Nearly one in five (18%) working-age Americans expect they will never be able to afford to completely retire, believing that circumstances will require them to work indefinitely. This compares to an international average of around one in eight (12%), according to a new report published by HSBC.
This latest HSBC report entitled ‘Life after work’ is the ninth in a series focused on international attitudes towards aging and retirement and is based on a survey of more than 16,000 people in 15 countries and territories between July 2012 and April 2013.
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The findings of the study paint a particularly bleak picture for the growing number of Americans who are currently living alone. Nearly 33% divorced or separated US respondents said they did not believe they would ever be able to retire, compared with the survey average of 20%.
For those already in retirement, over 44% of people in the US said they had not prepared adequately or at all for a comfortable retirement, compared to some 38% globally, with almost half (43%) of those only realizing they were underprepared after retiring.
Around 12% of those Americans who did not prepare adequately said they would be forced to go back to work to cover their financial shortfall. This compares with the survey average of 14%.
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By GlobalData
