RETIREMENT: America’s Millionaires

Posted on September 1, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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It seems many of America’s millionaires are saving for retirement. Thanks largely to a stock market, the number of 401(k) millionaires hit a new record last quarter—rising 2.5% to 497,000, as per Fidelity. It was the third quarter in a row of growth for retirement savings, Quartz reports, and the average amount in retirement accounts hit $127,100.

CITE: https://www.r2library.com/Resource

But even those who have made it to the $1 million mark haven’t quite hit the figure most Americans think they need to retire comfortably. That’d be $1.46 million, according to the latest survey by Northwestern Mutual.

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RETIREMENT: The New “Magic Number” in 2024

Posted on April 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

Since 2013 – Americans believe they now need $1.46 million to retire in style

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The new magic number for retirement, found in a study by Northwestern Mutual, is 15% higher than what people thought they needed last year—and 53% higher than the amount people in 2020 pictured themselves needing to feel comfortable leaving the workforce to sit on a beach in Florida.

In fact, it’s also more than most people have socked away: On average, US adults have $88,400 saved for retirement.

CITE: https://www.r2library.com/Resource

QUESTION: But what about doctors and medical professionals?

HABITS: https://medicalexecutivepost.com/2020/01/22/twenty-20-habits-of-eventual-millionaires/

DOCTORS PATH: https://medicalexecutivepost.com/2013/07/11/the-doctors-path-to-wealth/

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RETIREMENT PLANNING: The Financial Numbers and Social Security?

Posted on June 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The new magic number for retirement is up slightly from last year, when U.S. adults said they believed they needed $1.25 million to retire comfortably, according to new findings from Northwestern Mutual. High-net-worth individuals – those with more than $1 million in investible assets – believe they’ll need $3 million to retire comfortably.

There’s quite a gap, however, between what people have now and what they think they’ll need. The average amount that U.S. adults have saved for retirement is only $89,300, up 3% from $86,869 in 2022, Northwestern Mutual found.

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Interestingly, more than four in 10 Americans (42%) said they could imagine a time when Social Security no longer exists, according to the research. And yet, people are relying on Social Security to provide 28% of their overall retirement funding. That’s more than personal savings (22%) and equal to retirement savings (28%).

Gen Z and millennials have tempered expectations – they anticipate Social Security will provide 15% and 19% of their overall retirement funding, respectively. That’s a significant drop from what boomers+ say – 38%.

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