Millions expect to outlive retirement savings
Hard times are looming for millions of people who haven't saved enough for their retirement, according to a new global study by HSBC.
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#1 Feb 20, 2013
This is good news since we are all wary of retiring without money in the bank.
#5 Mar 10, 2013
2:17 pm, Sunday, March 10, 2013:
2:15pm, Sunday, March 10, 2013:
RE: Millions expect to outlive retirement savings
..... As I see it, all reasonable, non-luxury retirement costs, with expected inflation considered, should be covered by some kind of COMPULSORY insurance, starting at a very early age, possibly with the first pay check.
Since: Sep 13
#6 Dec 25, 2013
Outliving your retirement savings is very feasible nowadays particularly to people who have healthcare or long term care needs. The cost of this care comes with a hefty price tag. How expensive? The cost of a semi-private room in a nursing home last year was about $81,000 annually and for assisted living facility it was nearly $43,000 annually. These numbers are higher than what a middle-class family earns in a year. This only shows that paying out-of-the-pocket is not possible and the only way a family can afford this is through long term care insurance. Your retirement savings will never be enough because of the high cost of care and the inflation rate. I do agree that millions of people are expected to outlive their retirement savings. Without proper planning and the right insurance product, a lot of people will find themselves in a huge financial debt.
#7 Jan 3, 2014
With the rate of inflation, increasing faster than ever and the rising numbers of elderly, saving money in bank will not be enough. This is the main reason why seniors are getting back to the work force after retiring. A better retirement planning should include:
2.freedom from debts, mortgage and loans
3.health, life and long term care (LTC) insurance
And all these should be considered while you are still young, healthy and employed to be able to cope up with daily living after retirement. You may add this to your checklist as well for a more concise planning: http://goo.gl/u7T1Qb
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