Wells Fargo Retirement Survey Tells Us What We Already Know - We're Screwed for Old Age

Wells Fargo has released a new survey on retirement. Surprise, surprise, most of us are royally screwed. CNN calculated it out and realized most have only $190 a month to live on in retirement.

From the press release:

  • 71% are actively working to reduce debt.
  • Two-thirds (65%) of people say they’re not very confident or not at all confident that the stock market is a place for investment gains for their savings.
  • 55% say they have other financial priorities and don’t have extra money to save.
  • One-third are worried about a job loss in their household in the coming year. Forty-somethings (43%) and fifty-somethings (42%) are most worried about this.
  • People making $75,000 to $100,000 a year have outsaved those making $100,000 and up, with a median of $99,000 in total investable assets, vs. $59,000 saved by those making $100,000 and up.

The survey notes once traditional pensions were replaced with 401k's, that's really when the coffers ran dry.

I think most are prepared to work 'til we drop. Problem is, we can't even get that these days.

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