A global survey from Barclays Wealth indicates that more than 60% of investors with assets of at least $1.5 million will not retire; at least, not in the traditional sail off into the sunset sense of retirement.
In the report released Monday, “The Age Illusion: How the Wealthy are Redefining Their Retirement,” Barclays Wealth announced, “60% of respondents say they envision always being involved in commercial or professional work of some kind, whatever their age.”
The report calls this finding an “unexpected phenomenon.” In some of the countries surveyed, the percentage of what Barclays’ report calls “nevertirees” is substantially higher–especially in emerging markets countries: “Saudi Arabia(92%), United Arab Emirates (91%) and South Africa (89%)” will continue to work in one way or another, according to the report. In the U.S. the 54% of the high-net-worth participants said they will not retire, however 75% in the U.S. said they “plan to work part-time,” when they stop working full time.
Matt Brady, head of Wealth Advisory, Americas at Barclays Wealth, noted in the announcement that, “This represents a step change for wealthy people. While previous generations looked to create their wealth early on in life with a view to enjoying it when they retired, this report reflects a different attitude, with people wanting to continue to challenge themselves well beyond the traditional retirement age.”