Even the Wealthy May Push off Retirement


BOSTON (TheStreet) -- The growing ranks of "nevertirees" isn't limited to those who plan never to stop working because of financial constraints. A growing number of the world's wealthy say they plan to forgo the proverbial gold watch, according to research by Barclays Wealth.

In a study released today, The Age Illusion: How the Wealthy are Redefining Their Retirement, Barclays says that 60% of global high net worth individuals and 54% of affluent Americans say they have no plans to ever retire and will instead continue working full-time at their current job or start a business of their own.

The report, part of the Barclays Wealth Insights series, was based on a survey of more than 2,000 people with $1.5 million or more in investible assets. Barclays Wealth is the wealth management division of Barclays Bank PLC, operating through Barclays Capital in the United States

Emerging markets, such as Saudi Arabia (92%), United Arab Emirates (91%) and South Africa (89%) indicated the greatest desire to keep on working. Sixty percent of respondents in the U.K. said they plan to continue working late in life. Switzerland (34%), Spain (44%) and Japan (46%) were among the countries most likely to still want a conventional retirement.

In the U.S., 75% of respondents said they would, at the very least, continue to work part time after they have stopped working permanently, 7% more than the global average.

"This represents a step change for wealthy people," Matt Brady, head of the wealth advisory unit for the Americas at Barclays Wealth, in a statement. "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."

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