How High-Net-Worth Investors Prepare for the Future

Janus Henderson’s 2025 Investor Survey—Retirement Income and Planning reveals that 73% of affluent investors age 50 and older are concerned about how recent market volatility may affect their ability to generate income in retirement.

Conducted in June, the survey included 1,504 U.S. investors who held at least $250,000 in investable assets—44% of whom reported holding at least $1 million. The April tariff-driven market correction, which saw the S&P 500 drop nearly 19%, prompted many to pay closer attention to their finances: Half of respondents said they began checking their accounts more frequently. Still, despite heightened anxiety, 36% reported taking no action at all.

Some respondents said they made modest lifestyle adjustments, such as cutting discretionary spending (34%), delaying major purchases (25%) or boosting emergency savings (22%). According to Matt Sommer, managing director and head of Janus Henderson’s specialist consulting group, investors who stayed the course were ultimately rewarded when markets rebounded. Sommer said in a statement that that outcome highlighted the critical role advisers play in helping clients manage emotions and stay focused on long-term plans.

While 65% of surveyed investors worked with a full-service adviser and 54% of those reported increased communication during recent volatility, nearly one in five investors lacked a formal retirement income plan. Yet the value of planning is clear, as on average, respondents rated their likelihood of recommending their adviser for retirement income planning at 8.3 out of 10.

Advisers’ Planning Conversations Drive Differentiation

The survey results also underscored how comfort and simplicity shape retirement decisionmaking. Most retirees (57%) held at least one year of expenses in cash, and 60% had invested or planned to invest in dividend-paying stocks to generate income. Annuities (54%) and international holdings (44%) also ranked among preferred retirement income strategies.

Given the complexity of retirement income needs, the survey found that 89% of affluent investors maintained investment accounts across multiple financial institutions. Two-thirds of respondents (67%) saw no need to consolidate, presenting an opportunity for advisers to act as coordinators, helping clients manage cash flows, align goals and ensure a cohesive strategy.

Janus Henderson advises that retirement income plans should focus on generating sustainable, inflation-adjusted cash flow throughout a client’s lifetime. While returns matter, the emphasis should shift toward making thoughtful spending adjustments along the way to protect long-term portfolio sustainability.

As Sommer tells PLANADVISER, “Retirement planning provides a path to deeper relationships—and differentiation—for advisers who can meet the moment with calm, clarity and actionable income strategies.”