Nanci Hellmich

USA TODAY

Middle-class people in the USA have a median of $20,000 saved for retirement, far short of the $250,000 they think they'll need during that time of their lives, a new survey shows.

A third (34%) of working middle-class adults aren't contributing anything to a 401(k), IRA or other retirement savings plan, according to the survey of 1,001 adults, ages 25 to 75, with a median household income of $63,000. The survey was conducted by Harris Poll for Wells Fargo (WFC).

Those who are putting away money for retirement are currently saving a median of $125 every month, the survey shows. About 61% say they're not sacrificing a lot to save for retirement, but 38% are sacrificing to tuck away money for their golden years.

And 55% say they plan to save later for retirement in order to make up for not doing enough now.

"The main message here is people are putting off saving, and they are losing the benefit of long-term compounded earnings," says Joe Ready, director of institutional retirement for Wells Fargo. "Kicking the empty can down the road is going to be detrimental to their retirement security. It's really a problem."

Other survey findings:

• 31% of employed middle-class adults say they won't have enough money to survive in retirement.

• 70% have a 401(k) or equivalent plan available to them through their employer, and a majority of them (93%) are currently contributing to their plans. On average, those who have access to a 401(k) plan saved 10 times more than those who don't have a plan.

• 50% of middle-class adults in their 50s say they will work until they are at least 80 years old because they will not have enough saved for retirement.

Research shows that the No. 1 factor in saving for retirement is your contribution rate, Ready says. "You have to save your way to retirement. That's the hard work. Investments matter, but savings matter more."