Report on How Wealthy Plan for Retirement
Barclays Wealth, a British wealth management firm, has issued a report entitled, How the Wealthy Are Redefining Their Retirement that provides retirement planning insights from interviews with 2,000 high net worth individuals around the world. Among the findings:
Many do not plan to stop working. Even with little or no financial reason to do so, many of the wealthy individuals interviewed plan to keep on working. This group – which Barclays calls the “nevertirees” – simply do not envision a future without tending to business, either part time or full time. Stopping is almost unthinkable.
Many think estate planning is challenging yet essential. The challenging economy and unpredictability of investments have conspired to make most of us – including the wealthy – look at our “golden years” in different ways. But however their plans for later life may vary, the wealthy believe in getting a firm grasp on their financial needs and how to fund them through careful estate planning.
A shift in attitudes. The report says that attitudes and expectations of the working older wealthy have not caught up with the fact that they are still economically productive – creating jobs, companies and tax revenues. While they should be regarded as a valuable resource, getting the “nevertirees” to eventually step down may be a source of concern by the corporate sector.
