More Than Half of Retirees Cannot Afford Their Retirement Plans

More than 50% of retirees cannot afford to do all they wanted to do when they retire according to a study from HSBC.

The study found that 53% of those who do retire do not manage to achieve at least one retirement ambition. According to the authors of the report, the reason for this is mainly due to a lack of organisation and poor planning. Furthermore, it called for people to be more realistic when planning for their retirement.

Of those surveyed in the report, 50% of those retired who were questioned were also supporting at least one other person with their retirement and pension pot.

Financial Planning

The report from HSBC found that 26% of those questioned believed that it was better to spend as much of the money as possible, with only 5% stating that they prefer to save money for the future.

It further highlighted the importance to many of an inheritance, with 50% stating that they planned to use any inheritance they received to plan their retirement.

Caroline Connellan, head of wealth at HSBC UK, said: “It is more important than ever that people of all ages make plans about how they’ll fund their retirement, so they can live the lifestyle they want to.

“Even the smallest amount saved today can contribute towards the lifestyle you want in retirement and the legacy you hope to leave. Those who fail to plan may find that any inheritance is not only unlikely but also that a comfortable retirement is beyond reach.”

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