What Retirement Looks Like for Illinois' Affluent: BMO Private Bank Study
- High-net worth Illinois residents expect to retire at an average age of 59 and feel they need $1.9 million for retirement - Ninety-three percent plan to live in the U.S. during their golden years - Travelling, seeing family and loved ones and focusing on their hobbies are how Illinois' affluent would like to spend their retirement years
(firmenpresse) - CHICAGO, ILLINOIS -- (Marketwired) -- 03/31/15 -- BMO Private Bank today released the results of a study which examines what retirement looks like or will look like for high-net worth Illinois residents (defined as those with investible assets of $1 million or more). The study is part of a series examining trends among America's affluent.
According to the study, Illinois' wealthy:
"Planning for retirement is important, regardless of your income level," said Zach Lazar, President, Illinois and Florida, BMO Private Bank. "When putting the pieces in place for what your retirement will look like, be sure to involve your loved ones in the discussion. As well, speak with a financial professional who can help you create a roadmap that will help pave the way to a stress-free retirement."
Investing Profile of High-Net Worth Illinois Residents
The study also examined how the affluent in Illinois manage their investments, revealing the vast majority (93 percent) of respondents say they have an investment portfolio or share one with their spouse/partner.
Illinois' affluent intend to use the money in their investment portfolios to:
Further, more than half of high-net worth individuals in Illinois (54 percent) consider themselves to be balanced investors, 34 per cent are conservative and 12 percent are aggressive investors.
"A balanced approach to investing is the safest way to ensure a valuable portfolio come retirement. Having lived and worked through the recession, we're seeing tomorrow's retirees step back and reevaluate the need for risk," noted Jack Ablin, Chief Investment Officer, BMO Private Bank. "Affluent Americans want to retire younger and do more, so they aren't willing to compromise their retirement income on risky investments."
Key National Findings
On a national level, the study found:
Survey results cited here are from online interviews with a sample of 493 Americans 18 years of age and older who have at least $1 million in investible assets. Surveys were conducted between October 15 and October 28, 2014.
(i)This survey result is from an online survey that was conducted by Pollara between March 28th and April 11th, 2013 with a sample of 482 American adults who have $1M+ in investable assets. The margin of error for a probability sample of this size is +/- 4.5%, 19 times out of 20.
About BMO Private Bank, a part of BMO Financial Group
BMO Private Bank offers a comprehensive range of wealth management services that include investment advisory, trust, banking and financial planning to meet the financial needs of high-net-worth clients. Through integrated teams of experienced financial professionals, BMO Private Bank helps its clients realize their financial and lifestyle goals with solutions that are custom tailored and delivered with the highest level of personalized service.
BMO Private Bank is a brand name used in the United Sta tes by BMO Harris Bank N.A. Member FDIC. Not all products and services are available in every state and/or location.
For more information on BMO Private Bank, please visit .
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Patrick O'Herlihy
(312) 461-6970
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Datum: 31.03.2015 - 12:15 Uhr
Sprache: Deutsch
News-ID 382329
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CHICAGO, ILLINOIS
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Commercial & Investment Banking
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