Spare A Thought For Millionaires (Infographic)

Posted on Jan 10 2014 - 12:52pm by Editorial Staff

With everyone “going green” these days, trying to save money, it’s incredible to think that having green doesn’t mean what it used to mean. Consider Celeste Baranski, a 49-year old engineer with a net worth of around $5 million. She lives in Menlo Park. And, while the couple doesn’t worry much about college for their children, they do worry about their own long-term financial health.

This is the new breed of working-class millionaires. It’s the individuals who keep their nose to the grindstone, but are always looking up into the future. Why? Because long-term care costs are rising, and most studies now confirm that roughly 50 percent of people living today will need some type of long-term care.

Retirement pensions are disappearing or being scaled back. Retirement plans all over the world are on shaky ground as world economies battle through a seemingly never-ending recession. Not only those, millionaires are being ousted by billionaires. In the 1970s, a million would allow you to live the lifestyle of a rich and famous person. Now, it means that you still have 20 more years to work just to retire comfortably.

And don’t forget about inflation – it’s always around the corner, waiting to demolish your savings.

Spare-a-Thought

Source: Wish.co.uk

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Editorial Staff

Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.