More Americans delaying retirement until their 80s

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Nearly three-quarters of those who plan to work into their 80's say they fear their employer won't want them working when they're that old.


Nearly one-third, or 30%, now plan to work until they are 80 or older -- up from 25% a year ago, according to a Wells Fargo survey of 1,000 adults with income less than $100,000.


Overall, 70% of respondents plan to work during retirement, many of whom plan to do so because they simply won't be able to afford to retire full time.



Related: How they're getting ready for retirement

About 34% of middle-class Americans expect their retirement income to be 50% or less of their current annual income. Given Census Bureau data showing a median household income of $50,054 in 2011, this would mean living on roughly $25,000 or less per year -- which is near the poverty line for a family of four, the report found.

Retirement saving on the backburner: Half of middle-class Americans report that their most pressing financial concern is paying their monthly bills, up from 37% a year ago. Saving for retirement is second on the list.


Related: Countdown to retirement: 10 years to go


Overall, 53% of Americans say they don't know whether they will have enough saved for retirement -- up from 42% last year.

Despite falling short of expectations, half of respondents said they consider themselves responsible for funding their own retirement through saving and investing. Another 27% said they will fund their retirement through their employer's plan, while 24% said they will mainly rely on Social Security benefits.

Related: How to make your retirement savings last

Aside from putting daily bills and current financial needs ahead of retirement saving, many Americans aren't in the position to adequately fund their own retirement because they have no idea how much to save. Only 22% say they have calculated the amount of money needed for retirement -- whereas 75% of respondents said they guess. (Find out how much you will need for retirement).



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