The rich love to work and aren’t likely to view retirement as an opportunity to kick back and bid good riddance to their careers.
A survey by Merrill Lynch and Age Wave looks at misconceptions about retirement and finds that one-third of respondents with a net worth of $1 million to $5 million are still working in retirement. That compares with 15 percent of the population with $250,000 or less.
Among those with a net worth of more than $5 million, 29 percent are still working.
What’s more, the wealthy are more likely to say they continue working in retirement because they enjoy what they’re doing.
When asked the most important reason to work, 65 percent of wealthy respondents say it is because they want to stay mentally active, versus 10 percent who say they work for the money.
Other reasons to continue working include maintaining social connections and a sense of identity.
But these rich, active retirees don’t necessarily want to be glued to their desks every day. They are seeking a career-life balance, with more than half of the respondents saying that work during retirement is more fun than it was before and 90 percent saying they have more flexibility.
“This study confirms that as people live longer and healthier lives, they’ll continue to find satisfaction from work even after they retire from their primary career,” Ken Dychtwald, founder and CEO of Age Wave, said in a release. “People have come to realize that retirement doesn’t necessarily represent the end of an active life, but rather the beginning of new and exciting chapters.”
To Your Successful Retirement!
Michael Ginsberg, JD, CFP®