A third of wealthy Americans think it’s possible they could outlive their savings.
It turns out millionaires worry about retirement just like the rest of us.according to the new survey from Northwestern MutualThe study, which spotlights the mindset of the wealthy as they navigate retirement planning, underscores how all Americans need to come up with a long-term financial plan, no matter how affluent they may be.
The study also finds that 70% of wealthy Americans have financial advisers, close to double the amount of the general population. Another 84% of wealthy people say they have a long-term financial plan that factors for up and down economic cycles. That’s compared to just over half of the general population.
The study attributes wealthy Americans' financial insecurity to economic uncertainty. But Valega says that the survey results reveal a larger problem in the financial services industry. In particular, she says advisers fail to assess their clients holistically. Northwestern Mutual recommended that wealthy individuals seek out a second opinion to guarantee the best results in planning for retirement.
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