But the promise of the American Dream, too, is that those who work hard, maximize their opportunities and fulfill their potential will reap the rewards in their retirement years.
A financially secure retirement and being able to retire as planned figure strongly into Affluent households’ vision of the American Dream, according to a recent survey conducted by Spectrem’s Millionaire Corner. Are retirees living the Dream? Do those who are still working think the American Dream is still attainable?
For surveyed retirees, the American Dream most represents “equal opportunity for all (73 percent. But the promise of the American Dream, too, is that those who work hard, maximize their opportunities and fulfill their potential will reap the rewards in their retirement years. Seven-in-ten retired respondents define the American Dream as having sufficient retirement assets, compared with 65 percent of those still working or semi-retired.
Those who are working or semi-retired are more likely to believe that the American Dream means having sufficient retirement assets than it is does equal opportunity for all (65 percent vs. 63 percent).
Both groups are next most likely to state that their definition of the American Dream means educational opportunities, followed by the proposition that future generations will do better than the current generation. Roughly half of both groups (49 percent) believe it means owning a home. Those still working or semi-retired are more invested than their retired counterparts in the notion of the American Dream as meaning job security and being able to retire when they want.
Retirees and their non-retired counterparts are equally likely to “strongly agree” or “agree” that that future generations will struggle to achieve the American Dream (roughly 80 percent). An equal percentage (78 percent) also believes that it is harder to achieve now than in the past.
The biggest obstacle, according to both groups, is the current political climate, followed by:
- Educational costs
- International concerns
- Present job security
- Career opportunities
- Educational opportunities
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.