Despite 70% of Millionaires Using a Financial Planner, One-Third May Outlive Savings — Here’s Why

Despite 70% of Millionaires Using a Financial Planner, One-Third May Outlive Savings — Here’s Why

Vance Cariaga  Wed, September 13, 2023

Having net assets of $1 million or more doesn’t carry the same aura of extreme wealth that it used to, but it’s still a pretty tidy sum of money — especially considering that the average retirement savings in the United States is less than $90,000. Even so, a significant percentage of millionaires worry that the wealth they’ve built up won’t be enough to last their lifetimes, according to a report from Northwestern Mutual.

Northwestern’s 2023 Planning & Progress Study, based on a poll of 2,740 U.S. adults, found that one-third of millionaires surveyed think it’s possible they could outlive their savings. In this case, “millionaire” means you have more than $1 million in investable assets.

Nearly half of millionaires (47%) say their financial planning still needs improvement. That’s the case even though 42% consider themselves “highly disciplined” planners, which is more than twice the percentage of the general population.

Odder still, 70% of wealthy Americans work with a professional financial advisor — and yet one-third still worry about running out of money in retirement.

Wealthy Americans May Not Be Convinced They’ve Got the Right Financial Planner On Board

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https://finance.yahoo.com/news/despite-70-millionaires-using-financial-192517792.html