It used to be the trigger for retirement. And for many investors, age is still important. But most wealthy investors are focused on achieving financial well-being before they retire.
Wealthy investors on the cusp of retirement are set on reaching a specific savings goal. Whatever their individual target may be, the vast majority of these wealthy Baby Boomers are highly confident they will have enough saved for retirement.
After they retire, however, many wealthy investors don’t take a conservative approach with their portfolios. They often have Social Security, pension and dividend income to cover everyday liquidity needs, freeing them to focus on longevity and legacy goals.
In fact, 84% of wealthy retirees plan to grow their assets regardless of age. For this reason, they are comfortable maintaining, and in some cases increasing, their equity exposure in retirement.
Interestingly, financial security is only part of the retirement calculus for wealthy investors. Even with money in the bank, the prospect of leaving colleagues, filling the hours and losing purpose keeps many wealthy Boomers working. Based on the experience of retirees, however, their anxiety is unfounded. The vast majority of wealthy investors are happier in retirement than they have ever been.
If Boomers pondering retirement can make the leap, they may be happier for it.