As reported on BusinessWeek.com, the financial company reported that more than three-quarters of respondents say their primary goal is to save a specific amount of money, rather than retiring at a specific age.
“People are starting to move toward understanding the different levers of what they’re going to have to do to make it in retirement,” Joseph Ready, executive vice president of Wells Fargo, told the news source. “It’s a real sea change.”
Some of the major expenditures for seniors include costs for assisted living communities, medication, and transportation.
According to the media outlet, more than two-thirds of respondents say they are unlikely to invest money in the current stock market, and most say if they were given $5,000, they would save it, rather than invest the money.
Most respondents say they have saved about $25,000 for their retirement, but they said they need about $350,000 on average. Overall, the study shows that while Americans recognize the need to save for retirement, they are frustrated by poor stock market returns and are not saving as much money as they need for a comfortable retirement.