Underprepared for your retirement?

For most, the idea of a retirement is to maintain, or even increase, the lifestyle to which you became accustomed to while working. However, working-age people around the world strongly realise that they will need to make sacrifices when they retire, with 49% foreseeing that they will need to reduce their everyday spending. Pre-retirees in Australia are above this average, with 56% saying they will need to cut back on spending when they retire, according to the global survey from HSBC.

Globally, on average, more than 25% of working people will have to move to a smaller home; however, in Australia, nearly 39% will most likely recognise the need to downsize.

More than a third of pre-retirees say they will need to cut back on eating out, with three in ten travelling less, and a similar amount realising they will not be able to treat themselves or their loved ones as much.

Working-age Australians are correct in thinking they will need to cut back, because two in five of current retirees say they had to cut back on retirement. So, how do you avoid cutting back on everyday spending, eating out, travel, treating yourself and downsizing your home?

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