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