Millionaire investors usually have a large number of items on their metaphorical plate, and it turns out retirement concerns are among those items.
Spectrem researched investors with a net worth between $1 million and $5 million for its 2015 study Financial Behaviors and the Investor’s Mindset and determined that more than one-third are concerned about when they are going to be able to retire. Thirty-seven percent of Millionaires expressed the concern about being able to retire when they want to, including 70 percent of Millionaires between the ages of 36-44. The youngest Millionaires, aged under 36, are not yet thinking about retirement, as only 28 percent expressed that particular worry.
Asked about a more specific concern, Millionaire investors were asked whether they were worried about depleting their retirement funds too early, placing that worry on a 100-point scale, with “0” being no concern and “100” being very worried. Millionaires on average placed their concern at 33, but that worrisome age group of between 36-44 had the concern at 47.
The top concern of the 36-44 age group was the cost of health care, as 80 percent indicated that was what was bothering them.
Interestingly, approximately one-quarter of all Millionaires are concerned either they or their souse will be forced into retirement before they are prepared for that stage of life. That includes 35 percent of the 36-44 age group and 31 percent of the 45-54 age group.
The study respondents were segmented by occupation, and the greatest concern was registered among professionals such as doctors, dentists and lawyers. Forty-three percent were concerned about being able to retire when they want to (over the 37 percent average), and 29 percent were worried about being forced into retirement prematurely.
Apparently, Millionaires are relatively satisfied with their advisor assistance in regards to retirement. Only 26 percent said they were concerned about getting adequate help and advice leading up to retirement.
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