Feeling Wealthy Yet?

by Jay Pestrichelli on July 25th, 2013

I usually don’t get my financial news off of Yahoo.com (although I do get my gossip fix from there). However, today I saw an article by Hibah Yousuf of CNNMoney.com that I thought warranted comment.
In the article titled “What Does It Take to Be Wealthy” Hibah claims that 70% of those with $1M of investable assets don’t consider themselves to be wealthy.  The survey they reference from UBS states that $5 million is the mark to pass to get that “wealthy” feeling.
So out of curiosity, I wanted to know how many millionaires there are in the US and based on this article from The Guardian, looks like the US has more than 5 million millionaires.  Its worth a quick read and there are city-by-city breakdowns in it as well. "Cities Top Millionaires"
Many of our clients fall into that $1M and $5M range and I can attest that they do not feel wealthy, just as the article states. However, I will tell you that depending on someone’s age, their concerns about running out of money is less dire. Breaking the 7 digit mark does ease up many people's fears about going broke in their old age.
Smartmoney.com has a great retirement calculator. You have to setup a Marketwatch.com ID to use this, but it’s free and we have found that it does a decent job of giving the broad strokes of whether you have enough to avoid eating cat food on your 90th birthday. Check it out.

Retirement Calculator from SmartMoney

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