Those surveyed expect to withdraw about 18 percent on average from their savings each year in retirement.
"We would recommend typically 4 percent or less, in terms of withdrawals," Nordquist said.
About 57 percent of respondents said they're confident they'll have saved enough for retirement.
"You used to just save blindly, but I think the blinders are coming off," Ready said.
Geographic Attitudes
Wells Fargo hired Harris Interactive Inc. to survey 1,500 Americans aged 25 to 75 by phone in August and September. San Francisco-based Wells Fargo is the fifth-largest administrator of 401(k) retirement assets, overseeing about $117 billion as of 2010, according to Cerulli Associates, a research firm based in Boston. Fidelity Investments is the largest administrator with about $824 billion in assets.
Residents of the San Francisco and Sacramento, California, metropolitan areas are generally the most ready for retirement, and residents of Indianapolis and New York are generally the least ready, according to a ranking of 30 major metropolitan areas by Ameriprise Financial Inc. The ranking, released yesterday, evaluated the survey responses of almost 12,000 adults about their preparations and attitudes towards retirement.