A study published earlier this year found that middle-age workers estimated they would need $1.1 million to retire comfortably, while millennial workers put the figure at $1.3 million. Less than a third of either group expected to reach those marks.
What Being a Millionaire Means
Ameriprise’s survey found that 60% of investors with $1 million or more classify themselves as upper middle class, while 31% say they are part of the middle class. Only 8% characterize themselves as wealthy.
By way of comparison, 25% of those with between $25,000 and $999,000 in investable assets said they are upper middle class, and 58% said they are middle class. Two percent of this group maintained that they are wealthy.
Sixty-two percent of respondents with more than $1 million said protecting accumulated wealth is their chief financial priority, 43% cited saving for retirement and 32% said managing market volatility.
Forty-nine percent of investors with less than $1 million in assets said saving for retirement is their top priority, 42% said it is managing day-to-day living expenses and 35% each said increasing income and paying down debt.
“Millionaires want to protect their hard-earned wealth, and they’re looking for peace of mind that they’re on track to reach their next financial goals,” Keckler said. “It’s encouraging to see so many of them taking sound financial principles to heart. Investors at any life stage or wealth level can benefit from a comprehensive financial plan that accounts for their unique goals and the inevitable bumps in the road along the way.”