A Wells Fargo survey found that 37% of middle-income Americans don’t believe they will save enough to retire, with 34% planning to work until they are 80. 42% are concerned about paying daily bills, 20% can’t save for retirement and pay bills, and only 30% have a retirement plan. 75% are unsure about investing in the stock market, and a third plan to rely on Social Security for retirement income.
In 2013, Wells Fargo surveyed 1,000 middle-income Americans making between $25,000 USD and $100,000 USD annually and asked if anyone planned to work until they died or until they were too sick to work. They found that a surprising 37% of respondents were resigned that they wouldn’t be able to save enough to stop working. And a further 34% thought they should work until they were 80.
A Not So Sunny Future:
42% of respondents said their main financial concern was paying their daily bills. About 20% admitted that they are unable to pay their bills and save for retirement at the same time.
Only 30% of respondents said they have a retirement plan. Forty-five percent said they didn’t have enough resources to justify a plan, while another 25 percent said they didn’t know how to set one up.
About 75% of respondents said they weren’t sure their savings would be safe if invested in the stock market. About a third said they will rely on Social Security as their primary income in retirement.
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