The $20,000 retirement plan
The average middle class American has only $20,000 in retirement savings, according to a new survey that shows large swathes of the public are aware of those shortfalls and feeling anxious about their golden years.
Wells Fargo surveyed more than 1,000 middle class Americans about the state of their savings plans. Roughly two-thirds of respondents said saving for retirement was “harder” than they had anticipated. A full one-third of Americans said they won’t have sufficient funds to “survive,” a glum assessment that flared out among the older respondents. Nearly half of Americans in their 50s shared that concern.
But perhaps the most startling response came from the 22% of Americans who said they would prefer to suffer an “early death” than retire without enough funds to support a comfortable standard of living.