If you think the recent economic recession has only hit middle and lower-income earners, think again. A new research study from Merrill Edge reports that even affluent Americans have decided to delay retirement. The study defines affluent Americans as those with between $50,000 and $250,000 in investable assets.
The study found that more than one-third of the members of this economic group have taken money out of their long-term investments in order to pay for short-term purchases, and this number jumped from barely one-quarter as recently as November 2011.
“In spite of their increased efforts to get on track, this group is pushing back their retirement in greater numbers than we've seen before,” the report quoted Bank of America executive Dean Athanasia as saying.
These high net worth individuals say their greatest financial fears are the cost of healthcare, making sure that they don’t outlive their retirement savings, and maintaining their current lifestyle during retirement.
When it comes to the upcoming U.S. presidential election, 71% are concerned, but most are even more concerned with health care laws (80%), Social Security (77%), and the U.S. government deficit.
When it comes to retirement, finances are on everyone’s mind, from a 50 year-old Baby Boomer to a 90 year-old assisted living community resident.
The best way to prepare for retirement is learning more.
Here are some suggested articles to help you get started:
Paying for College vs. Saving for Retirement
How much money do you REALLY need for retirement?
Seven common retirement mistakes