Survey data released by a global investment firm finds its not just average Americans having concerns about retirement, so are many millionaires.
Natixis investment managers surveyed over 1,600 individuals with $1 million or more of investments. According to their findings, most millionaires feel secure in their retirement plans but 35% said they believe it will take a miracle to achieve secure retirement.
That percentage is just slightly lower compared to 40% of all investors. One possible reason for the fear according to Natixis could be a million dollars just doesn’t go as far as it used to and there are more millionaires in the world.
One report cited by the company shows the number of millionaires has doubled since 2010, jumping from 10.9 million to 20.8 million. However, the survey found the median retirement savings for millionaires was $625,000 which is just 2 1/2 times that of the $250,000 average among all people surveyed.
Millionaires also are facing the reality they may have to work longer, 58% saying they may have to work longer than planned due to the unpredictability of life which includes potential layoffs, caring for a family member, health issues, or a change in finances. 70% of those surveyed also see inflation as a threat to retirement.
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