Even the Rich Worry about Retirement

A new survey reveals increasing concern about retirement among both the affluent and millionaires, and are re-evaluating their portfolios and retirement planning approaches.

There’s a newfound feeling of vulnerability among wealthier clients. They thought they had what they needed, and now “the number” doesn’t feel like “the number” anymore and they’re not feeling as well-off. As a result, high net worth clients are taking less risk, saving more and even postponing retirement, according to wealth managers.

Clients with $1 million to $10 million want to make sure they don’t squander it. They’re much more interested in having a well-crafted plan that gives them downside protection first, with upside potential secondary.

Investors are most worried about what happens if the market drops; They want to maintain their standard of living and long-term care is a legitimate concern for them.

Women More Concerned

The survey also showed that among the affluent, women are more concerned and less confident about retirement than men. That’s something that seems to be true among those with over $1 million in assets as well.

Women are much more cautious. They tend to live longer and feel they have a lot of responsibility to maintain their independence. It’s more about the money being there than making money. Making sure the family is secure is very important for them.

Both wealthy male and female clients nearing retirement are also expressing increasing concern about making sure their children and grandchildren are provided for. They’re definitely thinking about it more and talking about education costs and other things their children and grandchildren may need. They feel less secure than they used to.

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Find the survey article HERE