When it comes to retiring comfortably, even millionaires now say a million dollars isn’t enough.

Thanks to inflation and a volatile stock market, almost six in 10 wealthy people (58%) now say they accept the fact that they may have to work longer than they planned, according to the new study, “The Million Dollar Question,” released today by Natixis Investment Managers.

High-net-worth individuals say that, on average, their plan is to retire at age 63. But some 44% are worried they won’t be able to work as long as they might need to if they want to put off tapping retirement investments, the study found.

“Even high-net-worth individuals with $1 million or more in investable assets are worried about their ability to retire comfortably,” Natixis said. “This year’s market shocks and accompanying portfolio losses make it that much worse.” (The S&P 500 has fallen as much as 25% from its peak earlier this year.)

Those hoping to retire need a new playbook, including education, planning, tools and policy to meet the retirement crisis,” said Liana Magner, an executive vice president at Natixis responsible for its retirement and institutional business in the U.S.

“A decade of historically low rates impeded investors’ ability to annuitize assets, leaving many retirees with a less-than-ideal income,” she said. “It’s true that the overall level is still low from a historical perspective, but rates are now rising on higher government debt. Together with persistent fears of a global recession, we’re seeing new risks emerge.”

She noted that while the impact of inflation and low rates could soften, rising healthcare costs could continue to be a separate drain on retirement assets.

The overwhelming majority of those surveyed, 65%, acknowledge that healthcare costs and long-term-care costs like nursing care will have a big impact on financial security in retirement. 

The standard rule for retirement drawdowns has long called for the withdrawal of 4% of assets for income in a person’s first year of retirement, with the rate of inflation added to that 4% each year thereafter. But that rule may no longer be a safe bet for adequate income and the preservation of assets for a lifetime, the Natixis study noted, especially as inflation continues to grow and stock market declines wreak havoc.

“A million may seem like a lot, but many people are surprised when they do the math and realize that 4% of $1 million is only $40,000 yearly,” said Dave Goodsell, executive director of Natixis’s Center for Investor Insight.

When coupled with rising interest rates, inflation poses a problem for retirees and savers alike. As a result, some 42% are so worried about their retirement security that they avoid thinking about it at all.

But that presents a silver lining for financial advisors, who can assist investors feeling paralyzed about their retirement planning.

A 4% withdrawal “may be quite a bit less than these individuals are likely used to living on annually,” Goodsell added. “This underscores why it’s so important to work out all the assumptions and do the math early when making plans—and why professional advice is necessary.”

Longstanding investment principles for asset allocation may also suffer amid the current drama. The old standby, a portfolio of 60% stocks and 40% bonds, has come under the microscope, since the ratio doesn't account for heightened and emerging risks to the equity portion of portfolios or the low-rate environment, which can hurt bonds, Natixis said.

“Even as rates go up, it will still take time for them to reach a comfortable level for generating a consistent income for retirees,” the study said. “In the meantime, more than half (58%) of high-net-worth respondents recognize that low rates will make it difficult to generate an income off their savings.

“Investors would likely do better to diversify their holdings in consultation with a trusted financial advisor.”

Natixis found that the “three-legged stool” of retirement funding—Social Security, employment benefits and individual savings—may also require rejiggering in the current reality. There are still questions about the long-term viability of Social Security and rising public debt, yet 31% of respondents believe it will be difficult to make ends meet without Social Security benefits, Natixis found.