Are you 1 of 26 million?

I was intrigued by a report on the number of millionaires in the United States, encompassing the total wealth and assets of individuals. With the U.S. population at 332 million and California alone housing close to 40 million, I expected the number of millionaires to surpass 26 million. But with less than 10% of the population at a million above, there is plenty of work to be done to achieve that magic number for retirement. Especially if you live in a state like California where the cost of living can be quite overwhelming. It is also important to point out that $1 million in the US (particularly in CA) is not worth the same as $1 million in another country on this list.

Here are some more intriguing statistics: California boasts 1.73 million homes worth over 1 million dollars, and nearly 28% of Californians report an annual income of $100,000 to $200,000. Theoretically, this suggests that at least 11.2 million Californians would need a minimum of $1 million in retirement funds to maintain a relatively similar lifestyle upon retirement. While many variables can alter these calculations, these stats highlight a substantial gap between lifestyle aspirations and financial realities. The data indicates that a significant number of American families lack a sustainable foundation, signaling the need for a recalibration.

So, what does this mean for the average American and Californian? Are we all destined to face this stark contrast between dreams and financial feasibility? What does this data make you feel?

Dive into these selected blog posts to set yourself on the path to financial freedom:

Finding Contentment and Building Wealth

How to Make a Million Dollars

What’s the Magic Number for Retirement?