January 4, 2018

Survey: CT's wealthier residents eye state exit when they retire

Forty-one percent of 1,055 high-income Connecticut residents polled in a new financial planning survey say they do not plan to live in the state once they retire.

Essex Financial, a financial planning and wealth management firm, released that and other findings from the survey, which gauges Connecticut residents' sentiments and preparedness around retirement income planning.

Residents who were polled had at least $250,000 in assets, not including a primary home.

Fifty-eight percent of those surveyed also say they do not believe or are unsure that social security will be an available resource when they retire.

More than one-in-three respondents (37 percent) note that their greatest fear when thinking about their retirement savings is the cost of medical and long-term care, followed by not having enough in savings to maintain their lifestyle and outliving their savings (each 27 percent).

"As people live longer lives and markets continue to rise and fall, injecting stability and flexibility into your retirement income planning is crucial," said Chuck Cumello, President and CEO of Essex Financial.

As many as 58 percent of state residents report that they do, in fact, feel financially prepared for retirement.

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