The Importance of Retirement Plans
The quality of life you want in the future depends on what you contribute in the present. You likely want to retire happily and comfortably with personal and financial peace of mind. The last thing your retirement should be is stressful for you or your family. Therefore, it is important to prepare a retirement plan now.
Outliving Your Retirement Income
If you work at all during your retirement, it should be because you choose to, not because you have to. Unfortunately, many retirees find themselves doing the latter because their retirement income simply is not enough. Inflation, rising costs of living, and taxes can all take away from retirement self-sufficiency. An aging population of baby boomers could require higher taxes to fund government programs. Increasingly expensive health care costs could cut deeply into retirement income. Include longer life expectancy and you can see how outliving your retirement income is a very real possibility and concern.
The State of Retirement Income
Traditionally, there are three principal sources of retirement income available: Social Security, company pension plans, and your retirement investments. According to the Social Security Administration, Social Security will only provide approximately 40% of the income you'll need for a comfortable retirement. Similarly, company pension plans are no longer the dependable retirement income they were once considered. Such plans are rare nowadays; those companies still offering pension plans often require its plan members to be an employee for a certain number of years. The uncertainty associated with Social Security and company pension plans means the responsibility of a comfortable retirement rests upon one set of shoulders: yours. Here lies the importance of retirement planning. Let HSBC help you on the road to achieving your retirement goals. The information we provide in our Retirement section allows you to become more familiar with the entire retirement planning process:
Step 1: Determine your retirement objectives.
Step 2: Consider your financial situation both present and in the future.
Step 3: Begin developing a retirement plan based upon the information you gather.
Step 4: Determine how you wish to receive your retirement income.
Step 5: Develop an estate plan.
Need assistance in developing your Retirement Plan?
One of our HSBC Securities Financial Advisors can show you how. Call 1-800-662-3343 or visit your local HSBC Branch.
Securities and annuities are provided by Registered Representatives and Insurance Agents of HSBC Securities (USA) Inc., member NYSE/FINRA/SIPC, registered Futures Commission Merchant, a wholly-owned subsidiary of HSBC Markets (USA) Inc. and an indirectly wholly-owned subsidiary of HSBC Holdings plc.
Insurance products are offered through Insurance Agents of HSBC Insurance Agency (USA) Inc., a wholly-owned subsidiary of HSBC Bank USA, N.A., an affiliate of HSBC National Bank USA, and an indirectly wholly-owned subsidiary of HSBC Holdings plc. Products and services may vary by state and are not available in all states.
Securities, Annuities and Insurance Products are:
|
NOT A BANK DEPOSIT OR OBLIGATION OF THE BANK OR ANY OF ITS AFFILIATES |
NOT FDIC-INSURED |
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY |
NOT GUARANTEED BY THE BANK OR ANY OF ITS AFFILIATES |
MAY LOSE VALUE |
HSBC Securities (USA) Inc. or any other member of the HSBC Group may from time to time underwrite, perform or seek to perform investment banking services for issuers or make a market or otherwise buy or sell as principal securities or other instruments, or together with the issuers directors, officers and employees may have either a long or short position in securities, commodities, currencies or other instruments or futures or options contracts convertible into securities or other instruments.
All decisions regarding the tax implications of your investment(s) should be made in connection with your independent tax advisor.
