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.
"Saving for retirement is a formidable challenge for middle-class Americans," the San Francisco-based bank says.
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.