We all dream of a happy, healthy, and wonderful retirement. But most of us struggle to save enough money for our dream retirement. Some people are lucky enough to inherit a huge amount of money that would serve them well in retirement years. For most of us, running out of money is the biggest retirement worry.
The rising student debts, increased life expectancy, sky-high lifestyle expenses, and competing priorities for your limited money have made it difficult for the younger generation to imagine a happy retirement.
Financial services firm ING recently surveyed 15,000 people in the US, Australia, and Europe to find out which countries worry the most about whether they will have enough money for retirement. If you constantly fear that you don’t have enough money for the golden years, you are not alone. Bloomberg reports that even people in countries with a h3 social security net are worried about their retirement.
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These are the top 10 countries that worry the most about retirement, according to the ING survey:
About 58% Germans worry about whether they will have enough money for retirement. As a result, many have been delaying their retirement. The average expected retirement age in Germany is 65 years, compared to 57.6 years in Turkey. About 54% of German retirees told ING that they are enjoying the same standard of living they had when working. Germany is still in better shape than many countries.
About 59% Australians are worried about their retirement as the state pension system in the country has become unsustainable. The increasing life expectancy is also a concern for many because of the rising healthcare costs. The average expected retirement age is 64.4 years. Unfortunately, only 44% of the current retirees are enjoying the same standard of living they had while working.
Belgium has h3 company-wise and industry-wide pension schemes, but 60% people there still worry about retirement. The average expected retirement age in Belgium is 64.2 years, same as the United States. Only 46% of the current Belgian retirees are enjoying the same standard of living as when they were working.
7- United States
Don’t be surprised to see the US in this top 10 list. A staggering 62% survey participants in the United States are worried about having sufficient savings for retirement. If you thought it was a gloomy picture, look at this: only 30% of current retirees in the US have the same standard of living they had when they were working. The pension plans in the US are far more flexible than in other countries and are subject to lower fees, so people of working age often take out their 401Ks.
6- Czech Republic
The Czech economy has fared better than the Slovak economy since their separation in 1993. But 62% Czech people still worry about their retirement. The average expected retirement age in the country is 65.5 years. Notably, 62% of current retirees are living the same standard of life that they had when working.
The Italian economy has been struggling for years. About 65% survey participants from Italy said they were worried about their retirement savings. The average expected retirement age in Italy is 66.1 years, the highest in this list. Only 36% Italian retirees are enjoying the same standard of living they had when working.
Romania is the fastest growing economy in the European Union. Its average GDP growth rate is 7%. According to the ING survey, 65% Romanians worry about whether they would have enough money for retirement. The average expected retirement age in the country is 62.2 years.
Poland has a h3 pension system for its citizens, but 66% people in the country are concerned about their retirement. The average expected retirement age in the country is 63.4 years. An impressive 58% current retirees told ING that they were enjoying the same standard of living they had when working.
The current retirees seem to be living a good life in France as 69% of them told ING they were enjoying the same standard of living as they had when working. But 67% French participants worry about whether they will have enough for retirement. The average expected age of retirement in France is 63.1 years.
Spain is the gloomiest of them all. The average expected retirement age in the southern European country is 64.8 years. As per the ING survey, 69% people in the country are worried about retirement. Spain has one of the highest rates of life expectancy in the world but the public pension funds are shrinking. The Spanish government has introduced a series of austerity measures to boost its revenues.
Have you been saving and investing enough for your retirement? Let us know in the comments below.