Worries about maintaing standards of living in retirement stretch to even those with high net worths, according to the recent Phoenix Wealth Survey by The Phoenix Companies, a provider of life insurance, annuities and investments for high-net-worth consumers.
Forty percent of high-net-worth individuals worry their assets will be depleted too quickly or they won’t be able to live comfortably on their retirement income, compared with 36 percent last year. Inflation fears, as well as investment performance worries, are stoking those concerns. Half say they are worried that inflation will erode the value of their income (up significantly from 42 percent in 2007), and 39 percent fear diminished assets due to poor investment performance, an increase of six percentage points.
Healthcare expenses, including long-term care costs, are also a major concern.
Fortunately, proper planning and investment strategies exist to allay these fears for those working with a wealth advisor.
