For baby boomers approaching retirement age near Greensboro, North Carolina, you have probably spent some considerable time wondering what you might do when you no longer have to work. But a recent study shows that the amount of money you make has a significant impact on how you plan on spending your retirement years.
Wealthy Retirement Plans
A recently released study says that Americans who make $750,000 a year or more are most likely to say that they plan on retiring only once they reach the age of 70. About 33% of those in that income bracket say that working well past the traditional retirement age of 65 is something they plan on doing. Another 15% say they plan on never retiring all.
That’s significantly different than people who earn less than $100,000 per year. A majority of people in this income bracket say that they plan on retiring once they reach 65. Further, only 6% of them say they plan on never retiring at all.
The study, conducted by the Spectrum Group, a wealth research firm, is not exactly uncovering new information. Several previous studies have revealed that many wealthy people continue to work well past retirement age, or at least plan to. In 2010, a similar survey released by Barclays Wealth showed that more than half of all millionaires said they would continue to work even if they chose to retire. When viewed globally, 60%of people who have a net worth of more than $15 million said that they planned on working regardless of their age.
Those involved in the survey say that one of the main reasons wealthy people don’t really view taking time away from work during retirement as an option is because so many of them are entrepreneurs or people who run their own businesses. For many such people, they have spent their entire lives working and dedicating themselves to the business they have created. The idea of “work-life balance” isn’t so much a question of dividing time between working and non-working life, but rather is an indistinguishable conjoining of the two concepts.
In other words, many wealthy people view working as simply a necessary part of life. They can’t really imagine any other way to go about living.
Working During Retirement
Even some of those who say they will retire don’t necessarily mean that they will stop working. Many “retired” wealthy people simply stop working seven days a week, and instead, start working for five days a week. Others choose to join boards or relocate to a location that offers more amenities. In other words, their retirement days are just spent working a little differently.