WASHINGTON (CBSDC) – Even the wealthiest Americans are not prepared for their future.
In the U.S. Trust’s 2013 Insights on Wealth and Worth report, the findings showed that American adults over the age of 18, most of which are defined as “high net worth investors,” have shown dissonance in investing long-term.
The findings come amid an interesting time in American investing. While 86 percent of young people believe that “long term buy and hold investing” remains the most effective way to make money over time, the execution of this practice is still lacking, according to the report.
The report, which found that only 43 percent of wealthy Americans consider themselves to be wealthy, shows that just a little more than half of high net worth individuals feel confident that they have the proper amount of income needed for retirement. The report also found that two-thirds of people are not well-informed about the recent tax changes in their personal wealth management plans; another 52 percent haven’t even thought about the impact that the new tax changes will have on their own lives.