Type of Content: News
Subtype: Website Post
Resource Title: Retirees Live a 20th Century Retirement in the 21st Century, Wells Fargo Survey Finds
Publication Title: Wells Fargo Online Newsroom
Publish Date: October 18, 2019
The survey found several key characteristics that influence today’s retiree, who – in this survey – is an average age of 70. Most striking, more than eight in 10 (86%) retirees fund their retirement primarily with Social Security or a pension; just 5% say personal savings, such as an IRA or a 401(k), is their main source of funding. By contrast, for younger generations the quality of their retirement will depend almost entirely on how much they save through vehicles such as a 401(k) or IRA. Indeed, 45% of Millennial workers say the top source of funding for their future retirement will come from an IRA or a 401(k), compared to just 25% who say they expect to rely on Social Security or a pension for their retirement income.
Resource URL: https://bit.ly/2BqPF9E