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Retirement Savings a Worry Even for Wealthy |
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Just like everyone else, the nation’s wealthiest individuals worry about having enough money for their golden years.
Indeed, the adequacy of their assets is the primary retirement-related concern of affluent individuals who are still in the work force, mentioned by 20% of those surveyed by the Spectrem Group.
Their next biggest concern about retirement, the affluent say, are insurance and the cost of health care, cited by 18%. Some 4% worry about the effects of inflation, and another 4% fear sub-par investment returns on stocks.
Nearly nine out of 10 individuals (88%) say that when they do retire, they will continue to grow their assets. Slightly more than half expect to sell their primary residence (56%) or receive income from commercial property or a privately held business (54%).
Some 40% say employer-sponsored retirement plans will provide the majority of their income; 39% plan to supplement their savings by working; and 34% will begin drawing on their principal.
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High Net Worth Advisor Insights Newsletter April 2008
