RetirementWhen it comes to retirement, apparently even the well-to-do are wallowing in anxiety. A new survey of the affluent from Wells Fargo & Co. (WFC) revealed that the wealthy are losing sleep over their lack of preparation for the good old days down the road, much like the less monied crowd.

"It's surprising that fears and concerns about retirement can be felt along the income spectrum," says Karen Wimbish, director of Retail Retirement at Wells Fargo.

Don't feel like you're the only who needs to spend more time in discount and dollar stores. Of those surveyed, 37% say that they will need to significantly cut back their spending to save for retirement, including nearly half of those with $100,000 to $250,000 in investable assets.

What's the biggest fear? It's that they "will do all the right things today and it still won't be enough for tomorrow," say 40%. Nearly 10% fear that they "will have undersaved and won't recover."

Even a third of those who have a written plan say that they are not confident that they will have saved enough.

According to the survey, the golden years will get further and further away. Of those with assets, 19% of people with $100,000 to $250,000 feel that they will need to work until "at least 80"--not vastly different than the 25% of middle class people who said the same thing. Among all the affluent surveyed, 12% say that they will work until 80.

There are gender differences too. Twice as many affluent women think they'll need to work until 80 in order to retire comfortably (18% of women compared to 8% of men). Women are also more likely to expect that they won't be able to leave an inheritance (35% versus 26%). This expectation was most prevalent among people in their 50s (38%).

Are you on track for meeting your retirement saving goals?
I am well on my way.2528 (46.4%)
I am a little behind.1391 (25.5%)
I was saving but stopped because of the economy.1045 (19.2%)
I haven't thought about saving for retirement.304 (5.6%)
I will start saving next year.185 (3.4%)
While most everybody is worried about having enough for retirement, the survey does reveal some significant differences between the wealthy and middle class.

Among the affluent, 54% have a written plan, compared with 30% of the middle class. But those plans aren't worth bragging about. Almost a third didn't have details, like how much savings would be withdrawn, average life expectancy, and how long savings will need to last, or a budget for retirement. However, nearly 60% of the affluent plan to work in their retirement years, while 74% of the middle class say that they will. It's notable too that 39% of the affluent will work in retirement because they want to rather than out of financial need.

What's the takeaway? Instead of stewing in insecurity, step up your game. Getting started doesn't have to be hard. Says Wimbish, "Speak with a financial adviser. Start with having a plan which asks the right questions. Save from your 401(k) or any other employer-based program. Reduce debt."




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laellie3

More Fox Noise rhetoric! Such a joke. If Obama was a republican-teabagger, they would be worshiping him to the sky. Such a bunch of hypocrites and liars. How do they sleep at night? I guess they're too busy thinking up the next set of lies they plan to perpetrate on the unsuspecting, brain-washed public. TIME'S UP! The American people are starting to see the light, and that's a good thing for the Democrats. Reelect President Obama for a saner, smarter, more compassionate, fairer and just system of governance, AND for people over profit. The vicious and foul-mouth hatred, on this site, of one of the best (if not the best) president this country has had, only goes to show the rest of the world how horribly "scrooged" up the GOP Greedy One Percent is. Nasty, hateful, and totally living in the 1800s, where they want to take this country back to. BUT NEVER WILL! Vote for every Democrat to insure a filibuster--proof majority in the House and Senate. Then watch America thrive! The alternative? Nazi Germany, and that's no joke!

December 21 2011 at 2:32 PM Report abuse rate up rate down Reply
whodo1952

When they have to choose between food, utilities or meds, they will THEN have something in common with the common man.

December 20 2011 at 8:37 AM Report abuse +1 rate up rate down Reply
svvalkyrie

I think the 1%'ers are far above 6 figure incomes, even daily.

December 20 2011 at 7:18 AM Report abuse rate up rate down Reply
walk1111

Obama said he would change this country and now we are supposed to be surprised that he is keeping his word? I am really disappointed in the voting electorate.

December 20 2011 at 5:55 AM Report abuse +2 rate up rate down Reply
walk1111

The "dc walker" guy is a Marxist gun for hire.

December 20 2011 at 5:50 AM Report abuse +3 rate up rate down Reply
cwaged1002

There are no more Defined Pension Plans and 401K's of the the working class to steal.

They just might have to give up their summer home, or the upstairs maid.

What ever shall they do?

Hopefully the GOP will win in Nov. and hand Social Security contributions over to Wall Street.

December 20 2011 at 3:18 AM Report abuse -2 rate up rate down Reply
rolavine

Ahh, an ad as business news, tacky as a velvet Elvis.

December 20 2011 at 1:37 AM Report abuse rate up rate down Reply
steblawar

Wow, I'm confused. "Of those with assets ($100-250,000 investable, meaning excluding home) ..." -- it doesn't seem to me can be considered in the "one percent". If so, I'm in the "one percent" (barely) and I've never made over $42,000 a year in my working life.'Course I've always avoided needless debt, have a modest home, older car, and not many of the lasest bell and whistle gadgets. I'd say the "one percent" would be people making over $250,000 a year, whether they piss it away as fast as they get it, or invest it for giant "nest egg". Point being, this article I don't believe is actually about the "one percent" feeling retirement anxiety, except for the small few that have maybe pissed it all away as fast as they earned it.

December 20 2011 at 1:16 AM Report abuse +2 rate up rate down Reply
democracks0

DEBBIE WASSERMAN SCHULTZ WAS ON CNN TONIGHT TRYING TO BLAME THE FAILURES OF THE OBAMA ADMINISTRATION ON THE REPUBLICANS. AS USUAL SHE WAS MISLEADING AND MADE A FOOL OUT OF HERSELF.

OBAMASAFIASCO

December 19 2011 at 11:20 PM Report abuse -1 rate up rate down Reply
pvigilante

The one percent doesn't have to worry about retirement, its survival they have to be worried about. Obama is gonna take everything they have. Cause he is that kind of a jerk.

December 19 2011 at 11:18 PM Report abuse +2 rate up rate down Reply
1 reply to pvigilante's comment
democracks0

OBAMASAFAILURE

December 19 2011 at 11:21 PM Report abuse +1 rate up rate down Reply