particularly for those in their prime saving years," Laurie Nordquist, head of Wells Fargo Institutional Retirement and Trust, said in a statement.

The concerns come as many middle-class families are trying to make do with less. The country's median annual household income is down by more than 8% since 2007. And many of the jobs lost during the recent recession have been replaced with lower wage positions.

With minimal savings built up, a third of those surveyed said Social Security will be their primary source of income during retirement. Of those making less than $50,000, nearly half said they will rely mainly on Social Security.

In August, the average Social Security recipient received around $15,000 a year in retirement benefits, according to the Social Security Administration.

Related: Don't let the government's drama derail your 401(k)

Another factor holding back middle-class savers is a fear of investing in the stock market, said Nordquist.

Across workers of all ages, only 24% said they were confident in the stock market as a place to invest for retirement. And slightly more than half said they don't invest in the stocks because they are afraid to lose their savings in the ups and downs of the market.

This is despite the fact that financial planners say that investing in stocks is the best way to grow a nest egg that will be large enough to cover decades of retirement. Over years of savings, short-term losses are overtaken by the long-term gains that years of compounded returns offer.

"There is a striking amount of fear about the stock market among all investors," she said. "The middle class just isn't making the link between being invested and the potential growth of their savings.

NEW YORK (CNNMoney)

 

Republicans: "... and?"

 

Well ... someone has to pay for welfare and Obamacare for the nation's minorities. Huh?

 

Wanting to work until you're 80 but your health could prevent that. Wanting to work until you're 80 but your boss could prevent that. People need to realize that around 70 the old body is shutting down. Modern medicine can keep you going until 90 but on average the last 15 years are filled with sickness, pain, operations, doctor visits, and physical therapy. Everyone with average intelligence should have a plan to retire by 65 and implement monetary programs that will allow them to do so. Retiring earlier than 65 is a gift you can give yourself.

 

I doubt very much that I will have recieve any meaningful SS benefits, and in order to get as far as I have so far, I had to indebt myself pretty heavily in loans. Its tough, but I'm confident my kids will do better, thus I will have corrected the challenges I inherited from my parents. That'll have to do :/

 

Why? Have you never worked, or are you merely paranoid?

 

Niether, I have worked, am not paranoid but don't have faith that the benefits will have a meaningful impact by the time I can claim them. Its not a bad idea to assume that SS will be dried up, hope for sunshine prepare for rain and all that.

 

The democrats have scared people that the republicans want to stop social security. That is bunk. Social security may have to be changed on several situations, but it will not end as long as we have a government. Politicians do not want to stop taking your money and giving part of it back to you. Anyone thinking social security will not be there for them is buying into the scare tactics.

 

The thing about this is that it's a challenge to a majority of middle class people.

That means at some point the government is going to step in to fix this crisis.

Now whether the fix is good or bad is anyone's guess. Don't forget the federal debt is also going to be in crisis.

 

I've worked all my life. With medical bills, I haven't been able to save anything at all. Work until you die . Fine. My reward is not in this world.