Even the Super-Rich Are Worried About Retirement
If you think having more money would allay your retirement concerns, you might be surprised at the findings of a new survey of the wealthiest Americans.
The survey by Spectrem Group, a Chicago-area consultancy specializing in the affluent investing and retirement markets, found that one in five ultra-high net worth professionals and senior corporate executives — that is, those with a net worth between $5 million and $25 million — are concerned about having enough money to last them through retirement.
That’s even as they acknowledge that the economy has been good to them. A full two-thirds of ultra-high net worth investors say that they are better off now than they were a year ago. By comparison, 61 percent of millionaire households (those worth $1 million to $5 million) say that they’re better off now than they were a year ago, and 53 percent of those worth $100,000 to $1 million say the same.
Wealthy Americans have been among the biggest gainers in the recent economy, thanks to large stock and real estate holdings, which have risen in value. Home prices are at an all-time high in many markets, and the Standard & Poor’s 500-stock index gained nearly 10 percent in 2016 (and almost 12 percent with dividends included). Still, their concerns about retirement give them something in common with the rest of Americans.
A recent survey by the Employee Benefit Research Council found that 40 percent of American workers are not confident that they will have enough money for a comfortable retirement.
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