ALBUQUERQUE (KRQE) - People may be dreaming about the day they will retire, but a new study shows that a good amount of Americans are giving up on that dream.
A study by HSBC Bank, shows people are feeling pretty pessimistic about retiring: about one in five people do not think they will be able to.
The report says the reason that many people may not be able to retire is as you would expect), the economic recession, and also longer life spans.
Financial expert Skip Cowan says he is not surprised by these findings. Cowan says it is going to be tough for some people to retire, but it is still possible and that people just have to have a plan and stick to it.
Cowan recommends you set aside 10 percent of every paycheck you earn, starting immediately, without fail. That money will go towards your retirement fund.
Cowan also says you should get out of the habit of using credit cards and debit cards all the time and use cash sometimes instead. By using cash, Cowan says people will be less likely to spend it.
As for what age to retire, Cowan has an answer.
“It amounts to reality and asking yourself this question. What kind of lifestyle would I like to have when I choose to retire. There is no magic age. It depends on if you have enough money to do it," Cowan said.
If people can scale back on your spending and still live comfortably, Cowan says do it and you'll thank yourself later when you're able to retire.
It seems like more Americans are worried about retirement than in most other countries. The study shows that worldwide, one in eight people do not think they will be able to retire.
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