Millionaires Are Worried About Having Enough Money for Retirement

Pensive Senior Businessman, Manager leaning at the huge glass front window of modern conference room thinking with a serious, worried facial expression.
Mlenny / Getty Images

Even millionaires get the blues. Apparently, they, too, worry about money, including over whether they’ll have enough to retire

Retirement at Any Age: Get Retirement Tips That Fit Every Stage of Life
Discover: 5 Things You Must Do When Your Savings Reach $50,000

According to a recent survey from Natixis Investment Managers, 35% of millionaires were nearly as likely as investors overall (40%) to say it will take a miracle to achieve a secure retirement. The survey tapped more than 8,550 respondents in 24 countries. 

Why are millionaires on edge about financial stability in their golden years? 

One key reason why more millionaires may be feeling in need of a miracle in order to have a secure retirement is because being a millionaire is, well, not so miraculously uncommon anymore. The 2022 Global Wealth Report from the Credit Suisse Research Institute, which analyzed the household wealth of 5.3 billion people around the world, determined that there are nearly 24.5 million millionaires nationwide as of 2022. That’s nearly 40% of the world total and more than ever before. 

Additionally, a million dollars won’t necessarily get you very far in retirement, depending on where you live. As GOBankingRates recently reported, if you’re in Hawaii, the most expensive state, a million bucks will only last you 10 years. If you’re in New York, a million will run out in under 14 years. 

Retire Comfortably

Take Our Poll: Do You Think You Will Be Able To Retire at Age 65?
See: 25 Things To Sell When You’re Ready To Retire

What’s more, the question of financial security in retirement depends on how many millions an individual has. Is it $1 million dollars, or is it $10 or $20 million? And what is their definition of a “secure” retirement? Is it having a roof over their head and groceries in the fridge? Or is it the ability to take lavish vacations and own a yacht? It really depends on the person — and how much is in their bank account and investment portfolio.

More From GOBankingRates

Share This Article:

facebook sharing button
twitter sharing button
linkedin sharing button
email sharing button
Retire Comfortably

About the Author

Nicole Spector is a writer, editor, and author based in Los Angeles by way of Brooklyn. Her work has appeared in Vogue, the Atlantic, Vice, and The New Yorker. She's a frequent contributor to NBC News and Publishers Weekly. Her 2013 debut novel, "Fifty Shades of Dorian Gray" received laudatory blurbs from the likes of Fred Armisen and Ken Kalfus, and was published in the US, UK, France, and Russia — though nobody knows whatever happened with the Russian edition! She has an affinity for Twitter.
Learn More

BEFORE YOU GO

See Today's Best
Banking Offers

1pximage