At least, that is what a recent Merrill Lynch survey (September 13 –October 7) found. Affluent Americans — those with more than $250,000 in investable assets — are feeling more confident about their finances than they did a year ago:
• 41% of affluent Americans feel financially better off today than they did one year ago;
• More than three out of four (78%) are confident that their financial picture will improve in the year ahead.
• 61% expect to retire later than originally planned, an increase from 29% in January 2010
During the last year, one in five (20%) affluent Americans indicated having to tap into their long-term savings/investments to meet short-term needs:
-35% Cover regular monthly expenses
-27% Pay off excess debt
-19% Compensate for a loss in income within the family
Top financial concerns continue to be the rising costs of health care and whether retirement assets will last throughout their lifetime; while concern about caring for aging parents is also on the rise:
-Rising Health Care Costs and Expenses
-Ensuring Retirement Assets Will Last Throughout Their Lifetime
-Being Able to Afford the Lifestyle They Want in Retirement
-Impact of the Economy on Their Ability to Meet Financial Goals
-Current State of the Real Estate Market
-Caring for an Aging Parent
Younger affluent individuals age 18 –34 (mean age 31) are more concerned than other segments of the affluent population about many financial issues:
Source: Phone survey conducted by Braun Research from September 13 –October 7
Originally published at The Big Picture and reproduced here with permission.
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