At least half of millionaires have received advice from their financial advisor about planning for retirement, according to Spectrem’s new wealth level studies.
Fifty percent of Millionaires with a net worth between $1 million and $4.9 million said they have received this advice from their financial advisor, while 53 percent of investors with a net worth between $5 million and $24.9 million report receiving advice on planning for retirement.
Forty-four percent of Main Street investors with a net worth between $100,000 and $1 million report receiving this advice. Seventeen percent—the highest percentage across all wealth levels-- said they will seek this advice in the future, not surprising as these investors tend to be younger.
The Spectrem report indicates that a majority of Affluent investors are confident they will have sufficient income to live comfortably during their retirement. This confidence level rises as wealth level increases. Fifty-eight percent of Main Street investors are confident they will have enough retirement savings to sustain them through their senior years, compared with 81 percent of Millionaires and 89 percent of the Ultra High Net Worth
Main Street investors are, not surprisingly, more concerned than their Millionaire counterparts (27 percent vs. 9 percent) they are not presently saving enough to meet their retirement goals.
Separate Spectrem research has reinforced that among Mass Affluent investors, not saving enough for retirement is their biggest financial regret, while running out of money in retirement is their greatest financial fear.
A slightly higher percentage of Main Street investors examined in the Spectrem report are worried this year about being able to retire when they want to (61 percent vs. 51 percent last year). Getting adequate advice in planning for retirement that will allow them to achieve their financial goals is heightened among those younger than 45 years-old (38 percent vs. 31 percent of respondents overall).