That stock News

NEW YORK – Average American than recorded 7% of their retirement nest eggs desired and are likely to continue to work in retirement to supplement his income.

Middle-class Americans believe that which they need $ 300,000 to fund their retirement, but on average just saved $20,000, according to a poll released Wednesday by Wells Fargo & co.

"Middle class" is defined as those aged 30-69 with $ 40,000 to $ 100,000 or $ 25,000 to $ 100,000 in assets to invest, and those aged 25-29 with income household income or assets to invest $ 25,000 to $ 100,000.

"Too many Americans have heads in the sand to the obvious savings deficit," said Laurie Nordquist, Director of Wells Fargo institutional pension trust. "Less than a miracle, a winning lottery ticket or a large inheritance, they will be forced to dramatically reduce their lifestyle after retirement."

"Tax me, please!" Life Inc.: while Republicans are commercial showed in Washington on an agreement which preserve cuts taxes for even the very wealthy Americans, not every nation millionaire and billionaires are cheering. Your career: the lessons you can lean as these essential 12 toys for Christmas hits past Life Inc.: signs that more people are hiring

Of the retirement age approaching fast are not well funded. Respondents aged 50 to 59 recorded an average of only $29,000 for retirement.

As a result, more than a third of respondents believe that they will have to work during retirement to the things they want or ends simply.

Many are still relying on social security to fill the void, although confidence in this funding varies considerably according to age.

Sixty - seven percent of respondents aged between 50 and 59 believe that social security will contribute to their retirement income while only 22% of the 30-somethings thought that it would be enough left in the pot to fund their retirement.

The vast majority of respondents admitted that they should help determine how much money they need to live in retirement and investments to their 401 (k) s collection. But in a negative torque for financial advisors, more than two-thirds said that they were not willing to pay for these tips.

This puts more responsibility employers to provide advice and planning through their workplace 401 plans tools Nordquist says.

"If people are not willing to pay for tips that they will make an approach more vanilla planning," she says. "But a simple plan is better than no plan." (Statement by Helen Kearney, mounting by Matthew Lewis)

Copyright 2010 Thomson Reuters. Click for restrictions.

View the original article here