Although they are the people who can best afford comfortable retirements, the highest earners in America are the most likely to retire after 70 or never at all.
Wealthy are the least likely to retire, working until 70 years old or later, according to a new report.
The survey from Spectrem Group revealed that the highest earners in American don’t plan to retire until they are at least 70 years old. Even affluent workers plan to retire much younger than the wealthy.
Of those who earn at leat $750,000, nearly a third plan to retire after age 70 while 15% plan to never retire. Meanwhile, most of those making under $100,000 plan to retire by 65 — only 6% expect to retire after 70 and 6% never.
NBC reported that a Barclay’s Wealth survey from 2010 showed similar results. More than half (54%) of millionaires wanted to continue working in retirement and 60% of those with a net worth of $15 million or more plan to never retire and always remain involved with work.
So while Americans are largely unprepared for retirement, those who can best afford to retire and maintain a comfortable lifestyle actually plan to push back retirement the longest.
George Walper, president of Spectrem, told NBC that this is likely because these individuals are likely to be business owners and entrepreneurs who take pride in their success and love their work or cannot easily leave without risking that the business fails.