Another reminder that many Americans are not ready for retirement

Here's a stunning nugget from a Wells Fargo survey (via LAT ) on retirement planning: More than half of the middle class Americans surveyed said they "need to significantly cut back on spending today to save for retirement." Worse still: Many Americans have saved only a tiny portion of the amount needed, with three in ten people in their 60s having less than $25,000, according to the survey. That means they're relying on Social Security - as well as working much later in life than they might have hoped.

Earlier: Shaky prospects for future California retirees