7 Reasons High-Net-Worth Individuals May Outlive Their Savings

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7 Reasons the Wealthy May Outlive Their Savings

High-net-worth individuals, those with $1 million or more in liquid assets, may face unique challenges when it comes to preserving their wealth through retirement.

With longevity shifts, periods of heightened inflation and market volatility, traditional financial planning strategies could cause many to potentially outlive their savings.

Between asset management, navigating tax liabilities, mitigating risk and planning for unexpected expenses, complex high-net-worth portfolios could often require careful planning, execution and constant optimization.

Research suggests people who work with a financial advisor could end up with about 15% more money to spend in retirement.1

Consulting a fiduciary financial advisor can be a great first step to getting the specialized guidance that could be necessary to help ensure you're on track to meeting your financial goals, and helping secure your legacy for the next generation.

Finding a fiduciary shouldn't be that hard. Thankfully, now it isn't. SmartAsset's no-cost tool can match you with vetted financial advisors serving your area. Here's how it works:

Answer a short questionnaire to get matched with up to 3 fiduciary advisors, each legally bound to work in your best interest. All advisors on the matching platform have been vetted through our proprietary due diligence process.

Seeking guidance in these 7 areas could potentially help reduce stress and help ensure you're not at risk of outliving your savings and may be more likely to enjoy the retirement lifestyle you've been planning. See the list.

The information contained in this article is general and not specific to any individual's situation. The SmartAsset quiz matches you with up to 3 financial advisors to which you can compare and decide which to work with.

This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.

SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset's services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. SmartAsset receives compensation from Advisers for our services. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any user's account by an Adviser or provide advice regarding specific investments. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors.

SmartAsset.com is not intended to provide legal advice, tax advice, accounting advice or financial advice (Other than referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States). SmartAsset is not a financial planner, broker or tax adviser. The Service is intended only to assist you in your understanding of financial organization and decision-making and is broad in scope. Your personal financial situation is unique, and any information and investing strategies obtained through SmartAsset.com may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances.

Sources:
1. Vanguard (February 2019), Putting a Value on Your Value The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of your future results. Please see the methodologies employed in the Vanguard whitepaper. To receive a copy of the whitepaper, please contact compliance@smartasset.com.