Affluent Americans say they need $2.6 million to retire, HSBC finds
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The gist
Affluent Americans say they need $2.6 million to retire comfortably, but have saved 52% of that goal.
Rising health costs and Social Security's 2032 shortfall sharpen the gap.
Background
The findings come from HSBC research conducted by Ipsos and reported by Fortune, as part of a broader look at U.S. retirement readiness. Catherine Collinson, CEO and president of the nonprofit Transamerica Institute, called the combination of pressures "a perfect storm." More than 4.1 million Americans turn 65 each year through 2027, according to Alliance for Lifetime Income, and a 65-year-old retiring this year can expect to spend an average of $185,500 on health care over retirement, a 7.5% year-over-year jump per a July Fidelity report.
How it unfolded
- Nov 1, 2026CNBC reports Social Security's retirement trust fund is projected to run out in the fourth quarter of 2032, with benefits cut 22% at that time.
- Nov 3, 2026Fortune reports affluent Americans say they need $2.6 million to retire comfortably, a 26% jump from a year ago, but have saved only 52% of that goal.
- Nov 3, 2026Compass introduces a free concierge benefit giving more than 250,000 agents guidance on health plans and Solo(k) or Team 401(k) retirement plans.
Who’s saying what
- Analysts
- Transamerica Institute CEO Catherine Collinson called the mix of pressures "a perfect storm."
- Caution
- Certified financial planner Arthur Stein said the purchasing power of the G fund and F fund declines over time, and retirees should keep an emergency fund or a higher G fund allocation.
Still unverified
The Congressional Budget Office forecasts the retirement trust fund may run out sooner, in mid-2032, with larger cuts of 26%, differing from the trustees' projection of the fourth quarter of 2032 and a 22% cut.