Credit Card News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Americans Working Longer and Saving For Retirement

Americans Working Longer and Saving For Retirement

By
Add to Favorites:
Americans Working Longer and Saving For Retirement
August
3

In the past, Americans expected to retire on time, but these days things have changed – Americans are now gearing up to save seven years longer for their retirement than those who have already retired, according to a new study by HSBC Group research. But Americans are not doing better or worse than their international counterparts who are also looking at a seven-year savings gap.

In their newest Future of Retirement – Generations and Journeys report, HSBC surveyed 18,207 people from across the globe in 17 countries to find out their level of financial security no matter what their life stage.

While they found some similarities by speaking with over 1,000 Americans, they found out that not only will they be saving longer, they working longer too. “Americans did stand apart from the world in one important area: the number of years in the workforce. Americans work an average of 5 years longer compared to their global counterparts – 35 years versus 30, respectively,” said Michael Schweitzer, Global Head of Sales and Distribution.

Hindsight is 20/20

When confronted with the fact that they will have to save longer, 44% of American pre-retirees said that they wished that they had started saving sooner, while 33% wish they had put a larger chunk aside for retirement.

But sometimes saving isn’t so easy, with 35% reporting that they have run into challenges when it came to socking away money for retirement, with some stopping or trying to cope with meeting their savings goals in other ways.

Yet, they also found that some still aren’t saving, with 14% of people reporting that they haven’t started saving for retirement at all – and 3% of them are 60 or over.

When the study looked at American retirees they found that 56% are digging into their savings to keep their retirement going. Some are also using Social Security (51%), while others are relying on stocks (38%), mutual funds (32%) and a spouse or partner’s income (29%) to keep it going.

The gender divide

Is there a gender divide when it comes to saving for retirement? According to the study there is, with men starting to save for retirement when they hit 29, while women wait until they hit 34 or so.

Add to Favorites:

Related News:

Futuristic Shopping Trends

By Dar Dowling, Posted: March 24, 2017

Consumers forecasting what shopping will look like in 2030 expect to see everything from interactive mirrors, digital assistants and in-home chat bots, to data-enabled customized shopping, and instant returns and purchases, according to a ... Continue reading
More Travelers Hitting The Skies This Spring

By Dar Dowling, Posted: March 23, 2017

According to new data released by Airlines for America (A4A), an industry trade organization for airlines in the U.S., 145 million passengers are expected to hit the skies from March 1 to April 30, an average of about 2.4 million per day. Continue reading
New Car Care Credit Card From Synchrony

By Dar Dowling, Posted: March 22, 2017

Synchrony Financial is rolling out a new credit card designed with car owners in mind. The new Synchrony Car Care Card gives people a way to pay for their card repair and maintenance purchases. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Unlimited 1.5x rewards on every purchase, every day. For every $1 you spend, you earn 1.5x Miles.
For Excellent, Good Credit
Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
For Excellent, Good Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit