The No. 1 financial fear among rich people should have you seriously concerned

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Even the richest Americans are worried about having enough for retirement.

51% of affluent investors — defined as those who have total investable assets of $500,000 or more — say they are concerned about being financially secure in retirement.

That’s according to a survey from Personal Capital in conjunction with ORC International, which asked 1,000 affluent Americans what concerns they have about financial planning.



Other major concerns among rich people? 46% are worried their portfolios are not properly tax-optimized, while 42% are concerned their portfolios won’t withstand a market downturn.

Considering that the median net worth of American families is about $80,000, rich people may not actually have as much to worry about as the rest of America. As the Financial Samurai blog put it, “Affluent investors have to be one of the most paranoid demographics around.”

That paranoia stems from watching assets get slashed during the housing crisis and dot-com bubble, according to the Financial Samurai.

The poll comes in the wake of President Donald Trump‘s latest slogan, “How’s your 401(k) doing?”

But while high-income Americans are doing just fine right now, more than half of Americans don’t even have a 401(k). High numbers of low-income workers are not saving for retirement. Only about two-thirds of private-sector workers in the U.S. have access to a 401(k) plan and even fewer actually sign up. And about one-third of Americans have no retirement savings.



401(k) participation decreases by income bracket. 81% of people who make $100,000 or more participate, while just 46.7% of people who earn less than $20,000 participate.





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