Less than 20 percent of retirees believe that money can buy happiness, according to our survey, yet 87 percent characterize the rich as enjoing greater security. Younger investors are more prone to see the wealthy as happier, and are less focused than their older peers on the security side of wealth. More than one-third of adults ages 40 and younger agree with the statement, "Money can buy happiness." Less than three-fourths (72 percent) would describe rich Americans as more secure than most.
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Financial security may be top-of-mind for retirees – even those with a high net worth – because older Americans perceive several major threats to their financial well being, according to our research. Health care costs – including the financial consequences of a family health catastrophe – pose the greatest threat to retirement security, according to a December survey from Spectrem’s Millionaire Corner.
Retirees also fear changes to the Medicare and Social Security programs, inflation and taxes, according to our research.
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By GlobalData
