Affluent Americans say they need $2.6 million to retire comfortably, according to new HSBC research conducted by Ipsos. This savings target is up 26% over last year.

The survey of 9,993 affluent and high-net-worth investors across 10 markets1 finds that US respondents have saved just 52% of that goal on average, revealing a significant gap between retirement expectations and financial preparedness. Even older generations are short of their target. Boomers have saved 74% of their retirement goal, and Gen X has saved 55%. Gen Z (45%) is slightly ahead of Millennials (42%).

The retirement savings gap comes as many affluent Americans juggle at least two life stages at the same time. The result is seven in 10 respondents are now planning for a non-linear future, moving away from milestones that happen in sequential order, to experiencing life all at once. Funding retirement (43%) is the most common life stage Americans are planning for, followed by personal or professional reinvention (39%), which can include switching careers, starting a new business, taking a planned career break or funding a new skill. Supporting both children and aging parents is third (37%).

This complexity is driving demand for more flexible wealth-planning solutions. More than three-quarters (76%) of respondents want expert guidance and specialist support to help navigate competing priorities, and a similar percentage (75%) say they want wealth products and services that are flexible and adaptable to multiple needs.

Racquel Oden, US Head of International Wealth and Premier Banking, says, “A comfortable retirement is becoming more expensive, even for those with substantial wealth. As investors build careers, raise families, support aging parents and save for retirement all at once, flexible planning and expert guidance are more important than ever to help them stay on track toward their goals.”

Retirement is no longer a hard stop

For many affluent Americans, retirement no longer means leaving the workforce completely. Nearly two-thirds (64%) who have yet to retire plan to cut their working hours gradually over time (34%), move from their main career into an advisory role or a passion project (21%), or take mini-retirements2 (10%).

Longer life spans are changing legacy plans

The research also shows that longevity is reshaping how affluent Americans think about passing on wealth and their approach to legacy planning. More than half (59%) say living longer lives has already led them to change their legacy strategies, including putting a greater focus on their own future needs. As an example, 31% of respondents say they are saving more for their future costs, such as long-term healthcare, even if that impacts the amount they leave behind. Others are enjoying their money now, spending it on lifestyle needs, health and well-being (23%), and experiences, such as travel and passion projects (22%).

More than half (55%) of affluent Americans expect to leave a significant financial legacy, with a median of $900,000. Yet, many see legacy as more than an inheritance. When asked what matters most in giving the next generation a financial “head start,” 77% of respondents point to equipping them with skills and nurturing their capability, including paying for the best possible education, teaching strong money habits and fostering an entrepreneurial mindset.

There is also a split over how much help is too much. Nearly half (48%) of those surveyed in the US say their primary goal is to encourage their children or grandchildren to be fully independent, even if that means they might face some financial struggle along the way. While 28% of US respondents say their goal is to provide a safety net to ensure long-term financial stability, even if it reduces the need for the next generation to build their own wealth. About one in four (24%) say they take a balanced approach between the two.

Ultimately, most respondents who plan to leave an inheritance hope it will enable foundational security (65%), including protecting heirs from financial hardship and ensuring they can purchase a home. Another top purpose they identify for their legacy is providing opportunities and growth, such as funding education (22%), giving heirs the opportunity to invest for their own future (34%) or providing them with capital to start or grow a business (17%).

When respondents back a child’s or grandchild’s business or career, 63% of respondents cite relationship capital and network-building as the most common form of support. This includes providing access to professional networks or introductions, arranging networking or work experiences and helping the next generation build a professional support team, such as lawyers or accountants.

Methodology

HSBC’s survey findings are based on insights from 9,993 affluent and high-net-worth individual investors aged between 21 and 69, with minimum investable assets of USD 100,000 and USD 2 million respectively. The online research was conducted by Ipsos Asia Limited on behalf of HSBC from 6 January to 6 February 2026 in mainland China, Hong Kong, India, Malaysia, Mexico, Singapore, Taiwan, the UAE, the UK and the US.

Disclaimer

This document provides a high-level overview of aggregate survey findings relating to investment preferences and the economic environment, as stated in the methodology statement, and has been prepared for information purposes only. Some of the survey results or statements contained in this document may be considered forward-looking statements that provide current expectations or forecasts of future events. Such forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. This document is not intended to provide, and should not be relied on for, accounting, legal, tax or investment advice.

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 56 countries and territories. With assets of US$3,438bn at 30 June 2026, HSBC is one of the world’s largest banking and financial services organisations.

1Research surveyed across ten markets: mainland China, Hong Kong, India, Malaysia, Mexico, Singapore, Taiwan, UAE, UK and US

2 hsbc.co.uk/content/dam/hsbc/en/docs/wealth-insights/learn-to-invest/meet-life-goals/the-rise-of-multi-retirements.pdf

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