One would think that wealthy people who retire are set for a long and happy retirement. But because many of them invest their nest eggs too conservatively, even they could be ill-prepared for a retirement that could last as long as 30 years, Reuters reports, citing  survey by Opinion Research.

Thirty-eight percent of the 500 high-net-worth people in their 60s said they would invest more conservatively during retirement, and only 29% are invested in stocks or equity funds. The study also found that many wealthy Americans are prone to decrease their savings through generous gifts to their children, with 43% saying they plan to help them with down payments on a house.

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