BOSTON (TheStreet) — The wealthy are just as anxious about their finances as the rest of America is.
The government needs to pass more retirement-focused reforms, especially when it comes to improving Social Security, Medicare and ensuring health care for retirees, according to a survey of affluent Americans by Bank of America's
Forty-nine percent of affluent Americans surveyed expressed concerns about the economy's effect on their ability to meet financial goals, down from 58% in October 2009. Still, retirement and rising health-care costs top the list of lingering concerns. People are worried about supporting both their parents and children as they approach retirement age.
"The takeaway here is that while Washington in the past quarter has been talking 'health care, health care, health care,' these affluent Americans have heard that concern, but have also been thinking 'retirement, retirement, retirement," says Sallie Krawcheck, president of Bank of America Global Wealth and Investment Management.
About 31% said they're supporting their children and parents. Often referred to as the Sandwich Generation, many of the respondents said they have significantly cut back on luxuries and are saving less for retirement as a result. Nineteen percent said they have invited their adult-age children or parents to live with them to reduce monthly expenses.