Affluent Chicago residents fret about retirement

By Becky Yerak
Posted July 28, 2010 at 11:23 a.m.

Even affluent Chicagoans believe they’re going to have to put off retirement.

About 47 percent of affluent Chicago residents now expect to retire later than they originally planned, compared with 45 percent a quarter ago, and only 29 percent in January 2010, according to a study released Wednesday by Merrill Lynch Wealth Management.

But rising health-care costs are what they’re most concerned about, with 70 percent expressing major worries about those expenses. In fact, among the 54 percent of local respondents who say they lose sleep over a financial concern, 51 percent said it’s because of worries about health-care costs.

Braun Research conducted the survey by phone between June 11 and June 29 on behalf of Merrill Lynch. The national sample consisted of 1,000 Americans with investable assets of at least $250,000.

About 300 affluent Americans were also interviewed in each of 14 markets, including Chicago.

The margin of error for the individual markets is plus or minus 5.7 percent.



  1. Mr. Clean July 28, 2010 at 12:33 pm

    WAAAAAA!! I’m so greedy I can’t afford to retire! WAAAAAA!

  2. MarkRG July 28, 2010 at 12:42 pm

    Mr. Clean reread that… $250,000 invested? THAT’S considered affluent? That’s more like chump change to the ones that really are.

  3. Jim July 28, 2010 at 12:49 pm

    That’s affluence?

  4. Hmmmm July 28, 2010 at 12:51 pm

    More people should be interviewed for this to really mean anything.

  5. sa July 28, 2010 at 12:54 pm

    $250,000 could be wiped out in ONE hospitalization. And companies no longer have pensions and retirement medical benefits. Most can’t retire until they have full social security and full medicare. All investment vehicles have been slow to accumulate profit for 10 years. Us “boomers” are screwed.

  6. MRWSIL July 28, 2010 at 1:00 pm

    Boomers are screwed because they chose to vote for Reaganomics. The hero president managed to do away with pensions, unions, and the middle class as a whole. Good luck to you, I feel sorry for you. On the plus side there’s alot more billionaires. Maybe some of their money will trickly down to you when you retire.

  7. Laszlo July 28, 2010 at 1:05 pm

    I agree with what MRWSIL said: if you’re middle class or working class and vote for republicans, you don’t get to complain.

  8. Jules July 28, 2010 at 1:07 pm

    My father is 82 and still working partly because he is very worried about costs. My parents had to pay the buriel costs of 3 of their 4 parents and are worried about dying broke. My father has a lot more than $250,000 invested or in retirement accounts and still believes that is not enough to live comfortably nowadays and for their future needs. And yes, they have no debt.

    Depsite medicare and other insurances, their medical costs are still pretty high because of chemo treatments. Otherwise, both my parents are in good health, knock wood, but that can always change and medical costs can bankrupt a family.

  9. MRWSIL July 28, 2010 at 1:16 pm

    I just had my 78 year old father move in with me because of the medical costs my mother incurred. My father was a rabid republican throughout his life. His pension went away about 10 years ago. Happy to help but keep thinking what if?

  10. Karen July 28, 2010 at 1:22 pm

    I just turned 65 in May. I am not a baby boomer. According to social security, my retirement age is 66. I have no investments, very little savings and social security benefits will not be enough retirement income. I will have to work for the rest of my life. I can sell my home, but then I would have to live in an apartment and pay rent, which provides no tax deductions for property taxes. So, when I hear the “Boomers” whining my comment is there is always someone who is worse off than you. Do you need that high priced SUV? Do you need a 4,000 square foot home? Do you need cable TV? Stop complaining and keep working.

  11. Robert July 28, 2010 at 1:41 pm

    Having enough money to buy one half of one Rolls Royce is affluent?

  12. JR July 28, 2010 at 1:56 pm

    $250,000 in investable assets might make you affluent in Nicaragua but not USA. Are you sure you didn’t mean “flatulent”?

  13. JR July 28, 2010 at 2:00 pm

    Love the anti-Reagan claptrap. Keep it coming. Dear loser crybabies, it isn’t the gubmint’s responsibility to care for you through death. By the way, the “government” is really your kids and grandkids – they are the ones that are going to be paying the tab for all off the deficits.

    BOO HOO, I’m broke and its all the Republicans’ fault.

  14. South Sider July 28, 2010 at 2:05 pm

    Welcome to the Democrats new world order! No one making any real money and them taking as much of it as they can, to give to those who don’t want to work. How’s that hopey/changie thing working out for you?