Monday, November 12, 2012


Away back in the 1960s newspapers used to speculate that with the advance of science and labour-saving gadgets the working week would be cut drastically and retirement ages would fall dramatically, but capitalism just doesn't work that way. "As they struggle to save for retirement, a growing number of middle-class Americans plan to postpone their golden years until they are in their 80's. 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. "It is so tough for Americans to save for retirement that the answer seems to be to work longer," said Joe Ready, director of Wells Fargo Institutional Retirement and Trust. 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." (CNN, 25 October) In the most developed capitalist country in the world the working class are working harder and longer that they did in the 1960s. RD

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