According to the the annual Wells Fargo Retirement Survey, retirement has become a guessing game.
Actually, it’s more like a crying game—since over half of pre-retired Americans (53 percent) say they are not confident they will have saved enough for the life they want in retirement.
And they’re right: according to Sadaf Knight, in 2009, 40 percent of retirees had saved less than $10,000 for retirement (the first bar in the chart above), and over half of them had saved less than $25,000 (the first and second bars combined).
That’s not at all surprising, since, according to a recent survey by CreditDonkey.com, 41 percent of respondents reported having less than $500 in savings.
For many Americans, imagining retirement with a decent income is not a guessing game. It’s a crying game.
And it will soon become the hunger games if plans are enacted to cut Social Security.