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Survey says Americans have bleak outlook on retirement

If you've already given up the quest for an early retirement, you've got a lot of company. A new survey found that 18 percent of Americans believe they'll never be able to retire.
Syracuse (WSYR-TV) – If you've already given up the quest for an early retirement, you've got a lot of company.

A new survey found that 18 percent of Americans believe they'll never be able to retire.

Researchers with HSBC surveyed people in 15 countries to gauge the future of retirement.

People in the UK and US had the most pessimistic view, as one in five do not believe they'll ever be able to retire.

In Brazil, only 5% had that same outlook and the global average of those surveyed totaled 12 percent.

Those who believe they'll retire expected to wait until the age of 65 in the US, three years older than their parents, compared to projections of 62 in France, 60 in Mexico, and 55 in Malaysia.

Certified Financial planner Robert Just says the cost of college is one of the most discouraging factors in financial planning for Americans. But, an unhealthy outlook can be dangerous.

"They are so pessimistic they can say, well okay, I'm not going to be able to save enough money for retirement or a child's education, so I am not going to do anything now," explained Just.

State pensions and benefits are the most important source of cash for retirees, according to the survey.

70 percent of retirees said their income fell right away, but only 53 percent said their spending was reduced.

"Right now, I'm only 21 years old, so retirement is far off my mind at the moment. But, I'm hoping in the future I'll be able to retire," said Durryl Hunter.

Nearly half of the retirees surveyed said they didn't adequately prepare and of those, many think they'll never make up the shortfall. But, Just is more optimistic.

“The best time to start was 20 years ago, saving. The second best time is right now,” Just said.

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