Some millionaires appear to be anxious about retiring securely.
Among people holding $1 million or more in investable assets, slightly over a third, 35%, said retiring securely will take a “miracle,” according to a survey from Natixis Investment Managers. In comparison, 40% of investors overall said as much.
The survey also found that 58% of millionaires said they “accept they’ll have to work longer than planned” while 44% said they “worry they may not be able to keep working as long as they’d like.”
The age many millionaires surveyed aimed to retire at was 63, according to Natixis.
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Meanwhile, the percentage of high-net-worth individuals with a fear that retirement might not even be on the table was 36%. Some millionaires, 42%, reported completely avoiding thinking about retirement security due to anxiety surrounding it.
Seventy-five percent of millionaires “believe that high levels of public debt will result in lower payments from public benefits in the future,” the survey found. That figure comes as 38% indicated making ends meet would be challenging without such benefits.
Other issues that weighed on high-net-worth individuals in connection to retirement included inflation and market turbulence, with nearly 70% saying the former posed a threat and 56% saying the latter.
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Inflation, while still painfully high, offered some signs of cooling in December, as previously reported by FOX Business. The Consumer Price Index went down 0.1% month-over-month but rose 6.5% year-over-year, consumer price index data released by the Labor Department in mid-January showed.
Additionally, the Natixis survey found that for high-net-worth individuals, the median reported for retirement savings was $625,000 and the average retirement savings rate was 19.4%. Those figures were respectively about 150% and 2.8% higher than the total group of investors surveyed.
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The survey said over three-quarters of high-net-worth individuals said their retirements will be “financially secure.”
It involved 8,550 people in two dozen countries and took place from March to April 2021. Of the 8,550 people surveyed, over 1,600 had $1 million or more of assets.