Wells Fargo did as much as it could to soft-pedal the findings of its fifth-annual Middle Class Retirement Survey, released Wednesday, but the horrific numbers speak for themselves.A formidable challenge? No kidding. More than a third of middle-class families aren’t saving anything in a 401(k), IRA or other vehicle, the survey found. For those 50 to 59 years old, it’s 41%.
“Nearly a third (31%) of all respondents say they will not have enough money to ‘survive’ on in retirement,” the bank says. “This increases to nearly half (48%) of middle-class Americans in their 50s.” The household income of respondents, who were polled for Wells by the Harris organization, ranged from $25,000 to $100,000; the median income was $63,000.
More cause for concern: For respondents aged 30 to 49, some 59% say they “plan to save later to make up retirement savings,” and 27% are not currently contributing savings to a retirement plan or account.
Chosen excerpts by Job Market Monitor. Read the whole story at America’s middle class knows it faces a grim retirement – LA Times.