Many of us won’t be able to retire until our 80s

Many of us won’t be able to retire until our 80s

You’ll probably have to work much longer than you anticipated

June 9, 2011, 12:01 a.m. EDT
By Robert Powell, MarketWatch
740 Comments

BOSTON (MarketWatch) -- We all think it’s a panacea. If you don’t have enough money saved for retirement, you’ve got a few ways to close the gap between what you have and what you need in your nest egg: Save more, invest more aggressively, and/or work longer.

Well, it turns out that working longer is indeed an option, according to the Employee Benefit Research Institute latest study. The only problem is that the latest research shows that you’ll have to work much longer than you anticipated. In fact, many Americans will have to keep on working well into their 70s and 80s to afford retirement, according to the study, titled “The Impact of Deferring Retirement Age on Retirement Income Adequacy.â€