The idea of becoming a millionaire may seem like a pipe dream.
When it comes to retirement, most Americans doubt they’ve saved or invested enough to retire comfortably, let alone reach that million-dollar milestone. A new AP-CNBC poll finds nearly one-third (31 percent) of U.S. residents believe they would need a minimum savings of $100,000 to $500,000 if retiring this year in order to be confident of living comfortably in retirement, and 22 percent believe the minimum is $1 million or more to retire comfortably.
Only one-fifth of U.S. respondents think it’s likely that their net worth will total at least one million dollars in the next 10 years, while 62 percent said that is “very unlikely.” The consensus from the majority of respondents (61 percent): It is “extremely” or “very difficult” to become a millionaire in the United States today.
But many are still trying to hit that million-dollar mark — and millions of Americans have already attained that goal.
The number of millionaires in the country is growing. The U.S. has more than 10 million. Despite the European debt crisis and worries about the U.S. economy, a May 2011 report from the Deloitte Center for Financial Services projects that the number of millionaire households in the U.S. will more than double to 20.5 million in 2020, with combined wealth of $87 trillion, up from $39 trillion in 2011.
Money makes money, but it can be tough to make that money grow in these rocky financial markets. The AP-CNBC poll found six in 10 U.S. residents (62 percent) say their confidence in investing has been shaken by recent volatility in the stock market. That sentiment has increased over the past 12 months. Today, 65 percent of those who own stocks, bonds and mutual funds are less confident about investing, compared with 61 percent last year.
Respondents in the AP-CNBC poll say they’re making saving and investing a top priority. The survey asked people what they would do with a million dollars and found, on average, that Americans would spend 31 percent on saving or investing; 17 percent on giving to family; 14 percent on spending; 13 percent on paying down debt; 12 percent on buying real estate and 11 percent on charitable donations. Unfortunately, the reality is that mounting expenses, lower wages and job losses require many Americans to dip into those savings to pay for household bills or pay down debt.
Source : Yahoo News
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