Poor outlook-- Even the rich are losing optimism over this economy

[TexasLawyer]

Poor outlook
Even the rich are losing optimism over this economy
By Thomas Kostigen, MarketWatch
Last Update: 8:10 PM ET Aug 28, 2007

SANTA MONICA, Calif. (MarketWatch) -- Affluent retirees are expressing concerns about the stock market, with many believing that they won't have enough money to last them through their lives. In its semiannual "Advisor Outlook" study, Schwab Institutional reports that the affluent are "anxious about retirement and their optimism about the economy is waning."

These concerns bleed into the stock market and overall confidence in the economy. Interestingly, the study comes via the standpoint of advisers, so the findings create a double worry: If affluent clients are concerned, their advisers likely are concerned too.

"Some 61% of financial advisers say that having sufficient retirement savings to maintain their desired lifestyle is a constant concern of their clients. Another 35% of advisers say their clients worry about this at least some of the time," the study reports.

Indeed, almost 60% of the affluent people surveyed say they are pursuing a new (second) career -- not out of interest but out of need. "These affluent retirees aren't necessarily considering a second career just for fun or to pursue a passion," it says. "The need for additional income is a strong consideration."

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http://www.marketwatch.com/news/story/sophisticated-investor-even-rich-losing/story.aspx?guid=%7BCBBBC2F9%2D32B7%2D4C43%2DB57E%2DA23C3A09B062%7D&dist=hplatest

[blues90]

1. Why don't they wake up and cut back on their lifestyle ?

I have no sympathy for them at all , screw them . How about all the retired who lost all their life savings in the savings and loan scandle . They have had to go back to work and start all over again at an old age .

[lonestarnot]

2. Ain't it a shame... tisk tisk poor richie richers.

:cry:

[Trillo]

3. They don't need to.

They're only losing "optimism".

[baldguy]

4. Smart parasites don't kill the host.