Saving more money for retirement is a frequent New Year’s resolution for people of all economic levels, and a large portion of millionaires are pledging to do just that in 2016, according to a survey by deVere Group released Tuesday.
Saving more money for retirement is the top goal for next year for 41 percent of the 655 people with at least $1.5 million in investable assets who were surveyed by deVere, an international independent financial services organization.
Possibly because of the volatility experienced in 2015, another 27 percent say their top goal is to review their portfolios more often.
Also, 23 percent say their main goal is to build up funds to leave to their beneficiaries. The remaining 9 percent responded with a mix of resolutions.
“Against a concerning backdrop of dangerously large company pension deficits, low interest rates, the demographic pressures of an aging population leading to the scrapping or reduction of some age-related benefits and public services and soaring medical care costs, even the richest people in society are now worried about not having accumulated enough money to last throughout their retirement,” says Nigel Green, deVere CEO and founder.
“If this section of society is concerned about such matters, it should be a red flag to middle- and lower-income earners to ensure they are also saving enough for their mature years,” he adds.