Confidence is surging for some of the wealthiest retirement-aged clients, prompting bold investments in stocks, a recent survey finds.
Wealthy retirees are confident about their savings plans and are increasing their exposure to equities, according to “Retiring old clichés
,” a report released in late July by wirehouse UBS. Eighty-nine percent of wealthy pre-retirees say they will have enough money saved for retirement, reports UBS, and 84% of retirees plan to keep their assets growing over time.
In today’s low interest-rate environment, equities provide the best returns, respondents say.
“People are living longer and know they’re living longer,” says Sameer Aurora, head of client strategy at UBS Wealth Management Americas. “They’re planning for a retirement that could last 30 years.”
This comfort with stocks runs counter to the longstanding tradition of reducing equities with age, points out UBS.
For its survey, the wirehouse polled more than 2,000 retirees and pre-retirees, each with more than $1 million in investable assets.
Click through the slideshow to see how retirement, and retirement planning, is changing for wealthy individuals.