What are some of the ways a retirement savings plan can go awry?
According to an international survey of over 18,000 people from 17 countries, with more than 1,000 Americans included, researchers at HSBC noted that one of the main difficulties to maintaining a retirement savings plan is that over half of respondents in their 60s said they are still supporting other people financially. Shockingly, that percentage actually rises for those in their 70s, with nearly two-thirds, 64%, saying they actively support other people on a daily, weekly or monthly basis.
Supporting others is not the only way retirement savers run into trouble, the report notes. While only 20% of respondents said they expected to still be paying off credit cards when they retire, only 5% said they expected to still be paying off other loans, 40% of those respondents not yet retired are still currently paying off credit cards. Another 12% are currently paying off other debt, as well.
For more on this important research, check out our new article on Thursday.