Friday, November 12, 2010

The Wealthy Never Retire According to Barclay's Report

According to a survey of wealthier individuals issued by Barclay's Wealth, most of those surveyed want to keep on working in some form and never intend stopping, even if they have little financial need to do so. Barclay's The Age Illusion: How the Wealthy are Redefining Their Retirement calls these people "Nevertirees" and says that they "are very actively engaged in what we would traditionally regard as their retirement years; continuing to work, starting businesses and taking on new projects." Some 60% of respondents say they envision always being involved in commercial or professional work of some kind, whatever their age.

However, while the corporate sector will gain from their experience at the board level, businesses may worry about how to get individuals eventually to step down. In addition, continuing to work may complicate succession issues at firms.
Sarah Harper thinks increasing numbers will want to keep on working but not necessarily in the same role. As lead investigator on Oxford's Ageing Workforce Programme, she has recently completed a study on "Extending Late Life Work" and she says, "We do a lot of work around the importance of the age of 50 to 70 - an age when you're incredibly experienced, you've got so much to offer, but maybe want a second career. Maybe you want to do something different, or maybe you want to stay in the same work but in a different role."
Source: TAEN "The Rise of the Nevertirees" (November 11, 2010)

No comments: