October 10, 2014 Fact of the Day: How do the Affluent define the American Dream?
How do you define the "American Dream"? More than 70 percent of Millionaires believe it means having sufficient retirement savings. Now the traditional definition of the American Dream has been that future generations are going to be better off than current generations, but existing Millionaires don't necessarily agree with that. Only 51 percent believe that the American Dream means future generations will be better off. In fact 70 percent believe it means equal opportunity for all people and 72 percent believe it means having sufficient retirement assets. Fifty percent believe it means being able to retire when I want to. Eighty percent of Millionaires, however, believe that it's going to be harder to achieve the American Dream than in the past and despite their definition of having adequate retirement savings as the definition of the American Dream. Only 16 percent of Millionaires believe that money can buy happiness. Planning and hard work have consistently been the cornerstones of financial security that we find in our research. If you would like help planning for your own retirement or for your own version of the American Dream, click here