Here's What Wealthy Retirees Fear the Most

Here's What Wealthy Retirees Fear the Most

Though some Americans enter retirement woefully unprepared, many folks do manage to save a decent chunk of cash during their working years. As my colleague Matthew Frankel reported last year, the median retirement savings amount among Americans in their 60s is $172,000. And while that no doubt implies that numerous near-retirees have considerably less than that amount, it means that a fair percentage of workers also have more. And those are the people who are less likely to be financially stressed in retirement -- or so you'd think.

In a recently released study by UBS Wealth Management, 73% of wealthy seniors with $1 million or more in assets say getting sick is their greatest retirement-related fear. Furthermore, over half of wealthy retirees feel insecure in their long-term care planning. And given the cost of healthcare in retirement, their concerns are by no means unfounded.

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Source: Fool.com