It’s not just the middle-class Boomers who are worried about their financial future. According to a Bank of America survey, 53% of Americans with investable assets of $250,000 or more are afraid they won’t have enough money to last through their retirement years.
Of those who are retired, 59% say rising health-care costs are a big concern. And among those who still work, more than half made spending cutbacks last year. Retirement has taken a back seat, too, with 29% postponing the day they can tell the boss to take a hike.
Also interesting is that 67% of the retirees claim they didn’t work with a financial advisor for their retirement planning. Fifty percent of the non-retirees said they have an advisor, and 44% intend to use one to help them grow their 401(k)s after they retire.
The bottom line is that:
1. The majority of above-average net worth retirees are not secure about their future.
2. There’s a growing trend for working Americans to hire a financial advisor to help map out their retirement or at least to get a second opinion on what they’re doing.
3. The wealthier people are finally realizing that they can’t rely on the government and must cut expenses.
Most importantly, you might consider following their lead — spending less and saving more — and taking responsibility for your future.
Best wishes,
George
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