Poverty and the Modern Millionaire
It’s difficult to imagine an impoverished millionaire, but this could soon be the fate of the baby boomers, 8,000 of whom will reach age 60 each day in 2007.1 Since the concept of modern retirement took hold in the 20th century, only a small percentage of retiring Americans have left the workforce with at least a million dollars in assets. Being a millionaire retiree has never really been the status quo, but now this amount may not be nearly enough to maintain even a modest retirement lifestyle. If you are reading this, it means that you are probably among a…