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Wealthy boomers concerned about making money last 2010-04-20 Asset preservation is a major concern among wealthy baby boomers, a new Bank of America/Merrill Lynch survey shows. The bank's latest Affluent Insights Quarterly poll, which queried 1,000 adults with more than $250,000 in investable assets, found that 73 percent of affluent boomers are worried about how long their assets will last. It was the single greatest concern for people in that age group; the No. 2 stressor was whether they'd be able to maintain their present standard of living in retirement. And healthcare reform appears to be confusing many people. Among those who are worried about healthcare, more than half - 56 percent - were concerned about factoring increasing medical costs into their retirement plans. That marked a sharp increase from Merrill Lynch's previous survey in January, when just 40 percent of those worried about healthcare were unsure about including higher costs in their plans. But people uncertain about future medical expenses can rely on online retirement calculators for help. There's no magic formula that can determine a person's long-term needs, but calculators let users enter multiple variables and can be a major help in the planning process.  |
