[Stu from NYC]

Originally Posted by Caymus

Maybe in the past. Most private sector workers no longer have a typical pension.

Pension who had a pension saving and investing into Ira and 401 has allowed us to live here.

[Stu from NYC]

Originally Posted by huge-pigeons

I’m surprised it’s not higher than 39%! A millionaire is nothing to write home about. Wealth is much more than just money.
Financial independence is what you want to strive for and that’s when you know you are set.
Just because we are older, that doesn’t mean your income stops. This is the time when passive income takes over. For me, I made very good money during my working years but I make many times that each year in my investments while I’m playing sports or sleeping: that’s passive income.
IMO: to feel comfortable money wise, you need over $5M for 2 people, not $1M.

Number has to be well over a million. Take out 4 percent and 40000 plus ss does not go as far as it used to.

[BlueStarAirlines]

Originally Posted by Randall55

...latest statistics show there are 496,000 millionaire in the entire state of Florida. I am going with the stats that I found. 39% is way off.

I think the facts are vague enough that one can manipulate them as justification for any position. I would expect TV residents as a whole to be wealthier than average cities just because all moved here with their wealth. For the most part, we don't have residents working for minimum wage, low income housing, etc.

It is never clarified if that $1m is what people have saved or if it is their net worth. $1 million is a low bar when one takes all assets into consideration. A newer designer home base price is in the $400k-$500k range, so another $500k in assets meets the mark. $1m is not a difficult number to get to.

As noted in this post (We Bet You Can't Guess How Many Americans Actually Retire With a Million Bucks ), the average net worth of those of those 65-74 is $1.2 million according to the Federal Reserve. So, I have doubts about a large percentage of folks having $1m in savings, but having 39% of folks having their net worth more than $1m isn't a high number.

[llaran]

A million dollars is not what it was a few years ago,

[Bill14564]

Originally Posted by Randall55

...
But, latest statistics show there are 496,000 millionaires in the entire state of Florida. I am going with the stats that I found. 39% is way off.

If there are 70,000 homes in the Villages and if 40% of those had over $1M then that would be 28,000 out of 496,000 or about 6% of Florida millionaires live in the Villages.

Is that correct? I don't know, but it doesn't seem completely unreasonable.

[Bill14564]

Originally Posted by BlueStarAirlines

...

It is never clarified if that $1m is what people have saved or if it is their net worth. $1 million is a low bar when one takes all assets into consideration. A newer designer home base price is in the $400k-$500k range, so another $500k in assets meets the mark. $1m is not a difficult number to get to.

...

The article said it was not counting the value of the home.

The study found that approximately 39% of households in The Villages had a net worth of at least one million dollars, excluding their primary residence.

[retiredguy123]

Originally Posted by Bill14564

The article said it was not counting the value of the home.

The study found that approximately 39% of households in The Villages had a net worth of at least one million dollars, excluding their primary residence.

Not counting the value of the home makes no sense to me.

[Kenswing]

Originally Posted by retiredguy123

Not counting the value of the home makes no sense to me.

Especially when so many pay cash for or have paid off their mortgage. How can that not be considered in any net worth calculations?

[mikeycereal]

Mom became a millionaire. Had a federal job from 1973-1996. Put away $500 each month into an IRA. Spent money on home improvements, landscapers, a maid, and a nice car for herself 3 separate times. Traveled for free with her job. Sold house that they paid 26k for in 1966 for $160k in 2013. Not saying it was easy, but she was very smart with her money.

[Bill14564]

Originally Posted by retiredguy123

Not counting the value of the home makes no sense to me.

Originally Posted by Kenswing

Especially when so many pay cash for or have paid off their mortgage. How can that not be considered in any net worth calculations?

I believe I read an explanation in another article that referenced the same study but I don't recall what the reasoning was.

I'm not sure where the study got their information from. I know I never provided my net worth to anyone. Perhaps the source of information did not include home value.

[thelegges]

Originally Posted by retiredguy123

Not counting the value of the home makes no sense to me.

Especially when many own primary home and multiple investment homes.

[Wondering]

Originally Posted by Toymeister

How Many Millionaires Live in the Villages Florida
INVESTOR TIMES by INVESTOR TIMES Reading Time: 2 mins read

How Many Millionaires Live in The Villages, Florida?

The Villages, located in central Florida, is a popular retirement community known for its active lifestyle and numerous amenities. With its beautiful weather, golf courses, and recreational facilities, it has become a sought-after destination for retirees. Alongside the active lifestyle, an intriguing question arises: how many millionaires live in The Villages?

While it is challenging to determine an exact number, The Villages is home to a significant number of millionaires. According to a study conducted by Phoenix Marketing International, The Villages had the highest concentration of millionaires per capita in the United States in 2019. The study found that approximately 39% of households in The Villages had a net worth of at least one million dollars, excluding their primary residence.


The Villages’ appeal to millionaires can be attributed to several factors. Firstly, the cost of living in Florida is relatively low compared to other states with high concentrations of wealthy individuals, such as New York or California. This, combined with the absence of state income tax, makes Florida an attractive destination for retirees looking to stretch their retirement funds opportunities.

1. Are there any specific neighborhoods in The Villages where millionaires live?
While it is challenging to pinpoint specific neighborhoods, millionaires can be found throughout The Villages.

2. What are some common professions of the millionaires in The Villages?
The Villages is home to a diverse group of millionaires, including former business owners, executives, doctors, and lawyers.

3. How do millionaires in The Villages spend their time?
Millionaires in The Villages often engage in recreational activities such as golfing, boating, and participating in social clubs and events.

