There isn’t much stopping wealthy people from trading in their work boots for boat shoes and retiring early.
But it turns out most of them would rather keep working through retirement — or not retire at all, a new report says.
Workers who earn more than $US750,000 are more likely than lower-income workers to say they have no plans to retire, according to Spectrem Group, a financial consulting and market research firm.
It sounds nutty, but there’s some logic to the trend. Many wealthy people aren’t the trust fund babies and lottery jackpot winners pop culture would like us to think they are.
More than half the wealth earned by America’s rich comes from wage and salaries. As such, they’re more likely to associate their money with work and feel less secure at the prospect of ending their cash flow altogether. They may simply feel like they haven’t earned enough to sustain their lifestyles for the long-term.
In fact, in another study, most investors said they wouldn’t really feel financially secure until they had saved at least $US5 million.
Bank accounts aside, this is one retirement fear that workers from all income brackets have in common.
In TransAmerica’s 2013 retirement report, more than 60% of workers said they are less confident that they can save enough for retirement since the recession, and a nearly equal number said they either plan on working past age 65 or not being able to retire at all.