Just the number itself represents a milestone: seven figures that mark you as a millionaire. The U.S. has 10 million of them and the number is increasing, yet fewer people today believe they can attain that financial goal.
A poll by Associated Press and CNBC finds that although 22 percent of respondents believe they need a minimum of $1 million or more to retire comfortably, only a fifth think they'll get there in the next 10 years. A pessimistic 62 percent say it's "very unlikely" they'll ever reach that number.
Confidence in the markets and investing has eroded among six in 10 Americans, with recent volatility scaring off some, who've thrown in the towel in favor of parking their money in low-yielding cash.
So what would respondents do if they had a $1 million? Only 14 percent of the money would be spent; most of it (31 percent) would go toward savings and investments, while 13 percent would go toward paying off debt. Seventeen percent would be given to family and 11 percent to charity.
Are you waiting to be a millionaire before you retire? Use this calculator to determine if you're on track.
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