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Wealthy people are less likely to retire, report says

The wealthy are spending more time working and less time golfing than you may think, according to a new study.
(Mike Ehrmann / Getty Images)
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What do you do after working hard all your life and becoming wealthy? The answer, apparently, is you keep working.

Contradicting the notion that the financially well-off will retire in grand fashion once they’re able to, a new study says wealthy people are more inclined to keep working.

Of five annual income categories ranging from $100,00 to $750,000, the highest earners said they were the most likely to continue working, according to the survey by the Spectrem Group, a consulting and market-research firm. Counterintuitive as it may sound, that backs up previous research showing that many rich people plan to keep working.

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That stems partially from the way wealthy people view themselves and their success -- as a result of hard work and risk-taking, which they’re not inclined to give up just because they can financially. And high-net-worth people also are frequently tied to companies they own or have founded, making it harder to detach logistically and emotionally.

And even the well-off are not immune to financial worries, according to a Spectrem report last month.

It found that 52% of investors making more than $750,000 annually worried about being able to maintain their current financial positions.

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Maybe the wealthy aren’t so different from the rest of us after all?

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Twitter: @LATwalter

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