High-Net-Worth Individuals Need to Save More for Retirement
By A new survey from Natixis Investment Managers reveals that 35% of millionaires believe that it will take a “miracle” to achieve a secure retirement.[0] The survey, which included 8,500 individual investors, of which 1,617 held $1 million or more in investable assets, also found that 58% of high-net-worth individuals expect they will have to continue working longer, and 36% think retirement may never be a viable option.[1]
A separate survey from Northwestern Mutual found that Americans now expect they will need $1.25 million to retire comfortably, up 20% from a year earlier.[2] 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%.
Even though high-net-worth individuals report that they’ve accumulated more than four times the median assets of the overall survey population, their median retirement savings are only about two-and-a-half times higher than the survey median of $250,000. This data highlights the need for individuals to save more and plan ahead to ensure they have enough money to retire.
0. “35% of millionaires say retirement is ‘going to take a miracle,' report finds” msnNOW, 6 Feb. 2023, https://www.msn.com/en-us/money/markets/35percent-of-millionaires-say-retirement-is-going-to-take-a-miracle-report-finds/ar-AA17aBaa
1. “35% of millionaires say retiring securely will take ‘miracle'” Fox Business, 6 Feb. 2023, https://www.foxbusiness.com/personal-finance/35-millionaires-say-retiring-securely-will-take-miracle
2. “35% of Millionaires Say It Will ‘Take a Miracle' to Retire” Newsmax, 6 Feb. 2023, https://www.newsmax.com/finance/streettalk/retirement-savings-investing-outlook/2023/02/06/id/1107457/
