Being a millionaire isn't what it used to be, and it hasn't been for more than 20 years, InvestmentNews says.

 

One million dollars in 1960 - around the time when having $1 million took hold in the popular imagination as a symbol of ultimate wealth - had roughly the same buying power as $8 million today.

 

Inflation has averaged 2.78 percent for the past 30 years. With the exception of the period from 1974 through 1984, when inflation averaged nearly 8 percent, the rate has held at about 2.75 percent since 1914.

 

Using that inflation rate as a rough guide, the equivalent of $1 million in 2014 will be $5 million in 2074. By then, the high esteem once held for the $1 million payday will have long faded.

 

By the time the average Generation X couple retires in 2035, $1 million may not be enough to cover housing costs. By the time a millennial couple retires in 2055, $1 million will barely cover the cost of out-of-pocket health care expenses.