We all know there’s a retirement crisis and that wealthy people have 200 times more in retirement savings than those who aren’t so well off. But fears about retirement?

Yes, even the rich have those—so maybe they’re not so different from the rest of Americans preoccupied with worries about having enough money to see them through.

Oh, wait—not that sort of fear.

While Voya Financial points out that 59 percent of working Americans are very or extremely concerned about outliving their retirement savings, and 74 percent haven’t even tried to figure out how much they’ll need each month in retirement, both Voya and U.S. Bank report that retirees will need 70–80 percent of their current annual income to continue their current lifestyle in retirement.

But according to UBS Wealth Management, 45 percent of wealthy preretirees have a retirement savings target between $1–$3 million, while approximately 91 percent believe they have the financial tools and knowledge necessary for a comfortable retirement and 89 percent say they are confident they will have enough money saved.

In addition, 74 percent believe they know how long their savings will last once they retire.

Instead, wealthy workers have other concerns that, while they may be shared to an extent by those with smaller retirement account balances, certainly don’t rank for the less-well-off among their top 10 worries.

Instead, they have more to do with the careers they’ll leave behind when they do retire—and the parts those careers play in their lives.

The Street reports on a UBS Wealth Management survey that finds the fears of the wealthy thus: While even they do not always feel so secure in their financial status, despite high-paying jobs and solid retirement savings caches, their concerns are more focused about what they’ll do in retirement.

Poorer workers may regret that they failed to start saving sooner or didn’t save enough during their careers, or worry that they’ll be unable to retire in the first place, those aren’t the potential woes on the minds of the well off.

But while the wealthy have different fears, it’s a wonderful thing what money can do about them. According to the report, half of wealthy retirees “took no time at all to adjust to retired life. Another third took less than a year. A full 84 percent of wealthy retirees say they are happier than at any point in their lives. If wealthy retirees had the chance to do it over again, only 19 percent would have delayed their retirement.” Imagine that!

In addition, 90 percent of wealthy investors are very satisfied with how life is playing out for them in their sixties and seventies—as they should be, since they’re still healthy and financially stable.

Says the report, “That’s higher than investors in any other age group, including those in their thirties (68 percent satisfied) and forties (83 percent satisfied).”

In fact, according to the report, one wealthy retiree told UBS retirement was like being young again, “but with money and no curfew.”

As a result, even if wealthy workers still have nightmares about retirement, it adds, “actual retirement wakes them out of it pretty quickly.”

“Based on the experience of current retirees, wealthy preretirees can lay their fears to rest,” Sameer Aurora, head of client insights for UBS Wealth Management, says in the report. “Most investors are happier in retirement than they have ever been.”

Well, never mind happy; it’s Halloween. Let’s look at the scary stuff. Here are eight things that scare the rich about retirement:



8. Loss of stability.


Yes, that’s right, the wealthy fear the loss of the “comforting” stability of their work schedule—in fact, 68 percent of wealthy workers (those with more than $1 million in investable assets) said they’d miss that even more than they’d miss their salaries.

7. Adjusting to retired life.


Well, as we’ve already seen, that proves not to be a problem at all for most wealthy workers, despite the fact that 59 percent of them are afraid of it. Where’s the challenge in that?


6. Leaving colleagues behind.


The camaraderie at work is apparently a real draw for wealthy workers, many of whom (68 percent, in fact) save their regrets for not having spent more time with their families and/or making mistakes with the relationships they have (or maybe not) with spouses and kids.

But 57 percent say they fear cutting those ties with soon-to-be-former colleagues, with whom they’ve obviously developed tight relationships.

5. Initial shock.


Like a plunge into a cold mountain stream, perhaps? Oh, no, more likely into the surf at some warm Caribbean beach. But 39 percent of wealthy workers are afraid of the shock caused by not having to get up and trudge to the office every day.


4. Losing a sense of purpose.


Thirty-six percent of wealthy workers fear that they’ll have no sense of purpose once they leave the job behind. Obviously, someone at some point should have said to them, “Get a life!”

That said, it is a recognized phenomenon that too many people devote so much of their enthusiasm to the job that many actually die a short time after retirement.

3. Filling those newly idle hours.


They may have been busy on the job, but 34 percent of wealthy workers are afraid they won’t be able to figure out what to do with all that free time they’re going to have in retirement. If they simply consider how much imagination and energy they devote to the job each day, surely they can come up with something to do.

“Baby boomers have been known for ‘living to work,’ having been focused on their careers for so many years,” Paula Polito, client strategy officer of UBS Wealth Management Americas, is quoted saying in the report. Polito adds, “Now, as many of them look toward retirement, they need to start ‘working on living,’ figuring out how they will fill their time and find their purpose once they leave the workforce.”


2. Getting sick


Now we hit on a fear that has a halfway decent chance of coming to pass—as aging takes its toll on the body. In fact, 73 percent of wealthy workers are afraid of getting sick, and that certainly would exact a price from any other retirement activities they may have planned or considered.

1. Not having anyone to take care of them.


Forty-seven percent of wealthy workers are afraid that should they fall ill during retirement, there will be no one to care for them. For women, this is a more likely scenario, since they have longer life expectancies than men do and are more likely to end up single in retirement.