--- title: Even Millionaires Are Afraid They'll Outlive Their Retirement Savings description: Even millionaires are worried they'll outlive their savings, highlighting how common it is to feel uncertain about your retirement plans. authors: - name: Brenden Rearick role: Reporter url: https://money.com/author/brenden-rearick/ bio: Brenden Rearick is a former reporter at Money who specialized in covering breaking news and enterprise stories about credit cards, real estate, investing, and personal finance trends. education: University of Pittsburgh, BA at_money_since: 2023 articles: 133 covers: - Retirement - Banking - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Housing - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes - Technology former_staff: true editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2023-09-13T14:26:20.000Z' modified: '2023-10-10T14:58:58.000Z' section: Retirement tags: - News word_count: 437 canonical: https://money.com/millionaires-outlive-retirement-savings/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo-illustration of a man with a money puzzle for a face.](https://img.money.com/2023/09/News-Millionaires-Worried-Retirement-Savings.jpg) Wealthy Americans' attitudes toward their personal finances are often different from those of working-class people. But when it comes to retirement, it turns out these demographics are thinking similarly: Everyone's concerned about stashing away enough money for their post-work lives. Recent [data](https://news.northwesternmutual.com/planning-and-progress-study-2023) from financial services company Northwestern Mutual shows that even millionaires are worried that they won't have enough saved to make it through retirement, highlighting just how common it is for people to feel uncertain about their retirement plans and the options they have to reach their goals. ## Put a gold-backed IRA into your golden years ### Gold IRAs are similar to traditional retirement accounts, but they are backed by investments in gold and other precious metals, such as silver, platinum, and palladium. To get started, click on your state. [Invest in Gold](https://money.com/pr/g648fe360239?ap_referrer=%2Fmillionaires-outlive-retirement-savings%2F) ## What the data says Northwestern Mutual's survey of roughly 2,700 American adults reveals that high-net-worth individuals are struggling with retirement anxiety much like those on the other end of the spectrum. Of respondents with over $1 million in investable assets, 47% said they think they need to improve their financial planning. One-third of these respondents said they believe they could outlive their retirement savings. This might come as a surprise, especially as the millionaires surveyed were quick to identify themselves as regimented investors; 42% said they are "highly disciplined planners," knowing their goals and anticipating the possibility of future ups and downs, versus 20% of the general population who said the same. It is worth noting, however, that wealthier individuals have higher expectations for their savings: While the average American thinks they need about [$1.2 million to retire comfortably](https://money.com/how-much-money-retire-comfortably/), millionaires predict they'll need $3 million. ## What it means That even higher-net-worth individuals worry about not meeting their retirement goals gives credence to the [concerns](https://money.com/retirement-confidence-plunging-inflation/) shared by lots of everyday Americans. Overall, the report shows that 43% of people fear outliving their savings. Several current macroeconomic factors have a hand in these worries, according to Northwestern Mutual. Some 4 in 10 Americans said they can envision a future when Social Security no longer exists — a safety net that respondents hope will deliver 28% of their entire retirement funding. These predictions may be driven by a widespread fear, and calculations, that [Social Security payouts](https://money.com/americans-believe-social-security-going-away/) will be severely hampered when the administration's funding runs dry in 2034. Short-term roadblocks are also eating away at Americans' retirement confidence. During a year punctuated by high inflation and recession fears, people have been gearing their financial plans around the possibility of more economic volatility to come. The Northwestern Mutual poll shows that half of Americans, millionaires included, are ramping up their savings to address future uncertainty. ![](https://s3.consumersadvocate.org/prd/image/image/19305/medium_414558a1-29d4-465e-b5d1-921febc39ed2.png) American Hartford Gold can help you take control of your financial future [Invest in Gold](https://money.com/pr/cdf8db27d320?ap_referrer=%2Fmillionaires-outlive-retirement-savings%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/millionaires-outlive-retirement-savings/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/retirement/" }, { "@type": "ListItem", "position": 3, "name": "Retirement Planning", "item": "https://money.com/retirement-planning/" }, { "@type": "ListItem", "position": 4, "name": "Even Millionaires Are Afraid They'll Outlive Their Retirement Savings" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/millionaires-outlive-retirement-savings/#webpage", "url": "https://money.com/millionaires-outlive-retirement-savings/", "name": "Even Millionaires Are Afraid They'll Outlive Their Retirement Savings", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-09-13T14:26:20.000Z", "mainEntity": { "@id": "https://money.com/millionaires-outlive-retirement-savings/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/millionaires-outlive-retirement-savings/#breadcrumb" }, "dateModified": "2023-10-10T14:58:58.000Z" }, { "@type": "NewsArticle", "headline": "Even Millionaires Are Afraid They'll Outlive Their Retirement Savings", "articleSection": "Retirement", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/09/News-Millionaires-Worried-Retirement-Savings.jpg", "width": 2880, "height": 1920, "caption": "News-Millionaires-Worried-Retirement-Savings" } ], "author": [ { "@type": "Person", "name": "Brenden Rearick", "url": "https://money.com/author/brenden-rearick/", "@id": "https://money.com/author/brenden-rearick/#author", "description": "Brenden Rearick is a former reporter at Money who specialized in covering breaking news and enterprise stories about credit cards, real estate, investing, and personal finance trends.\r\n\r\n", "email": "brenden.rearick@money.com", "alumniOf": "University of Pittsburgh, BA" } ], "publisher": "https://money.com/#organization", "datePublished": "2023-09-13T14:26:20.000Z", "description": "Even millionaires are worried they'll outlive their savings, highlighting how common it is to feel uncertain about your retirement plans.", "abstract": "Even millionaires are worried they'll outlive their savings, highlighting how common it is to feel uncertain about your retirement plans.", "@id": "https://money.com/millionaires-outlive-retirement-savings/", "inLanguage": "en-US", "dateModified": "2023-10-10T14:58:58.000Z", "editor": [ { "@type": "Person", "name": "Julia Glum", "url": "https://money.com/author/julia-glum/", "@id": "https://money.com/author/julia-glum/#author", "description": "Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. 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