HIGH-NET-WORTH INDIVIDUALS SHUN RETIREMENT
New York - Sixty percent of high-net-worth individuals say that they will never retire, according to a new survey.
The report, by Barclays Wealth, surveyed more than 2,000 high-net-worth individuals, who were asked to consider what retirement and later life means to them. The findings show that the concept of "nevertirement" is expected to grow over the coming decades, with over 70 percent of respondents under the age of 45 saying that they will always be involved in some form of work.
Emerging markets such as Saudi Arabia (92 percent), United Arab Emirates (91 percent) and South Africa (89 percent) illustrated the biggest desire to keep on working in later life; however, the concept is also popular in developed economies, with many in the United States (54 percent) and the United Kingdom (60 percent) showing a desire to carry on working. Switzerland (34 percent), Spain (44 percent) and Japan (46 percent) are the most likely to want a conventional retirement.
In particular, 75 percent of U.S. respondents plan to work part-time after they have stopped working permanently, 7 percent more than the global average. Specifically, 32 percent plan to work between five and 20 hours per week in "retirement" and 7 percent plan to work more than 20 hours per week.
Attitudes are also shifting in terms of when to retire. For 63 percent of U.S. wealthy, "simply reaching the normal age to retire" is not at all important in determining when they stop working.
When planning for retirement, 35 percent of U.S. respondents feel that the rate of tax they have to pay is predictable, compared to 58 percent of Latin American high-net-worth individuals and 73 percent of wealthy Swiss individuals.
Further, one in 10 of the wealthiest individuals surveyed do not agree that they have enough money for retirement (greater than $15 million in investable assets). Among the global wealthy who are already retired, only 51 percent agree that they are completely confident in having enough money for their retirement.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access