4. Do millionaires in The Villages typically downsize their homes?
Many millionaires in The Villages choose to downsize their homes, opting for smaller, low-maintenance properties that align with their desired lifestyle.

5. Are there any exclusive clubs or organizations for millionaires in The Villages?
While there are no exclusive clubs solely for millionaires, there are various clubs and organizations that cater to different interests and hobbies.

6. Are there any philanthropic efforts by millionaires in The Villages?
Yes, many millionaires in The Villages are actively involved in philanthropic endeavors, supporting local charities and causes.

7. Can non-millionaires also live in The Villages?
Absolutely! The Villages is an inclusive community that welcomes residents from various financial backgrounds.

8. Are there any financial planning services available for residents in The Villages?
Yes, residents have access to financial planning services within The Villages to help manage their wealth and retirement funds.

9. How does the presence of millionaires impact the local economy?
The presence of millionaires in The Villages contributes to the local economy by stimulating businesses and creating job opportunities

10. Are there any tax advantages for millionaires living in The Villages?
Florida’s lack of state income tax is an advantage for millionaires living in The Villages, allowing them to keep more of their wealth.

11. Are there any disadvantages to living in The Villages as a millionaire?
Disadvantages can vary depending on individual preferences, but some may find the community’s focus on retirement activities limiting if they desire a more urban lifestyle.

12. Can I visit The Villages as a non-resident to experience the community?
Yes, The Villages welcomes visitors who can explore the community’s amenities, participate in activities, and get a feel for the lifestyle it offers.

In conclusion, The Villages, Florida, is home to a significant number of millionaires, with a high concentration per capita. The community’s low cost of living, exclusive amenities, and social opportunities contribute to its appeal among the affluent. Whether you are a millionaire or not, The Villages offers a unique retirement experience for individuals from various backgrounds.

What is the criteria for your definition of today's Millionaire? Cash Millionaire is one thing, Total Asset Millionaire is very common today.

[wbilbrey99@gmail.com]

Rest assured last I checked I’m not one of them. Still waiting.

[MandoMan]

I have great respect for you and your posts, Toymeister, but Investor Times is a quasi- click bait site that seems to provide less than excellent analytics. I don’t know where it got its 39% millionaires statistic, but its comments about that seem to have been generated without much thought.

I suspect that you, like me, remember (barely, in my case) the TV show The Millionaire, 1955-1960, in which someone received a check for a million dollars at the beginning of the show, and often by the show’s end the person had made decisions that ruined his or her life. A million dollars was a lot back then, when my dad was earning $1,500 a month.

However, many financial planners say that if one has money invested for retirement, one can pretty reliably take out 4% a year and die with that same amount available. Some years more, some years less, and it all depends on where you put that money. (Mutual funds, well-chosen, and not a savings account.) Thus, someone here who has $1 million in mutual funds could, if things work out right, take out $40,000 a year and still end up with a million at death to leave to the kids. That sounds like $3,333 a month. But wait! If those retirement savings were made pre- tax, the mutual fund is required to deduct 20% off the top and send it to the IRS. That means the millionaire would get $2,666 a month from that million dollars. There are plenty of people living here on $1,000 a month from Social Security, but it requires constant frugality. Others are getting $2,500 a month from Social Security. That’s better, but still requires frugality. Adding $2,666 a month to that is a big help, but then they also have to pay income tax on their Social Security payments. I’m not sure how much that is. However, I would estimate that the people here with $1 million in mutual funds to live on and Social Security, using 4% of their mutual fund, with $2,500 a month from Social Security, after taxes have about $4,000 a month to use on living expenses and all purchases.

Maybe they have a mortgage and a larger home and are paying $2,500 a month on all those home-related costs. Maybe they are millionaires, yes, but the remaining $1,500 a month makes it difficult to squeeze in payments for a new Corvette, or cover the summer house on a lake in Minnesota, or pay for some cruise up a river in Europe or to Alaska.

Now, if a couple has $2 million, or $3 million, or $4 million in investments, a higher standard of living is possible, and those cruises and toys become possible. But I don’t see having $1 million as being wealthy. (And many in that 39% may only have $1 million.) It’s just the result of a lifetime of prudent saving and investment and postponing middle-aged pleasures. It means that if you are fortunate enough to live in a courtyard villa, free and clear, with a paid-for car and good health insurance, you can live without worrying if you are careful, go to a nice restaurant once a week, play golf on executive courses, give the kids nice Christmas presents. It’s a good life. It’s not a wealthy life.

As for those here (61%) who are not millionaires, they aren’t wealthy, either. (Lots of people have pensions from their work days, whether as teachers, or with good union factory jobs, or from others sorts of work with pension benefits. I don’t know if that is somehow factored into their wealth or not. If you have a pension of $2,666 a month plus Social Security, would that be counted as the equivalent of being a millionaire?)

[Randall55]

Originally Posted by Bill14564

If there are 70,000 homes in the Villages and if 40% of those had over $1M then that would be 28,000 out of 496,000 or about 6% of Florida millionaires live in the Villages.

Is that correct? I don't know, but it doesn't seem completely unreasonable.

You are taking a percentage of two different facts and rationalizing it to one fact.

Here is my rationalization:
1 out of every 2 people is 50%.
1 out of every 3 people is 33%.
I stand on my beliefs. 39% would mean nearly every other person I meet here in the Villages is a millionaire. This has not been the case for me. Not in my neighborhood. Not in the clubs I attend. Not in large social gatherings. Not even close! 39% seems way off! Btw: I live in Hawkins where the cost of new home is over $400,000. Most people paid cash for their home after selling their Northern home and are living on monthly pensions and social security. Quite a few are still working.