Even the wealthy aren’t immune to worrying about retirement. That was the conclusion of a new study released by the LIMRA Secure Retirement Institute, which found that less than half of people making upwards of $500,000 a year were “strongly confident” that they would be able to keep up their current standard of living once they retired. This was despite the fact that 70% reported that this was their top financial goal.
The people surveyed fell into three brackets: $500,000 to $999,999, $1 million to $3.5 million, and $3.5 million or more. Among their chief worries about retirement were market volatility, rising inflation, outliving their retirement savings, and unexpected events draining those savings.
Of those that expressed a high level of confidence in their retirement, over half had a written retirement plan. Those with written plans were also far more likely to report feeling well-prepared for retirement than those without. Despite this, only about half of affluent investors have a written retirement plan.
Want to feel confident about your retirement? First Coast Wealth Advisors can help you make a written retirement plan, giving you confidence that your future is secure. Call us today to schedule your financial check-up.