Socialite Brooke Astor, heiress Huguette Clark, and actor Mickey Rooney all have an unfortunate claim in common besides being very rich and famous. They allegedly suffered as victims of abuse in their later years. So it’s not too surprising that the wealthiest investors in America are “fearful they will run into elder abuse,” said Joe Nadreau, the Head of Innovation at Wells Fargo Advisors (WFC).
Like others in the population, outliving their money is a major concern that drives financial decisions for the super rich, according the Wells Fargo’s 2015 Affluent Investor survey. The firm surveyed investors with $250,000 or more in investable assets, excluding retirement and property assets. With much of their wealth -- a median of $450,000 in stocks -- 54% of these affluent investors are worried about losing money due to the fluctuations in the market. But the survey found one in five of all affluent investors are not sure how much and what positions they’re exposed in the stock market.
Avoiding an uncomfortable conversation with family members about death is also leaving many of the wealthiest unprepared for what they'll leave behind.
“Thirty percent haven’t done a wealth transfer, said Nadreau. "These folks have a considerable amount of money to not have participated in some of those steps.”
Of the most common regrets, 15% of affluent investors wished they had enjoyed their money more.
“A lot of those folks don’t have written financial plans," said Nadreau. "As a result, they’re guessing and as they approach retirement, they realize they sacrificed a lot of life because they were putting so much away."
More on Yahoo Finance: