Thaindian News

By Gina Gomez
Dec 9, (THAINDIAN NEWS) Wells Fargo & Company has recently come up with a survey that states that most of the Americans would likely have to work in their retirement days to sustain their families. The survey shows that the retirement schemes do not have sufficient funding. To the surprise of the Americans, the Retirement Fitness Survey says that out of four Americans, three has less than 7% desired retirement savings.

The survey shows that middle class people are expected to save $300,000 for their retirements but in general they could only save $20,000. Wells Fargo & Company’s survey also defines a middle class as person of aged 30 to 69 who earns $40,000 to $100,000 in their household incomes or a person who earns $25,000 to $100,000 in their assets which they can invest. For people who are aged 25 to 29 can be called middle class when they earn $25,000 to $100,000 as their income or who have investable assets. Wells Fargo Institutional Retirement Trust’s director Laurie Nordquist, in his statement said that many Americans are facing this savings deficits.

Laurie Nordquist said that if no miracle happens in the life of a middle class people, like winning a lottery or getting inheritance, then people will have to cut down their spending habits to sustain a normal lifestyle. The survey also found out that people aged 50 to 59 could only save only $29,000 to sustain them after retirement. Moreover, the survey also reveals that the saving habit of a person changes with the geographical change. Media outlets report that one of the main reason for such a difference in the retirement scheme is recession and hence 72% people between 25 and 69 years believe that they would have to work even after their retirement to earn their bread and butter.