Upper-Income Consumers Express Retirement Worries
CHARLOTTE, N.C. – Even the most affluent consumers are now expressing more concerns about how long their retirement assets will last.
A new Bank of America Merrill Lynch survey, conducted in June, found that of the 1,000 individuals with more than $250,000 of investable assets who participated in the semiannual survey, 66% said they are more concerned about their retirement assets lasting through their life, an increase from 57% in January. Fifty-four percent now worry they cannot afford the retirement lifestyle they want, up from 46% at the beginning of the year.
In June, survey participants cited concern about political and economic events, as 81% said the national debt contributed to fears tied to the longevity of their retirement assets. Other issues topping the list included coming presidential primary and general elections, which concerned 67% of respondents; rising commodity prices, 63%; inflation, 57%; real estate market, 53%; the economy’s effect on the ability to meet financial goals, 53%; unemployment rates, 46%; and rising interest rates, 38%.
Paying for the rising cost of health care also is weighing heavily on the minds of affluent Americans, the survey showed, with 70% rating it as a top concern, including caring for aging parents and providing them with financial assistance. Just 47% of survey respondents 65 and older were able to correctly identify costs that Medicare Part A covers.