"Most people assume that being a millionaire brings peace of mind and a sense of security. Yet, surprisingly, Northwestern Mutual's Planning & Progress Study 2024 revealed that only one-third of American millionaires consider themselves "wealthy," and nearly half believe their financial plans could use improvement. This post was updated on October 19, 2025 to clarify that the study compared preparedness and clarity of retirement savings, vs. general feelings about wealth."
"Millionaires often have a clearer picture of their retirement needs. The study reports 62% of those with advisors know how much to save to retire comfortably, compared to just 34% of those without professional guidance. This level of preparedness sets them apart from the general population, where only 45% of Americans (with an advisor) know how much they need for retirement."
American millionaires often exhibit clearer retirement objectives and more detailed planning than the broader population. A large share of millionaires who work with financial advisors know how much to save and routinely account for market volatility. Advisors correlate with higher preparedness: 62% of millionaires with advisors know retirement savings targets versus 34% without. Millionaires are also more likely to factor in retirement costs such as taxes and healthcare, and to model potential market dips, which supports portfolio stability and long-term resilience.
Read at 24/7 Wall St.
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