Unlike millions of Americans, the rich don’t fear running out of money in retirement. They have other things to worry about.
The richest Americans don’t fear running out of money in retirement. They have other things to worry about. What’s on the minds of the nation’s richest senior citizens? Here are insights from a recent Millionaire Corner study, $25 Million Plus Investor 2012.
Family concerns are most likely to keep the wealthiest retirees awake at night. Ninety percent of $25 Million Plus investors who are ages 66 and older cite the well-being of their children and grandchildren as one of their biggest concerns, according to our research. More specifically, 86 percent worry about raising financially responsible children and grandchildren.
More than three-fourths - 78 percent - of older $25 Million Plus investors fear their wealth may undermine the goals and aspirations of their children and grandchildren. A roughly equal share – 77 percent – worries about the legacy they are leaving their children. Well over half – 57 percent – are financing the education of children and grandchildren.
Health concerns rank second: 88 percent of the $25 Million Plus indicate they’re worried about the health of a spouse and 87 percent are worried about their own health. Despite the cushioning effects of wealth, more than two-thirds are anxious about having someone to care for them in their old age.
Legacy appears to become a more urgent concern as $25 Million Plus investors move into their golden years. More than 60 percent indicate they’re worried about using their wealth to help others, compared to 42 percent of $25 Million Plus Investors ages 55 and younger. More than half (56 percent) of the older group indicates concern with leaving their wealth to worthwhile causes when they pass away, a concern cited by 35 percent of investors 55 and younger. Close to two-thirds of the older investors worry about their reputation among colleagues and associates, compared to 44 percent of younger investors.