Wells Fargo did a survey of two thousand Americans aged between twenty to sixty years they were asked what the amount is on which they will survive after their retirements. It was found out that on an average they will only be having $190 for their monthly expenses every month

Few things got revealed by the survey that might be worrisome. The first thing that came out of the survey is that Americans do not have enough money saved for retirement and they might have to look for jobs after their retirement for the sake of survival. The second thing is that they are underestimating the money needed to live off of their savings for retirement.

The figure could be concluded based on the prediction of the respondents that they will be having in the tune of three hundred thousand dollars to spend for the nineteen years of their retired lives. People aged in the fifties only have savings in the tune of twenty nine thousand dollars on an average which points out that they will have $190 per month to spend for the twenty years of retired lives if they get five percent return rate.

The savings of average American is less than seven percent of his desired retirement savings and might have to work after retirement to supplement income.

Laurie Nordquist stated that with one hundred ninety dollars it will be difficult for people to make two ends meet. Actually the gap is huge between what is needed and what people have. People do not have so much of time to add to their retirement savings. Norquidst is the joint head of Well Fargo Institutional Retirement and Trust.