Australians are being urged to take a more hands on approach to planning their retirement, after the HSBC Future of Retirement Report found most retirees are unable to realise their hopes and aspirations.
The research revealed that 61 per cent of Australian retirees have not been able to live out their dreams.
HSBC Australia head of retail banking and wealth management, Graham Henuis, said the report’s findings showed 24 per cent of Australian retirees said they were unable to travel extensively as they had hoped, while one in five reported not being able to take frequent trips or buy and expensive item.
“Unfortunately, for many Australians, retirement is a challenging time, as they try to balance life after work with their financial responsibilities,” Henuis said.
“Australians need to be proactive about their retirement planning so that they have more choices when it comes to the lifestyle they want to enjoy.
“This means that if retirees are faced with the unexpected, be that in work, health or family commitments, anxieties are reduced, because they have a clear retirement plan in place that gives them more financial options.”
Despite Australian retirees reporting their struggles with retirement in Australia, the report found overseas workers rated it as the second most popular destination to settle in, behind the US.
The report found that 17 per cent of workers plan to move abroad for their retirement, with Australia’s relaxed lifestyle, better weather and the opportunity to broaden cultural horizons making it a popular destination to.
