Friday Financial Tidbit-Will you retire when you are wealthy?

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I’ve written blogs and recorded podcasts before on the topic of retirement. Every time I do something on retirement I’m fascinated by the subject. The reason is because the concept of retirement is less than 100 years old, yet in our culture today it is now an expected life event along with getting married, having children, etc.

That’s why I was amused when I found a link to a survey conducted by Spectrem Group. It found that those who had significant wealth, ie a million dollar net worth or more, or earned a large income, $750,000 or more a year, were more likely to work into their 70’s and more likely never to retire than those who earned less.

This goes against everything we’re taught about retirement. Retirement is all about saving money so that you can spend your golden years traveling, living some place warm, and playing golf all day. But then why do the people who can afford retirement not actually retire? It’s a great question. Maybe they just love what they do or they are afraid of having to cut back their lifestyle in retirement.

My opinions on retirement are pretty unique. I don’t have anything against people retiring, but I do have something against the belief that you have to wait until you work 30 years to do the things you love.

But this survey begs the question that everyone must ask themselves: When you become wealthy, when will you retire? 

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