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Karen Wimbish, Wells Fargo director of retail retirement, on a new survey that found Americans with at least $250,000 feel more confident about their ...
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Just -- steep as the price of confidence according to a new Wells Fargo survey its 250000.
Dollars.
Americans with that kind of cash and their retirement accounts it'll be just fine in their golden years for more Karen wind -- is the retail retirement director for Wells Fargo.
Karen thanks for coming in tonight.
Show the tipping point is 250000 dollars now that -- that have more to do with reality or or -- confidence.
We see confidence 88% of these respondents who -- more than 250000 dollar said.
I feel like I'll be don't have the kind of retirement I want and 61% of them -- going to be able to achieve my retirement -- So what's interesting about this is that the majority of less affluent workers say they guests at the percentage they need to put away while people who have more money have a plan.
Now is -- says.
The more fluid can afford a plan or that they're just more -- to what you need to do to have a safe retirement what I think is so interesting about this survey that we did was that.
Does to parents of the individuals who -- say 250000 or more in return -- blast set.
Have household income of a 150000 dollars or last.
That's not the 1% -- that's -- what we would consider wealthy earners and yet they've been able to achieve what we would consider a fluent.
Levels of savings and so we go back and look at the behaviors they have written -- very -- -- written -- 71% of them.
They are saving more than than is typical and they are to be -- -- calm your nerves about retirement getting a plan is something that you should do.
After you have the most confidence in the market because one of the things we've been reporting on a lot here so many people out there don't have a lot of content specifically in the stock market.
Very worried about it.
Not putting their money away to do you see having confidence in the market and feeling like they can they can be in the market and not worry about it.
Well certainly is 250000.
Dollar level seems to be a point at which ever half of them sat.
I have confidence in -- in the equity markets as a place for my retirement assets conversely only about a third of those who have a lot less money.
CDs money markets.
Very fixed but low very low rate environment so -- a certain amount of money sick the last you to be able to.
Tolerate the volatility of stock market with a great deal of confidence you know.
It's interesting to hear people talk about their money because they may have confidence to 250000 but it still may not -- -- what they expect correct and there's a lot of discussion there's been entire books rating written on what's the magic number.
What do you tell your clients what it would -- Wells Fargo Telus clients about determining their own perfect number for retirement well it's an individual thing it's just like you know health care.
It depends on how healthy you are what age you want to retire how much you saved how much you think you're gonna need to have his retirement.
And that's why we encourage everyone to do it very individualized written personal plan talk about how much I want to spend retirement what are my goals.
And that's where you derive.
How much I should be saving and what my number needs to be so it it's not.
A website won a -- -- absolutely not.
They US one interesting question in in this survey.
I've got to hear the answer -- this would you be willing to take reduction in your Social Security or and or Medicare better benefits to help the country.
Move forward -- About half of them said now.
I -- a list.
I'm not interested it even -- it would pay down because she's that dotted -- -- and everybody everybody I hear from they say.
I pay for Social Security I put that money -- it should be there when I retire but sounds like it's consistent with what you're hearing that that that's what we've heard.
Right we'll Karen thanks for coming on it's a pleasure to meet -- right thanks for having me ten.
