Survey: Retirement Funds Are Wealthy Investors' No. 1 Concern for 2014

Thursday, 02 Jan 2014 06:44 AM

By Dan Weil

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Building retirement funds represents the top priority for wealthy investors in 2014, according to a survey conducted by global investment adviser deVere Group.

Of the 547 deVere clients who responded to the poll, 38 percent said their top financial New Year's resolution is to build their retirement investments.

In second place, 22 percent listed their top priority as providing more financial support for their families and 20 percent cited diversifying their investment portfolios to include riskier assets.

Editor’s Note:
Obama’s Budget Takes Aim at Retired Americans

The survey polled deVere clients around the world aged 25 to 75 with an investment portfolio of at least 1 million British pounds ($1.65 million).

"The poll highlights that even society’s wealthier people are concerned about being able to fund the lifestyle they desire throughout their retirement," deVere Group CEO Nigel Green said in a statement.

"Their worries are fuelled by soaring living costs, low interest rates and the possibility of high, long-term medical and/or care bills in the future."

Green thinks people are right to worry about retirement investing. "The money we accumulate will have to last longer than ever before, [so] it is prudent that putting more aside to fund retirement is the No. 1 resolution in 2014."

In planning for retirement, financial advisers say you shouldn't follow all the conventional wisdom. For example, it is generally recommended to hold off on claiming Social Security until age 70 if possible.

But that doesn't make sense for everyone. Claiming benefits early can lead to greater enjoyment of life during the most active golden years, financial adviser Brian Vosberg told the Chicago Tribune.

Editor’s Note: Obama’s Budget Takes Aim at Retired Americans

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