Clients may be well prepared as they head into retirement with substantial assets, but they may still be worried about what will happen if they run into health problems and their medical bills start adding up.

The cost of health care was one of the issues that cropped up in a new UBS survey that questioned some 2,000 investors about their hopes and fears as they approach retirement. The investors, pre-retirees and those in retirement, had a minimum of $1 million in investable assets.

“Health care remains a top concern for wealthy investors,” UBS wrote in its Q3 Investor Watch Survey, titled Retiring Old Clichés. About three quarters of respondents said that “getting sick is their greatest retirement fear.”

Only about half said they feel secure about long-term-care planning in retirement. The report said that “health care keeps wealthy investors up at night." The report also warned that many investors are “likely to underestimate the health and long-term costs of retirement.”

The survey found that, while most said they are prepared for retirement, less than half feel secure about their health and long-term-care planning. The survey reported that 73% of respondents said their top concern is getting sick, with half of this group worried they will not have anyone to take care of them.

The study also found that those approaching retirement focus less on retiring at a certain age than on reaching a certain amount of assets, usually between $1 million and $2.9 million. Some 45% of respondents say they are aiming for a nest egg of between $1 million and $3 million, while 20% say they feel comfortable with savings of $3 million to $5 million. The bulk of retirement savings, UBS said, is in liquid assets, IRAs and 401(k)s.

Respondents were also concerned about non-economic issues in retirement. For example, 89% of respondents said they are confident they will have saved enough, but are concerned about the emotional side of retirement. These include leaving colleagues, filling their hours and finding a purpose.

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