One thing you have to say about this precarious recovery we find ourselves in: It sure hasn't calmed very many people's fears about their long-term financial prognosis. Even the wealthiest of us have very serious concerns about the future, according to a recent survey by Bank of America. It found that 53 percent of Americans with more than $250,000 in investable assets are worried that they won't have enough money to last them through their lifetimes.
In a way, that's a good thing: Getting complacent about your money and your investments is not an optimal strategy. But it also doesn't say a lot for the confidence people have in today's economy.
The survey also found that 29 percent of the wealthy respondents now plan to retire later than they had originally expected. And more than half had to make lifestyle adjustments in 2009, like spending less on luxuries. Even more interesting, 67 percent of retirees said they did not use a financial advisor in creating their retirement plans, but half of the non-retired are using an advisor. Maybe the younger generation has realized how difficult it is to plan your financial future on your own.
No comments:
Post a Comment