A examine revealed earlier this 12 months discovered that middle-age employees estimated they would want $1.1 million to retire comfortably, whereas millennial employees put the determine at $1.3 million. Lower than a 3rd of both group anticipated to succeed in these marks.
What Being a Millionaire Means
Ameriprise’s survey discovered that 60% of traders with $1 million or extra classify themselves as higher center class, whereas 31% say they’re a part of the center class. Solely 8% characterize themselves as rich.
By means of comparability, 25% of these with between $25,000 and $999,000 in investable belongings stated they’re higher center class, and 58% stated they’re center class. Two % of this group maintained that they’re rich.
Sixty-two % of respondents with greater than $1 million stated defending accrued wealth is their chief monetary precedence, 43% cited saving for retirement and 32% stated managing market volatility.
Forty-nine % of traders with lower than $1 million in belongings stated saving for retirement is their prime precedence, 42% stated it’s managing day-to-day residing bills and 35% every stated rising revenue and paying down debt.
“Millionaires need to shield their hard-earned wealth, they usually’re in search of peace of thoughts that they’re on observe to succeed in their subsequent monetary objectives,” Keckler stated. “It’s encouraging to see so a lot of them taking sound monetary rules to coronary heart. Buyers at any life stage or wealth degree can profit from a complete monetary plan that accounts for his or her distinctive objectives and the inevitable bumps within the street alongside the best way.”
