Nonretired affluent investors are sitting in the catbird seat when it comes to saving for retirement.
According to the 2015 Wells Fargo Affluent Investor Survey, 74 percent of them are currently able to meet their retirement savings goals, and as a result they’re feeling pretty good about thingS. Meanwhile, 92 percent say they feel very or somewhat confident that they’ll have enough money to live the lifestyle they want throughout their retirement, or that they’ll have enough money to last through their retirement.
That doesn’t mean they’re feeling in control of everything, though. When it comes to market turbulence, 39 percent don’t trust their own money managing abilities. The number is even higher for women—49 percent lack confidence in their ability to weather market storms. Men, perhaps unsurprisingly, are more confident; just 33 percent doubt themselves in times of market troubles.
Nonretired affluent investors, overall, expect to need a median of $1.2 million and have saved $750,000. The nonretired affluent who have saved amounts ranging from $250,000–$1 million in investable assets expect that they’re going to need a median of $1 million during retirement and have saved $500,000, while the nonretired high-net-worth with over $1 million in investable assets expect to need a median of $2 million and have saved $1.9 million.
With all that money saved, it’s only natural that they might be thinking about what they might leave as an inheritance. And 57 percent of affluent investors say it’s important to them to do so, while 71 percent say they’ve taken steps to make the money transition to their heirs a smooth one.
But one out of five (21 percent) say the kids are just going to have to fend for themselves, because they’re going to need their money to live on during retirement.