HSBC’s Future Of Retirement Survey
A New Reality, HSBC’s 8th annual Future of Retirement survey focuses on how people are saving for retirement. The global survey explores what people are looking forward to from their retirement, what is stopping them from reaching their aspirations and how planning can help to achieve greater retirement wealth, together with five practical actions everyone should take. Although countries surveyed do not include Bermuda, the findings reflect similarities in our community.
Some of the key global findings are:
- On average, people retiring today expect their retirement to last for 18 years, but their savings last for only 10 years.
- Crucially, this means retirement savings may be used up before the onset of frail retirement and before medical and long-term care is required.
- Affordability is a factor with many individuals claiming they simply cannot afford saving for retirement due to the economic downturn.
- A majority of households claimed life events such as periods of unemployment, purchasing a house and illness also impact on their ability to save.
Simon Williams, Group Head of Wealth Management said: “The Future of Retirement series is designed to stimulate awareness, reflection and action towards retirement planning. Our latest edition takes a closer look at the barriers to saving for retirement and how having any sort of financial plan increases your chance of greater retirement savings.”
Having a financial plan in place including informal ways such as online planning tools, encourages more people to save for retirement. Developing a financial plan, for example a ‘to do’ list or using online financial planning tools, is a good starting point and a valuable stepping stone, especially for younger savers who typically start saving before they start planning financially for retirement.
Helping households to navigate through life’s events and maintain retirement savings involves building emergency savings and investments to deal with periods of unemployment and longterm illness. Regularly reviewing your financial plan with a financial adviser can help ensure that all retirement needs are identified and that comprehensive financial plans are put in place.
HSBC is a f-in joke… If you have money is this establishment I recommend the you move your accounts to other banks. With all of HSBC’s services fees, you can kiss your interest good by. In the beginning they offer you such convenient services free of charge. Now they’re saying, because of the convenient services they offer, you have to pay for them… These services are from $10.00 and upward. With your bank account being debited monthly. In one year HSBC has taken more then percent (99%) more out of your account than what you’d earn in interest… In other words, they have found another way to take your money…
Let me just add what my representative at HSBC stated. He advised me that there are other establishments available if I wasn’t pleased with theirs… That’s on the record. So ‘it’s not like their trying to help you, they are trying to rip you off…