Lots of numbers and information to cull from the latest Wells Fargo Affluent Retirement Survey, but the short version is this—Americans are feeling better about their retirement prospects, or at least “mass affluent” Americans, that is.
The survey, done in conjunction with Harris Interactive, found that while an overwhelming majority (88%) of affluent Americans “feel confident” they will have saved enough for the life they want in retirement, far fewer Americans with less than $250,000 in investable assets (57%) have confidence in their retirement savings.
“What is striking about the ‘affluent’ is that their overwhelming confidence is not from guessing what they’ll need, but from disciplined saving, watching their spending and detailed planning,” Karen Wimbish, director of Retail Retirement at Wells Fargo, said in a statement.
Almost three quarters (71%) of the affluent have a written plan for their finances in retirement compared to only 43% of those with less than $250,000 in assets. While a majority of the affluent takes a methodical approach to retirement planning, a majority (73%) of Americans with less than $250,000 in assets “guess” the percentage of their current household income needed to support them in retirement.