If the median retirement savings of $29,000 for those ages 50 to 59 is any indication, some retirees may be getting only $190 per month over a 20-year period.

According to a Wells Fargo survey released today, the $190 monthly living expense assumes a 5% rate of return.

“Too many Americans have their heads in the sand in the face of obvious savings deficits,” said Laurie Nordquist, director of Wells Fargo Institutional Retirement and Trust. “People are not even close to where they need to be in total savings. Barring a miracle, a winning lottery ticket or a big inheritance, they’re going to be forced to dramatically cut back their lifestyles after retirement.”

Wells Fargo conducted more than 1,750 phone interviews of middle class Americans in their 20s, 30s, 40s, 50s and 60s.

Twenty-year olds were the least confident about investing in the stock market, and are most likely to put their savings in a bank CD rather than invest in stocks, the data showed. Those in the 30-year-old group said the needs of parents, children or other family members will affect their retirement plans.

Wells Fargo found that 40-year-olds are under the most financial stress of any age group and are less likely to have pensions than older workers. Eighty percent of them said they expect to work through retirement, versus 54% of 60-year-olds.

Of all the age groups, people in their 50s and 60s said they are the most likely to be excited and looking forward to retirement, and are the most confident in continued availability of Social Security. They are also the most likely to expect pensions as a source of retirement income.