When the Millionaires are Nervous About Retirement, It's Bad

News Type: Opinion — Fri Jul 3, 2009 5:53 PM EDT

us-news, recession, retirement, survey, millionaires, worries

The annual Phoenix Wealth Survey found that 45 percent of Americans with a net worth of $1 million or more were worried about retirement. They were concerned about outliving their assets, the need to modify their lifestyle, and the need to replenish their retirement accounts.

Understandably, the percentage of this group who were optimistic about their personal financial futures dropped from 34 percent to 17 percent.

The rest of us may have a hard time sympathizing with these people, but the truth is that ordinary people have been told they need to set aside about a million dollars to adequately fund their retirement. That is because of the rising cost of living and increased longevity.

Millionaires Row may start looking a bit shabby this year, what with the homeowners laying off gardeners and other maintenance staff. They probably don't know the first thing about starting up a lawnmower even if they had their own.

How much is in your retirement account? (Don't tell me, it isn't any of my business. I just wanted you to reflect on how much you figure you will need to stay retired from age 65 to 75, or however long you plan to live.)

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4.7

{"commentId":8010772,"authorDomain":"MinnieApolis"}

MinnieApolis

You're probably not weeping for the poor millionaires, are you?

{"commentId":8010772,"threadId":"618890","contentId":"2995497","authorDomain":"MinnieApolis"}

2 votes

#1 - Fri Jul 3, 2009 5:57 PM EDT

{"commentId":8011838,"authorDomain":"angela593"}

angela593

MinnieApolis - just sat down with a good cup of hot english breakfast tea and started reading the old Newsvine. It looks like it will take a whole generation to redirect our resources, and that is if everything turns around. So take it one day at a time, make the most money a person can, and save, but live, live, live. I think my parents and grand parents made it through extremely poor times, so I am optimistic about the strength of the human spirit. I am not optimisitc about accumulating wealth, or becoming a millionare.

{"commentId":8011838,"threadId":"618890","contentId":"2995497","authorDomain":"angela593"}

2 votes

#1.1 - Fri Jul 3, 2009 6:46 PM EDT

{"commentId":8013477,"authorDomain":"MinnieApolis"}

MinnieApolis

Let me join you, metaphorically speaking, in having a good ol' cuppa tea.

While the human spirit is very resilient, I fear that our generation is much less equipped to survive very hard times. During the Great Depression, a far higher percentage of the population lived on farms, and was able to grow enough food to survive on. Also they had far more practical skills than most of us do.

And even tho many people have a large enough back yard to grow some veggies, they are less likely to be able to legally raise some small livestock -- chickens, rabbits, a goat or two. (tho you are advised to check your local regs because not everyplace bans such animal husbandry) Add to the the rising threat of oppressive new rules on animal tagging and tracing, under the guise of food safety, and we have a very hostile environment for raising food.

Sorry if I disturb your peaceful tea time. But cheers and let's raise a cuppa 'to better times ahead'.

{"commentId":8013477,"threadId":"618890","contentId":"2995497","authorDomain":"MinnieApolis"}

1 vote

#1.2 - Fri Jul 3, 2009 8:13 PM EDT

{"commentId":8013626,"authorDomain":"angela593"}

angela593

M-- tea and thinking go together. I had a laugh the other day when I thought about the green movement. I live in a development where we may not have animals, windmills, clothes lines etc. Haa haa Go Green. How dare you mess up our pretty neighborhood. If it gets bad enough the rules will bend. But not today. back to my tea. :0)

{"commentId":8013626,"threadId":"618890","contentId":"2995497","authorDomain":"angela593"}

2 votes

#1.3 - Fri Jul 3, 2009 8:20 PM EDT

{"commentId":8109561,"authorDomain":"goluckydonald"}

Wolf Wolfman

I've been retired for about nine years, and barring unforeseen circumstances, I'll make it. I'm 79 years old. The stock market wiped out about half my savings. My teamster pension was invested in stock. It now looks like it is in danger.

Argentina has confiscated retirement money in that country, and there are politicians in this country that have openly discussed doing the same thing in the US.

I worry that the dollar will drastically decline in value. A country cannot electronically create money and avoid a drastic decline in the value of money. $1 trillion was created electronically in March 2009. Here's how that works. The information is from law.harvard.edu. There is talk currently about doing it again. The information is hidden by congress. That is, they did publish it in M3, but they have stopped it from being published.

{"commentId":8109561,"threadId":"618890","contentId":"2995497","authorDomain":"goluckydonald"}

2 votes

#2 - Wed Jul 8, 2009 8:32 PM EDT

{"commentId":8146945,"authorDomain":"MinnieApolis"}

MinnieApolis

I'm sorry to hear about your financial losses -- granted, many hav elost more , but at your age it is difficult to go back to work! Maybe you could marry money?? Thanks for link to Harvard story. Sorry, but what do you mean by M3?

{"commentId":8146945,"threadId":"618890","contentId":"2995497","authorDomain":"MinnieApolis"}

#2.1 - Fri Jul 10, 2009 6:10 PM EDT

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When the Millionaires are Nervous About Retirement, It's Bad

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