Retirement Planning Study Finds Boomers Have Savings For Only 2/3 Of Retiree Years

Posted on February 21, 2013 at 3:14 pm

(Huffington Post) The average person in the United States will spend 21 years in retirement, but will deplete their savings after just 14 years, leaving a shortfall of seven years, according to an HSBC report released today.

“The Future Of Retirement: A New Reality” — based on a survey of over 15,000 consumers in 15 global markets — finds that the average length of retirement internationally is now 18 years while the average retirement savings is expected to stretch for only 10. The report expects the situation to grow worse as life expectancy continues to rise around the world.

The study found that people in the UK had the lowest level of savings for retirement, amassing just enough to cover 37 percent of their retirement income needs. People in Malaysia save up the highest proportion of the income they need at 71 percent on average. In the United States, people save up 67 percent on average, according to a press release.

Andrew Ireland, executive vice president, retail banking and wealth management for HSBC, said the study points out just how unprepared people are for retirement. READ MORE…

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