October 28, 2014

22% would rather die than not have enough money for retirement

Huffington Post - A new survey from Wells Fargo reinforces just how anxious middle-class Americans are over how much financial security they will have once they retire, if they can ever afford to.

Wells Fargo found that “22 percent of the middle class say they would rather ‘die early’ than not have enough money to live comfortably in retirement.”

... Forty-eight percent of respondents in their 50s said they won’t have enough to live on if they stop working. ... The survey’s rather generous definition of middle class – which skews higher than one common measure of 50 percent above and below median income – makes data points like these even more troubling:

19 percent percent of middle-class Americans have zero retirement savings

34 percent are not currently saving for retirement

A staggering 41 percent of Americans between 50 and 59 are not currently saving for retirement

....The median savings across all age groups was a paltry $20,000.

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