October 31, 2026, 5:01 a.m. ET
Even the rich are not achieving their retirement goals, according to a study by British bank HSBC.
They believe they need $2.6 million to retire comfortably, according to an HSBC online survey of 9,993 affluent and high-net-worth individual investors aged 21 to 69, with minimum investable assets of $100,000 and $2 million, respectively. That’s a 26% increase from just a year ago and about double what other surveys show Americans think they need on a daily basis. Retirement savers surveyed this spring told Schroders they think they’ll need $1.2 million to retire comfortably.
But like everyone else, wealthy people don’t have what they think they need for a comfortable retirement. They saved on average only 52% of that target, HSBC said. Baby boomers have saved 74% of their retirement goal, Gen X has saved 55%, while Gen Z, with 45%, is slightly ahead of millennials’ 42%.
“Comfortable retirement is becoming increasingly expensive, even for those with significant wealth,” said Racquel Oden, U.S. head of international wealth management and premier banking at HSBC in the United States.
Why are forecasts soaring about the cost of a comfortable retirement?
“Inflation is part of the problem, but retirement itself has changed,” said an HSBC spokesperson. Seven in ten people plan to fund more than their retirement.
Although retirement (43%) remains the primary goal, affluent Americans are also saving to reinvent themselves personally or professionally (39%) as they age. This could include a career change, starting a new business, a planned career break or funding a new skill, HSBC said. Support for children and aging parents comes third (37%) among priorities.
Longevity also plays a role, with almost six in ten saying it has changed their plans. For example, 31% of respondents said they are saving more for future expenses, such as long-term health care, even though it affects how much they leave to heirs. Others are now enjoying their money, spending it on lifestyle needs, health and wellbeing (23%) and experiences, such as travel and passion projects (22%), HSBC said.
How can Americans close the retirement savings gap?
The first step is to get rid of the “magic number,” or the amount that surveys show could allow for a comfortable retirement, advisers said. Instead, focus on your own goals and stay flexible.
“To close the gap, we must first abandon a single view of retirement,” said an HSBC spokesperson. “People’s lives and priorities change and their heritage projects must be designed to evolve with them.”
Instead, “a realistic retirement goal comes down to the life you want, where you will live, when you plan to retire, your health, and how much income you will have.” the spokesperson said. “Continue to revisit the plan as your life changes.”
Medora Lee is a money, markets and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance advice and business news Monday through Friday mornings.
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