A new Wells Fargo study found that 37% of people don't ever expect to retire, but instead will have to "work until I'm too sick or die." Survey respondents say paying the monthly bills is their highest priority, and saving for retirement is a distant second.
"There were a couple of points I found shocking or troubling," says Laurie Nordquist, head of Wells Fargo Institutional Retirement and Trust. "One is the increase in the number of people who say paying bills was their top day-to-day concern."
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That's especially concerning, because the economy has improved in the last few years. "The middle class is not feeling it when it comes to their own situations," she says.
The annual Wells Fargo Middle Class Retirement study, a telephone survey conducted by Harris Interactive of 1,000 middle-class Americans between the ages of 25 and 75, was released Wednesday. Highlights:
• 59% say their top day-to-day concern is paying the bills
• 42% say both saving and paying the bills is not possible
• 48% are not confident they will be able to save enough for a comfortable retirement
• 34% say they will have to work until they are at least 80 because they have not saved enough.
"Americans are great bill-payers, but they are horrible savers," says Michael Chadwick, CEO of Chadwick...