Wealthy people in Los Angeles worry more about running out of money in retirement than about losing their jobs or getting fat.
That’s the upshot of a new report, which analyzed the financial stresses weighing on the so-called “mass affluent,” generally those with investable assets between $50,000 and $250,000.
About 62% of wealthy Angelenos fear not having enough money in retirement, according to the study by Merrill Edge, a consumer banking unit of Bank of America Corp. That tops the 55% national level.
By comparison, 4 in 10 rich Angelenos worry about losing a job; only 26% are concerned about gaining weight.
The report underscores the competing financial obligations such as heavy debt that make it difficult for even well-off people to set aside money for their later years. Nearly 7 in 10 people in Los Angeles reported having significant conflicting financial obligations.
More than 3 in 10 Angelenos said they are paying off large debts, more than one-quarter are grappling with unexpected expenses and nearly 1 in 5 are paying children's college bills.
On a positive note, 85% of the mass affluent in Los Angeles said they have saved money for retirement, and on average they began saving at age 35.