U.S. Trust Surveys High Net Worth Individuals About Healthcare & Retirement

Family health was recently discovered as a danger to a family’s wealth. Health care not covered by insurance combined with financially supporting extended family has presented financial problems not typically addressed in financial planning. A survey conducted by U.S. Trust on high net worth individuals indicates only 18% have accounts for long-term health care costs for their parents. While roughly 63% claimed they felt responsible for supporting their parents financially.

The survey also showed that affluent people felt secure with their wealth and have shifted their financial priorities to asset growth. However, they are still risk averse. As a result, the low risk taking outweighs the goal of asset growth creating a divide between the strategic planning and the goal. The survey showed 88% of wealthy people feel financially stable and secure. The financial security extends to retirement because 62% of the wealthy people surveyed believe they have calculated enough for retirement.Despite this belief, there is still 75% of the respondents that did not factor the increases or possible decreases on their real estate, an important factor to consider when planning for retirement.

See High Net Worth Investors Refocus On Growth But Overlook Family, Health and Retirement Risks, Finds U.S. Trust 2013 Insights On Wealth And Worth, Yahoo Finance, May 21, 2013.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.