A report by HSBC Group reveals that Americans prepping for retirement expect to save seven years longer than current retirees. However, almost 44% of those surveyed wished they started saving earlier while 33% state they should have put aside a greater share of income. Additionally, these Americans are working on average five years longer than their global counterparts and rely less on their children for support in retirement. HSBC’s research has also identified ways that can help people improve their financial well-being for retirement, including considering all your retirement expenses, saving earlier, seeking professional advice, and expecting the unexpected.
See The Retirement Countdown: Americans Are Now Planning to Save Seven Years Longer for Retirement, Business Wire, July 18, 2016.
Special thanks to Kevin Walters (Hill + Knowlton Strategies) for bringing this article to my attention.
