May 27, 2015 Fact of the Day: Younger Millionaires are worried about THIS!
DID YOU KNOW THAT 70 PERCENT OF MILLIONAIRES BETWEEN THE AGES OF 36-44 ARE WORRIED ABOUT BEING ABLE TO RETIRE WHEN THEY WANT TO?
In fact, almost half of these young wealthy households (47 percent) are worried that they will run out of money during retirement.
Older households may laugh at their concern…but these investors are at the height of the “expensive “ part of life. They may have a mortgage and be worried about funding college for their children as well as paying the day-to-day expenses that are involved in raising children today. Do you know how much it costs to participate in many sports activities today?
Additionally, with the cost of healthcare increasing, these 36-44 year olds are worried the most about the cost of healthcare. Eighty percent indicate they don’t know what will happen with healthcare in the future. Fifty two percent are worried about taxes. Only 40 percent are worried about spending too much.
Properly preparing for retirement is important regardless of one’s age. Young millionaires need to make sure they are meeting with an expert to prepare for the unanticipated …..such as a failing healthcare system or social security not being around.
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