Retirement lessens some of the financial worries expressed by today’s Millionaires, but heightens other concerns. Learn more.
Retired Millionaires appear overall less troubled by the financial concerns commonly expressed by investors still in the workforce, but certain issues threaten peace of mind in retirement, according to the latest quarterly study from Spectrem’s Millionaire Corner.
Millionaire retirees tend to be less concerned about their financial security and appear more preoccupied with the well-being of younger generations and about issues surrounding health and long-term care, according to our report, 2013 Millionaire Investor: Changing Investment Attitudes and Behaviors.
More than 70 percent of retired Millionaires indicate they’re worried about the health of a spouse and nearly two-thirds are worried about their own health. Concerns over the “financial situation of my children or grandchildren” rank third and are shared by 63 percent of retired Millionaires. More than half worries about “spending my final years in a care facility.”
Restructuring in the long-term care insurance industry is likely to raise costs and limit access to LTC policies. Learn more by clicking here.
Millionaires still in the workforce are less likely to lose sleep over health, aging and generational issues, and tend to worry more about the state of their finances and retirement issues. Nearly two-thirds indicated they’re worried about “maintaining my current financial position” and more than half express concern over “being able to retire when I want to.” Job security worries one-third, and two-in-five express concern over revenues from a personal business.
Older investors tend to rely more heavily on financial advisors than their younger counterparts. Click here to learn more.
Retired and working Millionaires are equally likely to express one financial concern – the costs of higher education – but for different reasons. More than one-third (35 percent) of working Millionaires express concern over “financing the education of my children.” A similar share of Millionaires is worried about helping their grandchildren through college.