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.
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Democrats have created a two class system the rich and the poor....The rich are 1%.
ReplyDeleteThe only person someone can blame about not being able to retire is themselves. Hard work, being a bit frugal, staying out of debt, and saving for tomorrow go a long way. Both of my Parents retired by 60, and they were always in the middle class.
ReplyDelete11:25 welcome to 2014, my parents had the same but they had their job for over 30 years!!! That is not what you or I will have. Time to wake up ! We will not have social security and there are no sweetheart retirement plans today like our parents had. Maybe you work for the government or something. The interest rate in 1984 was close to 12% for CD's today it is little over 1%.
ReplyDeleteI just get tired of ads showing retiree's traveling the world and doing everything they couldn't do while they were working.Nothing changed for me when I retired other than now I don't go to work each day.Good for those who retired with wealth.I'm just not one of them.
ReplyDelete11:25
ReplyDeleteGood for you!
I'm happy for you. You don't identify with 90% of Americans.
I wish I didn't identify with them either. Unfortunately, I am one of them!
Worked my ass off all my life. Have a little money saved, yes. However, as the other commenter stated, I am collecting .5% interest on my savings.
OK let me be honest. I am losing money every year I leave it in the bank. The rate of inflation far outpaces the paltry .5% I earn.
The Federal Reserve really did a number on Americans. People like 11:25 simply don't realize it yet.
12:41....good comment. VERY good.
ReplyDeleteThe wealthy have retained and gained LOTS while the FACT is that there are no longer pension plans (that can be RELIED upon - especially if its one that PROMISES some extravagant payouts and bennies in 5-10 years!), profit sharing (one NOT manipulated by accountants), CD's pay nothing (while the money is loaned OUT at 12-24%) AND 401(k)'s
get cleaned out by crooked manipulations, too. Social Security? You better understand that it is, without question, a house of cards that will crash and burn. Start picturing the scenario's.....tell us a happy ending, too.
YOUR guy, of course, is going to "change things". That's a lock.
Keep cheering.