For most people, $20 million is a lot of money–an amount to be dreamed of, a lottery jackpot and then some. Yet there are people who have that amount of investable assets who nevertheless lie awake at night, worrying whether they'll one day run out of money. "It's amazing. I've had clients with net worths of $20 million and a $5 million-per-year pension who are worried about whether or not they'll be able to retire," says Joe Votava.
For most people, $20 million is a lot of money–an amount to be dreamed of, a lottery jackpot and then some. Yet there are people who have that amount of investable assets who nevertheless lie awake at night, worrying whether they'll one day run out of money. "It's amazing. I've had clients with net worths of $20 million and a $5 million-per-year pension who are worried about whether or not they'll be able to retire," says Joe Votava.
In part, these worries may spring from the complexity of wealthy clients' finances. With their money spread among various accounts and investment vehicles, they may not be able to tell easily how much they actually have. What's more, since many of Votava's clients are busy executives frequently jetting from one coast to another, they may have little time to reflect on their positive financial picture. If anything, they probably focus on a perceived need to accumulate more, not on the possibility that they may already have enough.
