Wealthy Americans have a raft of concerns, including whether their children will have a tougher life financially than they do and terrorism,...

Wealthy Americans have a raft of concerns, including whether their children will have a tougher life financially than they do and terrorism, according to a survey by US Trust, a wealth management firm owned by Charles Schwab. Among those looking toward retirement, some 57 per cent of the affluent Americans who were surveyed said they plan to work part-time in retirement, and 26 per cent hope to start a business. Other studies have found that many middle class Americans will work in retirement, either because they want to or because they have to. "These people are basically self-made," said Paul Napoli, head of personal wealth management for US Trust in New York, in a statement. “They grew up in the middle class, worked hard and were successful. So they do have many of the same feelings about their kids and the next generation of our society as a whole.” But the wealthy—in this case, individuals with taxable income of more than $300,000 a year or a net worth greater than $5.9 million—also have money concerns that the middle class may not share. For example, the survey showed a decrease in optimism about the stock market, the first decline in four years. In the high-flying stock market of the 1990s, the wealthy kept about two-thirds of their money in stocks. After the tech bust that led to the market declines in early 2000, they became more wary of equities. The US Trust survey indicates that domestic stocks represent just 36 per cent of their investments, while 17 per cent is in cash or other very liquid holdings and 19 per cent is in bonds. The rest is divided among real estate, private business, venture capital and hedge funds, the study showed. "We think it's time to clear away the emotion of the period we've been through and realize there's a lot of good going on economically ... and that it's a good time to invest in domestic and international stocks," said Mr Napoli. The wealthy also expect that only 7 per cent of their retirement income will come from social security benefit cheques, but they back social security reform. Most plan to retire at age 63. Nearly three-quarters say they already own their retirement residence, and nearly two-thirds plan to maintain more than one residence in retirement. The survey involved half-hour interviews with more than 150 wealthy households.