Retirement is a goal that many Americans have. For some however, it is a goal that will never be reached. It seems as though there are more people than ever who are not making it to retirement, they are ending their days working. About one in eight workers will never make it to retirement.
The United Sates comes in second place with percentage of people never making it to retirement. That is 18 percent, second only to the UK’s 19 percent. The global average is 12 percent. Brazil has the lowest percentage with only five percent of their workers never making it to retirement.
This information is from a report that was released by HSBC after they conducted a global study. This is not a pretty picture when you look at it as the idea of working until you die is not something anyone wants to do. The report also went into various reasons why more people are not able to make it to retirement.
Some of the reasons people are working until they die are depressed savings rates which push retirement back, high unemployment rates, low wage growth, not to mention an aging population. While the ability for people to live longer is great, it is causing it to be more difficult for people to save enough to have enough money to last throughout their entire retirement. This makes people nervous and has them feeling as though they need to continue working in order to make sure they will have enough for later in life.
There are many who do make it to retirement only to realize that they have not saved enough money and they have to work. Typically they do not go back to what they were doing before; they find a part time job or even a full time job somewhere else and do something different. This can be a chance for them to do something that they have always wanted to do, or something that they find more interesting. Either way they have to work in retirement, and could still be working in this way when they die.
This is also causing retirees to have less to leave to their children when they go. They do not have the legacy to pass on that they otherwise would like to. It can leave some of their children rather disappointed because their parents needed that money to get through retirement. However it is the parent’s money and if they need for retirement then they should be able to use it.
No one wants to work until they die, whether it is at a job they have been at for a few decades or one they work at part time during retirement. Everyone wants to be able to enjoy their retirement and do whatever they want, unfortunately this is something that more and more people are having trouble doing. Retirement is not what it used to be, it is changing, who knows what it will be like by the time the younger generation makes it to retirement, by then maybe they will get to have the retirement of their dreams, or maybe retirement will be gone all together, only time will tell.