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A new era in retirement is dawning as the West’s golden age of pensions comes to an end and the first generation of ‘prosperous pensioners’ appears in the world’s emerging economies. This is a key finding from a new report by
In countries such as the U.S.,
Yet, too few are doing so: 65 percent of Americans believe that financial planning is important to a happy retirement – but only 36 percent are actively planning financially for their retirement. On a global average, planners save 2.5 times more towards retirement than those without a plan. As a result they enjoy 39 percent more in retirement wealth than the global average. Key findings of the U.S. report include: 54 percent of Americans see retirement as an age of freedom. Married couples are the most confident of this. Even so, 49 percent of respondents did not feel financially prepared for retirement.
64 percent of respondents are concerned that they have not saved enough for retirement, with 59 percent expecting to be worse off than their parents in retirement – due to the uncertain labor market and the decline in value of