A third of all middle class Americans are not saving enough for retirement. The disconcerting report comes from a Wells Fargo Retirement Study. In fact, the survey found that most middle class earners have only saved a median of $20,000 for retirement.
The figure is gloomy as middle-class retirees across all age groups will require an average retirement savings of $250,000. Most respondents, even those already in their 50's, said that saving is difficult and they hope to be able to save more in the future. The American middle-class currently save $125 on average per month.
Unfortunately, hope is not a wise savings and investment plan and putting away money for retirement can actually get more difficult as one grows older. Even as one is able to further in their career, expenses can get bigger with education, childcare, and even costs for aging parents to take into consideration.
