For one, multimillionaires are less likely to rely on Social Security to fund their retirement. For the average retiree, Social Security makes up 40 percent of total income. For multimillionaires, Social Security might make up only 8 percent.

And pensions, often a good source of retirement income for those employed by large firms, are lim-ited for highly paid employees, as the higher the income, the less the percentage is the employee will receive from the pension. For example, a person making half a million dollars a year may have a pension that is limited to reaching only $90,000, which is a smaller proportion of his total income than for those with lower incomes. As a result, he would have to accumulate much more in assets to make up for his limited pension.

As far as taxes are concerned, those whose assets put them in the multimillionaire bracket will be required to pay the maximum tax on 401(k) plans, IRAs, and pension plans.

“Good retirement planning means at least half of your financial assets won’t be in qualified plans.

Instead, your money will be in securities that you own outright, which is the best way to manage down your tax bracket,” says Patricia A. Powell, a certified financial planner and president of The Powell Financial Group in Watchung, New Jersey.

In addition, most multimillionaires have grown accustomed to a certain standard of living that re-quires more money to maintain in retirement when a steady paycheck is no longer coming in.