Most middle class Americans won't be enjoying retirement anytime soon. Working past retirement age will be the norm, with 39% doing so due to financial need and another 33% continuing to work out of desire. That means a mere 28% will retire on-time. A survey by Wells Fargo provides these statistics and reveals the disturbing reality of how little savings Americans have put aside for retirement:

While many Americans express worry about their retirement prospects, judging from their finances they probably aren't worried enough. Respondents predict they will need a nest egg of $300,000, but have saved just $20,000 of that amount for retirement (figures throughout are medians, the midpoint of responses). They expect to live on retirement savings for nearly two decades (19 years), while planning to spend 10% of their nest egg every year. The industry recommendation is to withdraw no more than 4% annually.

Read more about the survey at Wells Fargo.

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