July 23, 2015 Fact of the Day: What drives fears of not having enough in retirement?
DID YOU KNOW THAT THE COST OF HEALTHCARE IS THE #1 RETIREMENT WORRY, NO MATTER HOW WEALTHY YOU ARE?
Believing that you have enough funds for your retirement is higher among those with higher net worth. But whether they have $500K or $5MM in net worth, significant numbers of people fear that they will not have enough money for retirement: 20% for UHNW, 33% for Millionaires, and 45% for Mass Affluent
And the primary cause of this fear is health care costs. Among Mass Affluent and Millionaires who worry about retirement funds, 70% cite health care costs as the reason for that worry. Among the UHNW investors who worry about retirement funds, 50% cite health care costs.
All of us will get older and have to deal with the health costs of aging. But being prepared will make that easier, and reduce the worry and fear that goes with it. Perhaps fine tuning your investment strategy can increase your retirement cushion, and reduce some of the concern about this issue.
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