That the affluent are more than twice as likely to work past retirement, may be a sign that the better paying jobs are also the more satisfying jobs.
(p. B9) But retirement isn’t for everyone. Affluent individuals are more than twice as likely as other people to keep working in retirement, according to a July survey by Bank of America’s Merrill Lynch and Age Wave, a research firm based in Emeryville, Calif., that specializes in aging populations.
Some 33% of retirees with $1 million to $5 million in assets are working, as are 29% of those with more than $5 million. Most say they do so because they want to, not because they have to, according to the survey.
Half of affluent working retirees have shifted to a different line of work, most often because of greater flexibility of scheduling, the opportunity to experience new things, and the pursuit of a passion or interest, the survey found.
The results show how important it is to consider what you will do with your time and to think hard about whether that will be satisfying.
For the full commentary, see:
LIZ MOYER. “Can You Afford to Retire Early?” The Wall Street Journal (Sat., Aug. 2, 2014): B7 & B9.
(Note: the online version of the commentary has the date Aug. 1, 2014.)