How many retirees are millionaires?
According to a report from United Income that analyzed data from multiple sources, one out of every six retirees in the United States is a millionaire. The United Income conducted this report to determine how retirees’ status differs from previous generations. The average wealth for an American retiree is around $750K, which is double the amount recorded in 1989.
Also, the rate of retired millionaires has experienced a more than 100 percent increase in the last 30 years.
Another encouraging news is that fewer people are retiring in poverty. The number of people relying on minimum wages decreases with each passing day. The percentage of retired people living on the minimum wage or less has experienced a whopping 50% decline in the past three decades.
By looking at other reports, we find out that a figure of $200K is the median wealth for retirees in the United States. We shouldn’t forget that people live longer lives while we experience an increase in the overall costs of everything. Also, it’s noteworthy to point out that many retirees rely on their monthly Social Security retirement benefits in America, which averages around $1400.
It’s hard to say how many retirees are millionaires, but based on what I have read, 1 out of 6 retirees in America is a millionaire. Suppose you’ve earned a decent income in business, and you were smart enough to invest that money every month in a safe mutual fund that was doing well. In that case, there’s no reason why you shouldn’t be a millionaire! 🙂