85 Percent of Mexicans Are Not Able to Retire JMR - The News
go to original May 28, 2015

Studies find that up to 85 percent of Mexicans are not able to retire. (Cuartoscuro/Jose I. Hernandez)

Lack of savings and elevated cost of living means that 85 percent of Mexicans never realize their dream of retirement or leave behind an inheritance, a new HSBC study said.

The “Future of Retirement, Decisions for Seniors” study analyzed around 1,000 Mexicans from age 25 and up, both working and retired. The study said the majority of Mexicans do not leave behind the legacy for their children that they hope for.

HSBC Mexico director of Heritage Sales, Esteban Martinez Varela, said one in three retired seniors admit they were not prepared for retirement because they didn’t know how much money they would need.

Likewise, 44 percent of retirees said they wish they had saved more, while 48 percent said if they had started planning for retirement at an earlier age it would have been easier.

“In Mexico, there is little awareness about the importance of saving for retirement,” Martinez Varela said. Planning is key for good retirement conditions, he said.

The director said that 85 percent of workers think about leaving an inheritance for their children, but only 35 percent leave anything behind.

Read the rest at The News

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