The Rich Simply Don't Want to Retire
NEW YORK (TheStreet) -- The wealthy are likely to enjoy retirement, what with their access to great health care, freedom to travel and the time to enjoy their money.
Yet wealthy Americans would rather work, putting retirement off for as long as they can.
That's the conclusion of a study of U.S. high net worth investors (defined as Americans with an annual income of $100,000 and above) by the Spectrem Group.
Apparently, America's wealth class views hard work as the primary reason for their affluence and are in no big rush to retire, with half of all wealthy Americans surveyed having "no plans" to cash in their chips in the next 10 years."Most investors have similar attitudes towards how they built their wealth, crediting hard work, education and frugality," says George H. Walper Jr., president of Spectrem Group. A majority of the affluent class also believe unemployed people should take lesser jobs, invest in themselves through job training or education and either work part-time and look for work part-time or look for work like it was a full-time job. Meanwhile, more lower-income workers want to retire in the next 10 years, but don't have the money to pull it off. checking accounts, certificates of deposit and savings accounts, Spectrem reports. America's wealth class also seems to be having too much fun to retire, and are much more likely to share their sentiments about work and life through social media sites such as Twitter and LinkedIn (LNKD), Spectrem says. They're especially using social media tools to track their money, make investment decisions and share opinions about the economy. Middle-and lower-income Americans are much less likely to use Twitter or LinkedIn to do so.
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