Many retirees’ spending patterns are different than they envisioned in preretirement. Most people retire several years earlier than they expected. A significant percentage of both preretirees and retirees wish they had started saving for retirement earlier and had saved more.
These are some findings in a report recently published by HSBC Wealth Management, entitled The Future of Retirement: Generations and Journeys. The findings are based on a survey of over 1,000 preretirees and retirees in the U.S. and more than 18,000 workers and retirees in 15 foreign countries.
The HSBC survey is one of a series of recurring surveys conducted by various organizations that have useful insights for both retirees and those planning for retirement.Continue reading
Many workers who are approaching retirement look forward to a time of extended leisure and not working. Retirement is sometimes described as “being on vacation all the time”. But the reality is often different. While you’re working, weekends and vacation are typically times to relax, unwind, travel, and take care of those tasks that you don’t have time for during the workweek.
In contrast, for the majority of retirees, retirement is a time to explore new interests and activities, and create a new identity that is based on how they spend their time instead of what occupation they hold. As more people enter retirement in the U.S. over the coming decades, this has significant implications not only for retirees but also for society as a whole.Continue reading
Many seniors choose to stay in their homes for years after retirement. Living at home provides the comfort of familiar surroundings and enables seniors to maintain independence and control over their lives. But there are some risks associated with living at home. A few simple safeguards can help seniors protect themselves.Continue reading