Retirement Goals Hard To Meet, Even For Wealthy

Even the richest people in the country worry they won’t have enough money in retirement, said a survey released Tuesday.

The survey of the wealthiest Americans found that nearly three-quarters of those under 50 worry inflation will erode their nest egg, and 67 percent feel they’re not saving enough to produce the level of income they would like in retirement.

“They will either need to save more or lower their expectations,” said Jeffrey S. Maurer, president and chief operation officer of United States Trust Co., which conducted the survey.

What’s keeping rich baby boomers from saving more? Paying for their children’s education and paying off home mortgages were the most frequently cited obstacles. Older affluents said current living expenses were their primary obstacle.

Most surveyed are counting on Social Security for only 5 percent of their retirement income and plan to generate more than 75 percent through their own investments. The average American currently receives a little more than 40 percent of his or her retirement income from Social Security.

Twenty-nine percent of those surveyed expect most of their retirement income to come from personal savings and investments.