A growing number of Americans are not confident that they have saved enough for retirement. Many plan to work up until age 80 to save enough money to live comfortably throughout their golden years but still do not consider planning for retirement a major concern.
According to a new survey by Wells Fargo and Harris Interactive, 53 percent of pre-retirees are not confident that they have saved enough for a comfortable retirement. This number is up 11 percent from when the same question was asked in 2011. 70 percent of respondents plan on working through retirement, while one third plan on working into their 80s. Most Americans think employers should do more to help employees prepare. 74 percent of respondents think that employers should provide personal advice to help employees save for retirement, and 59 percent believe employers should automatically enroll employees in a retirement plan.
Despite their lack of confidence, only 16 percent of respondents say saving for retirement is a major concern. Middle class Americans rank planning for a home remodel and planning for a vacation as higher priorities than planning for retirement. Only 36 percent of Americans report having a written plan for retirement, and 76 percent of respondents admit that their calculations for retirement savings are based on a personal guess. Their guesses are often inaccurate. On average, middle class Americans estimate that out-of-pocket health care costs in retirement will total $47,000, while research indicates a typical couple can expect to spend upwards of $260,000.
Read more about the results of the annual Wells Fargo Retirement Survey.
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