Buckle up: It's Not Your Father's Retirement
It is something you should be planning for decades, reaching your Golden Years -- the day on which you leave the workforce and have enough financial resources to last for the rest of your lifetime. However, they may not be as close as they appear. As today many Americans are working later into their 60s and 70s – while some are concerned they may never be able to retire.
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The age workers expect to retire increased from an average of 60 in 1995 to 66 in 2011, according to a Gallup poll. The proportion of people aiming to retire early fell from 50 percent in 1995 to 28 percent in 2011. Most Americans now expect to retire at age 65 or later.
“With individuals living longer and an unpredictable financial landscape possible in the years to come, it’s crucial that Americans prioritize planning for retirement today in order to be adequately prepared for the future,” warns Michael Schweitzer, Global Head of Sales and Distribution at HSBC.
HSBC’s latest “Future of Retirement – Generations and Journeys” report surveyed 18,207 people in 17 countries worldwide, including 1,009 respondents in the United States, to understand how individuals can better prepare for their financial security at all stages of life. Schweitzer discussed with FOXBusiness.com findings from the survey and the future of retirement.
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