Sixty-one percent of affluent individuals surveyed this fall by Bank of America Merrill Lynch expect to retire later than expected, up from 29% in January.
Despite that, 78% believe their financial picture is better than a year ago, according to the survey of 1,000 affluent Americans — those with investible assets in excess of $250,000 — conducted Sept. 13-Oct. 7.
One in five affluent Americans tapped into their long-term savings and investments over the last year in order to meet their immediate financial needs, according to a news release detailing the survey’s findings. Of those 20%, 35% dipped into savings to cover regular monthly expenses, 27% paid down debt and 19% compensated for a loss of family income.
“The last couple of years have been a roller coaster for many investors as they navigated through the recession and markets. While they believe the future may be getting brighter, many still struggle with the financial tug of war between near-term demands and future goals,” Sallie Krawcheck, president of Bank of America Global Wealth and Investment Management, said in the news release about the survey results.