Typical American Worker Has Saved Just $20,000 for Retirement, Survey Finds

Typical American Worker Has Saved Just $20,000 for Retirement, Survey Finds

(AP Photo)
(AP Photo)

(National Monitor) – Middle-class individuals throughout the United States have a median of just $20,000 total saved for retirement, compared to the $250,000 necessary to sustain their way of lives after leaving their jobs, according to a recent Wells Fargo survey.

Slightly more than a third (34 percent) of all middle-class adults are not taking advantage of their 401(k), IRA, or other retirement plans, according to the Harris Poll survey on behalf of Wells Fargo, which examined 1,001 adults between the ages of 25 and 75 that had a median household income of $63,000.

Those that are putting away money for retirement only save a median of about $125 per month, and 61 percent of respondents admitted they were not really sacrificing. A full 55 percent promised they would save later to make up for the difference.

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