The Reality of the New Retirement
10: Average years that people expect their retirement savings to last
The retirement landscape has changed dramatically over the past several decades. Not only are people living longer, but the basic building blocks of the average retirement plan have shifted from defined benefit pension and Social Security monthly payments to the defined contribution plans and IRA accounts.
With these changes, savers have experienced much uncertainty. According to a 2013 global report by HSBC, people expect their retirement savings to last for 10 years on average. Contrast this with the current expected length of retirement of 18 years, and that leaves nearly a decade that the average person is not financially prepared for.
Do you know how much you need to save for your retirement? While you can't predict your future, you can plan for it. Meet CoRI™, retirement planning that's years ahead.
Source: HSBC, "The Future of Retirement: A New Reality," 2013
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