It turns out millionaires worry about retirement just like the rest of us.
A third of wealthy Americans think it’s possible they could outlive their savings, according to the new survey from Northwestern Mutual, while around half say their financial planning needs improvement.
The study, which spotlights the mindset of the wealthy as they navigate retirement planning, underscores how all Americans need to come up with a long-term financial plan, no matter how affluent they may be.
"You could have $20 million and spend all your money. You could be a school teacher and have a pension and be 100% set," said Chris Collins, wealth management adviser at Collins Financial, a Northwestern Mutual Private Client Group firm. "Whether you're low income, middle income, high net worth or not, you need to have a well thought out financial plan."
Read more: What is compound interest, and how is it calculated?
Conducted online between Feb. 13 and March 2, the Harris Poll led the study on behalf of Northwestern Mutual and surveyed 2,740 individuals with oversamples of Gen Z and high net worth individuals with total household investable assets greater than $1 million.
The study demonstrates high levels of discipline among the wealthy compared to the general population. For instance, 42% of wealthy Americans considered themselves "highly disciplined planners who know their exact goals, have developed specific plans to meet them, and rarely deviate from those plans," while only 20% of the general population say the same, according to the study.
The study also finds that 70% of wealthy Americans have financial advisers, close to double the amount of the general population. Another 84% of wealthy people say they have a long-term financial plan that factors for up and down economic cycles. That’s compared to just over half of the general population.
"Wealthier people also have lives where they value experts' time and advice over trying to figure things out for themselves," said Catherine Valega from Green Bee Advisory. "While most would pay for a tooth Doctor (aka Dentist), not everyone feels the same way for paying for a money Doctor (aka, financial planner). But they should."
She added: "Smart people take the time and value resources to help them plan and protect for their future."
Still, despite their financial discipline, wealthy Americans also express insecurity about their retirement plans. According to the study, wealthy Americans said that if they were seeking a change, they would select one who could "offer more comprehensive financial guidance than their current adviser." Over 30% "would switch to someone who has a better understanding of their life stage and priorities."