It would be nice to think that once you’ve made $25 million or more and have reached your golden years that you wouldn’t have anything to worry about beyond selecting the location for your third vacation home.
Great wealth doesn’t appear to keep older millionaires from worrying about common issues surrounding aging and seems to create worries of its own, according to a recent Millionaire Corner study, $25 Million Plus Investor 2012. What’s weighing on the minds of senior citizens with a fortune to their names?
Their top personal concerns of ultra-wealthy investors ages 66 and older appear to center around children and grandchildren, and health issues. Ninety-percent of older millionaires worry about the well-being of future generations, but their concerns relate to having an abundance – rather than shortage – of resources.
More than three-fourths (78 percent) of $25 Million Plus investors indicate that one of their biggest personal concerns is “not allowing my wealth to be detrimental to the work ethic, educational or career plans of my children and/or grandchildren,” according to our research. In a related issue, 86 percent say they are worried about “raising financially responsible children.” More than three-fourths (77 percent) are also concerned with the legacy they leave for their children and grandchildren.”
Older millionaires also express high levels of concern about their health (87 percent) and the health of their spouse (88 percent). More than two-thirds (68 percent) worry about “having someone to care for me in my old age.”
Philanthropic concerns also occupy older millionaires, according to our research. More than 60 percent of $25 Million Plus investors ages 66 and older express concerns with “using my wealth to help others” and more than half (56 percent) worry about “leaving my wealth to worthwhile causes after I pass away.”
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