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

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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.

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. 

But how do you find a financial advisor? SmartAsset's no-cost tool simplifies the time consuming process of finding a vetted fiduciary. Answer a few questions to get matched with up to three vetted financial advisors serving your area. All advisors on the platform have been rigorously screened through a proprietary due diligence process and are legally bound to work in your best interest.

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

It's never too late to plan to work toward a comfortable retirement. 

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Sources:
1. "Journal of Retirement Study Winter" (2020). 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 follow the link to see the methodologies employed in the Journal of Retirement study.

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.

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