High-net-worth people, like everyone else, underestimate their longevity, rising costs in retirement and the emotional impact of their lifestyle changes.
Retirement is about so much more than money. If wealth were enough, affluent people would have no issues transitioning into their retirement years. But talk to high-net-worth people, and they’ll tell you a different story.
We at Northwestern Mutual did just that in a research study of wealthy Americans. We found they share a pair of blind spots when it comes to retirement planning. Recognizing and getting ahead of these blind spots early could mean the difference between exhilaration and anxiety in retirement.
More important, the retirement challenges that wealthy people face aren’t unique to them. Here’s the key point: Money alone won’t spare you from retirement blind spots.
Written By: Aditi Javeri Gokhale
Published By: www.kiplinger.com