A third of millionaires fear they could outlive their retirement savings, according to a new survey.

Millionaires on average thought they would need $3 million to retire comfortably, according to the latest findings from financial services company Northwestern Mutual.

And of those millionaires – people with more than $1 million in investable assets – 33 percent were afraid of running out of money in later life and 47 percent said they needed to improve their financial planning.

The study, which surveyed 2,700 American adults, found that 70 percent of wealthy Americans worked with a financial advisor – nearly double the amount of the general population, which was 37 percent. 

And 84 percent of wealthy people said they have a long-term financial plan that ‘factors for up and down economic cycles’ as opposed to just 52 percent of regular Americans.

A third of millionaires fear they could outlive their retirement savings, according to the latest Northwestern Mutual Planning & Progress Study

The amount that people predict they will need to retire comfortably slightly varies by age group. The comfortable retirement sum significantly decreases for those in their sixties and seventies since many people in these age groups are already in retirement

‘Wealthy people hold themselves to an exceptionally high standard when it comes to managing their finances,’ said Aditi Javeri Gokhale, chief strategy officer at Northwestern Mutual.

‘They don’t go on autopilot. Instead, they aim to see well beyond today. That includes the possibility of twists and turns in their financial lives.’

Meanwhile, the average amount that an American adult has saved for retirement increased by 3 percent to $89,300 from $86,869 in 2022, which is still less than inflation.

However, while $1 million was once considered a retirement benchmark, amid rampant inflation and rising interest rates, the amount needed to retire is increasing. The majority thought they would need $1.27 million to comfortably retire, and some 43 percent feared they would outlive their savings.

Overall, the average American now thinks they will have to work until they are 65 to be retirement ready, up from 64 last year. 

The number of Americans with the seven-figure sum in their 401(K)s shot up by 25 percent this year, according to analysis by Fidelity. 

Assuming somebody retires at 65 – and has a life expectancy of 90 – this would give them just $40,000 a year to live on. 

Yet figures from the Bureau of Labor Statistics suggest the average US citizen aged 65 and older actually spends $52,141 per year.

Certified financial planner Marissa Reale told DailyMail.com this month: ‘$40,000 a year is not going to be enough for most people to live on.

‘I always advise my clients to keep some of the money invested in equities too. So it’s not like you will have the full figure in cash.

‘If you really want the money to last, most people will need more than $1 million.’

A stock market boom has pushed up the number of savers with $1 million in their 401(k)s by 25 percent this year, figures from Fidelity investments shows 

Northwestern Mutual found that the amount that people predict they will need to retire comfortably slightly varies by age group – as well as the typical figure they already have saved.

People in their fifties expect to need the most – at $1.56 million – and have $110,900 saved on average.

Those in their twenties, meanwhile, only think they will need $1.2 million in later life, while only having $35,800 in a 401(K) or IRA retirement account.

The comfortable retirement sum significantly decreases for those in their sixties and seventies – to $968,000 and $936,000 respectively – largely because many people in these age groups are already in retirement.

On average, those in their sixties have $112,500 saved, and those in their seventies have $113,900.