More Americans are planning to delay retirement and work longer. A 2014 CBS news poll shows that a little more than half of Americans who have not yet retired say they plan to retire by the time they are 65. In 2005, more than two-thirds (67 percent) planned to retire by age 65.
Equally noteworthy, three times as many people today expect to retire in their seventies (22 percent) than expected to do so in 2005 (8 percent), according to the poll. Yet, of retirees polled, 79 percent say they retired by the age of 65. Only seven percent say they were over 70 when they retired.
Health care costs are not among the most serious financial concerns of Americans not yet retired. Only 8 percent of them have current or future medical costs as their biggest financial worry. The poll does not capture whether Medicare and the Affordable Care Act help allay their fears.
Most working Americans have as their biggest financial concern paying bills (25 percent) and, after that, saving for retirement (24 percent)
Many Americans do not realize that Social Security is virtually certain to be there for them. It cannot go broke. However, more than six out of 10 Americans not yet retired do not believe that Social Security will have the benefits they expect.
Much like the Pentagon, unless Congress decides to end the program, Social Security will continue. In fact, so long as working people pay into Social Security, those funds are available to supplement the Social Security Trust Fund.