Sick of working yet?
We hope not … because it looks like you could be at it for a while. New data shows that 18% of Americans don’t expect they’ll be able to afford to retire—ever.
In a new global report called “Life After Work,” HSBC surveyed over 16,000 people in 15 countries and territories to gather impressions and expectations about the golden years … which don’t seem all that shiny anymore.
Americans seem to sense the most doom and gloom down the line, with 18% of us believing that we’ll have to work way past retirement age, compared to the international survey average of 12%. And the news on the current, already-retired front isn’t so good, either: 44% of Americans (compared with 38% globally) find they haven’t prepared adequately for retirement, and 12% of them (compared to a global 14%) had to return to work to supplement their income.
Financial experts say that now is the best time to start laying the groundwork for the future. Due to compounding interest, time is the biggest asset you have when it comes to preparing for retirement. (And even if time is running out, you can still turn things around.)
To get started saving for retirement, use our free checklist: I Want to Save for Retirement.