Survey Says … Retirees May Face Challenge 

A recent survey by HSBC Bank found that 64 percent of people in their 70s still financially support other people, and more than half of retirees are still paying off credit cards or some other form of debt.1 The prospect of ongoing debt during retirement means pre-retirees need to be motivated to save for retirement.

Unfortunately, a pre-retiree has to save, on average, an additional seven years longer than current retirees had to.2Many factors have contributed to these numbers, ranging from the recession years when people may have stopped contributing to their retirement accounts, to the fact that people are living longer today.3

The survey also found 22 percent of respondents have never received any type of advice or information about retirement — not even from friends and family, let alone a financial professional.4

The general options for those who haven’t saved enough for retirement are to work longer, save more or lower their expectations of spending in retirement. However, working with a financial professional will help you work toward achieving your goals for retirement.

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1Danielle Andrus. ThinkAdvisor. July 18, 2016. “Saving Early No Longer Enough for Retirement Success: Survey.” Accessed Aug. 18, 2016.

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