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.

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