Today, Wells Fargo released some of the findings of their sixth annual Retirement Fitness Survey.
We better hit the gym.
Harris Interactive, on behalf of Wells Fargo, interviewed 1,756 middle income Americans (roughly, people with household incomes between $25,000and $100,000) between ages 25 and 69 and found that the median amount saved for retirement was $20,000. For those age 50-59, the amount was $29,000.
The particularly low savings rate for those on the cusp of retirement inspired CNNMoney.com to report: “Retirees: Get Ready to Live on $190 a month.”
Some other survey results:
- 79% said employers should provide more personal advice services to help them manage their 401(k) plans
- 82% said their retirement savings plans should include a lifetime income option
- 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
- Of those with a 401(k) and company matching contribution, 85% said they contributed as much as their company will match (they did not breakout those who met the company match vs. those that exceeded it or maxed out in the news release)
The upside? There are no shortage of opportunities to help American’s better prepare for retirement.