You would think that those with $ 1 million would be destined for life. Most would not agree.
Would you feel rich with a million dollars? It is not enough for most people.
Only 13% of Americans with at least $ 1 million in investable wealth feel wealthy, according to a new survey by Ameriprise Financial, exclusively for the US TODAY. Six out of ten define themselves as upper middle class, while one quarter identifies itself as middle class.
The vast majority of millionaires who do not feel wealthy have investable assets ranging from $ 1 million to $ 5 million, including checks or savings accounts, stocks, bonds, mutual funds, and money in retirement plans. Five percent have assets of more than five million dollars.
"Why should this be the case with people who have achieved some financial success?" says Marcy Keckler, vice president of financial advisory at Ameriprise.
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The fear of running The fact that they have retired and no more money during their retirement Relying on their own savings, rather than on social security and employer-funded pensions, makes it difficult for even well-positioned Americans to feel financially wealthy.
This is indicated in the survey at this uncertainty.
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All millionaires, no matter how they felt about their financial situation shared the same financial priorities: they should save for retirement and protect their accumulated wealth.
"When people rely on the nest egg, they rely on having accumulated for the lion's share of their retirement savings, the number may not feel so great," she says. "It also threatens a tax bill for your 401 (k) and the IRA for you. "
Who Feels Wealthy
Millionaires who feel upper-class or lower are more likely to be self-employed or entrepreneurs like those who feel rich – 7% vs. 16%. A smaller proportion (39%) graduated from the Graduate School (48%).
Twice as many affluent millionaires who did not feel wealthy valued the work-life balance compared to their wealthy counterparts – 21% to 10%. But a larger portion of affluent Americans preferred work that is purposeful and relevant to society – 19% versus 9%.
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One reason why some millionaires feel good about their finances and others still consider themselves Feeling flawed could be a thorough plan, says Keckler, whose company Ameriprise Financial of course offers financial advice and investment services.
Seven out of ten people who felt wealthy had a detailed financial plan, compared with just 55% of upper middle class or lower.
Ameriprise Financial Modern Money surveyed more than 3,000 Americans aged 30 to 69 with at least $ 100,000 in investable assets. Homes or other assets such as jewelry or works of art were not counted.
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