Average Americans lack sufficient retirement savings

Wells Fargo released results of a survey showing that middle-class Americans have saved an average of $20,000 for retirement and think they need about $300,000. Average Americans likely will need to continue working after retirement to supplement their income. "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 Trust. "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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