Will you retire as a millionaire?

By Judy Martel · Bankrate.com

Sunday, October 2, 2011

Posted: 11 am ET

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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10 Comments

bobo

October 08, 2011 at 2:10 am

With the way the Fed plays with inflation, we'll all be millionaires soon. Unfortunalty, it will be worthless money.

Wolverine

October 04, 2011 at 7:10 am

I laugh in the faces of those who don't understand sarcasm.

Good grief, some people are TOO tightly wound.

astcatdogs

October 03, 2011 at 9:19 pm

No bama in 12. Goverment is a like running a giant business. Lets get a new Pres. that knows how to run a business, not one that that adds more debt when we are so far in debt already.

jonboy

October 03, 2011 at 9:18 pm

Put those retiring below the poverty level in Africa and they would be considered millionaires. You want to know poverty? Go to the Sudan.

Gene

October 03, 2011 at 5:52 pm

Just a theory: It's more likely that the reason that there are more "Millionares" is that the value of the dollar is much lower then it was in the past. Pay rates are higher for actual jobs as minimum wages go up, but the hard cost of living is going up with it. It may be easier then ever to reach a million dollar land-mark, but how much are you realy worth if you get there?

esch

October 03, 2011 at 5:29 pm

Wolverine, I don't know where you get your information, but I suggest that you look somewhere else than your current sources. What you say about the wealth of people who work for the federal government is simply not true.