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

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.)

Back To Top