For many middle class Americans, the focus on paying their monthly bills is interfering with their ability to save for retirement. According to results from Wells Fargo’s eighth annual retirement survey:
42% say paying bills and saving for retirement is not possible.
Those with a written plan for retirement have saved three times more than those without a plan.
70% of those with a written plan are confident that they will have enough saved for their retirement (compared to 44% for those without a plan).
68% of middle-class Americans think all U.S. businesses, no matter what size, should be mandated to offer 401(k) plans to all employees.
Half of middle-class Americans say that businesses should automatically enroll employees in 401(k) plans.
However, only a third of the middle class says that Americans should be required by law to save at least 3% of earnings annually.
Read more about these key findings in the 2013 Wells Fargo Retirement Study (PDF*) or watch these short YouTube videos that recap part of the study:
- Part 1: Overall findings of the study
- Part 2: Perceptions of the stock market
- Part 3: The power of having a written retirement plan
- Part 4: Who is doing the best job preparing for retirement
For information on how Wells Fargo can help you prepare your employees for their retirement, call 1-800-690-9721 or contact us.
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Recordkeeping, trustee and/or custody services are provided by Wells Fargo Institutional Retirement and Trust, a business unit of Wells Fargo Bank, N.A.