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A recent survey by Wells Fargo, its pretty scary.
"The average American has saved less than 7 percent of his desired retirement nest egg and will likely have to keep working in retirement to supplement his income.
Middle-class Americans think they need $300,000 to fund their retirement, but on average have only saved $20,000, according to a survey released on Wednesday by Wells Fargo
.....
Respondents aged 50 to 59 have saved an average of only $29,000 for retirement.
....
Consequently, more than a third of respondents believe they will have to work during retirement in order to afford the things they want or just to make ends meet.
....
The vast majority of respondents admitted they need help figuring out how much money they need to live on in retirement and picking investments for their 401(k)s.
But in a negative twist for financial advisers, more than two-thirds said they were not willing to pay for this advice"
News Headlines
"The average American has saved less than 7 percent of his desired retirement nest egg and will likely have to keep working in retirement to supplement his income.
Middle-class Americans think they need $300,000 to fund their retirement, but on average have only saved $20,000, according to a survey released on Wednesday by Wells Fargo
.....
Respondents aged 50 to 59 have saved an average of only $29,000 for retirement.
....
Consequently, more than a third of respondents believe they will have to work during retirement in order to afford the things they want or just to make ends meet.
....
The vast majority of respondents admitted they need help figuring out how much money they need to live on in retirement and picking investments for their 401(k)s.
But in a negative twist for financial advisers, more than two-thirds said they were not willing to pay for this advice"
News Headlines