| |
We can rest easy now: after a pause during the severe bear market of 2007-08, the number of American millionaires began rising again last year, jumping 16 percent to 7.8 million, says a report by the Spectrem Group, a consulting firm.
Although the number of millionaires is still below the all-time high of 9.2 million in 2007, it is "welcome news", said Spectrem.
Meanwhile, the ranks of the "ultra-wealthy" those with assets of $5 million or more, increased by 17% to 980,000, Spectrem said.
Retirement slips away
Workers saving for retirement say they are behind in their saving, found a new survey by the Employee Benefit Research Institute.
About 30 percent of workers were unable to save for retirement in the recent year, up from 25 percent a year before. More than half of those surveyed said they had no more than $25,000 in savings and investments, exclusive of their homes and defined benefit pension plans.
Age and wisdom
A long life does not guarantee financial sophistication, says the University of Michigan's Retirement Research Center.
Its survey of those over age 55 found that the majority lack "even a rudimentary understanding" of stock and bond prices, risk diversification, port-folio choice, and investment fees. Financial illiteracy is likely to leave older Americans ill-prepared for retirement, it said.
©OSB Financial Services, INC. rights reserves. Information has been obtained form sources believed to be reliable, but its accuracy and completeness and the options based thereon, are not guaranteed. Always consult your a financial adviser and prospectus before making an investment
©2010, Kelly Ruggles Web site
Kelly C. Ruggles is a fee-based financial planner located in Spokane.
Kelly C. Ruggles, President of American Reliance Group, Inc., a registered investment advisor.
Kelly Ruggles is the author of "The Financial Playbook" for Retirement
Kelly C. Ruggles does not intend to provide personalized investment advice through this publication and does not represent the strategies or services discussed are suitable for any investor. Investors should consult with their financial advisors prior to making any investment decisions
|
