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."
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