Wealthier Investors Cannot Escape Retirement Health Cost Concerns
Seventy-seven percent of U.S. wealthy investors say health is more important than wealth, and 57% are worried their health will deteriorate in the next 10 years.
Sixty-nine percent of high-net-worth (HNW) investors in the U.S. worry about how they will cover health care costs in their later years, as longevity continues to expand, UBS found in a survey. This compares to 52% of HNW investors around the world who share the same view.
Nonetheless, globally, 92% of these HNW investors believe that their wealth has helped them live a healthier life. The figure is only just slightly lower, 91%, in the U.S. UBS says that for investors with more than $10 million, their health care costs will be four times higher than those with fewer assets. This is because they spend more on preventive services.
Across the globe, 53% of wealthy investors believe they will live to be 100. In the U.S., 49% of these investors would like to live that long, but only 30% expect to.
Fifty-two percent of wealthy investors in the U.S. believe that working longer is good for their health; around the world, this figure is 77%.
Due to longevity, 75% of U.S. wealthy investors plan to make financial changes. Around the world, this figure is 91%. Seventy-seven percent of U.S. wealthy investors say health is more important than wealth, and 57% are worried their health will deteriorate in the next 10 years.
The average wealthy U.S. investor would sacrifice 27% of their wealth to live an extra 10 years of healthy life. Seventy-one percent of wealthy Americans would rather live one year longer and leave a smaller inheritance. Fifty-six percent would like to live as long as they are mentally capable, even if their physical health deteriorates. By comparison, 29% would like to live longer if physically but not mentally capable.
These findings are based on a survey of nearly 5,500 HNW individuals that UBS conducted in 10 markets around the globe.