Saving for retirement is tough.

It’s so tough, in fact, that working-age people who have not yet retired expect to save for seven years longer than current retirees did when they were in the workforce.

That’s according to a new study from banking and financial services company HSBC, which found that the average retiree began saving for retirement at age 31, and stopped working at age 59 — having saved for a total of 28 years.

People currently in the workforce, however, began saving at age 29, and expect to keep working till age 64 — seven years longer.

Americans were as poorly prepared as preretirees globally, making for a gloomy picture. On average, retired men began saving at age 29, while women did not begin saving till age 34. And those men retired at age 58, compared to women, who didn’t retire till age 60.

“Americans did stand apart from the world in one important area: the number of years in the workforce,” Michael Schweitzer, global head of sales and distribution at HSBC, said in a statement. Schweitzer added, “Americans work an average of 5 years longer compared to their global counterparts — 35 years versus 30, respectively.”

Considering how much longer they’re planning on sticking it out, it’s probably not surprising that those currently working have more regrets about saving than people who have already retired. Thirty-four percent of retirees say they would not have done anything differently, while just 22 percent of preretirees say the same.

Of course, there is always the element of hindsight, and while 44 percent of preretirees say they wish they’d started saving earlier, 35 percent of retirees wish the same thing. And 35 percent of preretirees who are saving for retirement have stopped doing so, or have faced challenges in the savings process at one point or another.

More than one in five — 22 percent — of working-age people have never gotten any advice or information about retirement. The most unadvised group is people in their 40s, among whom 27 percent never got any advice or information. But even among those age 60 and older, 18 percent were similarly unenlightened.

“Starting to save early may no longer be enough to ensure a comfortable retirement, and continuing to save through the ups and downs of life is just as important,” Charlie Nunn, group head of wealth management at HSBC, said in a statement.

Instant Insights /

U.S. workers planning on 7 extra work years before retirement

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