Affluent Americans Say They Need $2.6M to Retire, HSBC Survey Finds, but Have Saved Only 52%

Affluent and high-net-worth U.S. investors believe they need $2.6 million to retire comfortably, up 26% from a year ago, but have saved only 52% of that goal on average, according to an HSBC online survey of 9,993 investors aged 21 to 69. The figure is roughly double the $1.2 million that everyday Americans told Schroders they would need. By generation, baby boomers have saved 74% of their target, Gen X 55%, Gen Z 45% and millennials 42%. HSBC attributed the rising forecasts to inflation and an expanded definition of retirement: seven in 10 respondents plan to fund more than retirement alone. Personal or professional reinvention ranked second among savings goals at 39%, followed by supporting children and aging parents at 37%. Nearly six in 10 said longevity has altered their plans, with 31% saving more for future costs such as long-term health care. Advisers quoted in the report urged savers to discard a single "magic number" and build flexible plans around individual goals, location, timing, health and expected income.