Financial News Story of the Day – Wells Fargo Expects 80 Will Be the New 65 for Retirees
According to a Wells Fargo survey, the younger generation of workers that you’re a part of can now expect to tack on another 15 years of work before enjoying retirement. Studies show that people are living longer than ever, but would you be happy spending those extra years working? 80 is the new 65 mainly because people feel they will have to work that long to reach a dollar amount they’re happy with in retirement (source: Bloomberg.com).
Excerpt: “About 74 percent expect to work in retirement, according to the survey, with about 39 percent working because they’ll need to and 35 percent because they want to. And 25 percent of those surveyed said they expect they’ll need to work until at least age 80 because they don’t have sufficient savings.”
Personal Finance Tip of the Day – Make the Most of Unemployment
For those of you who are unemployed right now, first and foremost hang in there and don’t lose hope! Secondly, I found an encouraging post on FreeFromBroke.com that illustrates how you can make the most of being unemployed right now. Being unemployed won’t last forever, so hang in there and take advantage of it (source: FreeFromBroke.com).
Excerpt: “There’s nothing easy about being unemployed. However, there are opportunities around us. While it takes work to be positive when faced with unemployment, it is possible. Change your mindset so that you focus more on the opportunities that come with having a little more time.”
Daily Finance Summary – Dow Down Nearly -200 Points
The Dow Jones was down -191 points today as news of Europe’s debt crisis continues to threaten the global economy. The supercommittee tasked with cutting $1.2 trillion from the budget has until Nov. 23 to submit a plan, and China continues to be a big question mark for investors.
Quick Question: At what age will you retire?
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