'Significant cuts' for retirement

UK workers are having to make "significant cuts" to their living standards to prepare for retirement. With savings usually lasting around seven years, the average retirement is expected to carry out for 19 years.

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HSBC: People are 'putting off the inevitable'

The UK's 12-year retirement savings shortfall is the biggest out of 15 countries.

The average retirement savings gap for the UK is eight years, two thirds more than other countries.

The UK's 12-year retirement savings shortfall was the biggest chasm in the study, which covered 15 countries. The average retirement savings gap found across the research was two-thirds of that in the UK, at eight years.

People are living longer, through tougher economic times, but their expectations about their standard of living in retirement remain unchanged.

They are putting off the inevitable, which is the reality of significant cuts to their living standards in their twilight years, after their savings run out.

– Christine Foyster, head of wealth development at HSBC

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