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Even rich worry about retirement

By Jennie L. Phipps · Bankrate.com
Tuesday, September 28, 2010
Posted: 10 am ET

Some wealthy people are worried just like the rest of us that they won't have enough money to quit working when they they hit retirement age, according to a survey by Barclays Wealth, which manages money for high-net worth people worldwide.

Barclays says retirement anxiety isn't unique to the U.S. People in emerging economies also plan to work past 65. Here are the results from some of the countries surveyed, including a few of the places where oil and money just flow out of the ground.

Percentage of wealthy people who want to work past 65:

  • Saudi Arabia, 92 percent.
  • United Arab Emirates, 91 percent.
  • South Africa, 89 percent.
  • United Kingdom, 60 percent.
  • United States, 54 percent.
  • Japan, 46 percent.
  • Spain, 44 percent.
  • Switzerland, 34 percent.

The reason seems clear. Retirement planning is an inexact science. According to Barclays, only 48 percent of U.S. high-net worth individuals would classify themselves as financially secure. Even the wealthiest aren't feeling all that confident in their retirement planning, with 10 percent of those with more than $15 million in investable assets saying that they don't have enough money for retirement. Wow!

Matt Brady, who heads the Wealth Advisory, Americas for Barclays Wealth says in a note to investors: "Unpredictability is a real concern for those in, and looking toward, retirement, and the steady rise of life expectancy, combined with inability to predict investment returns, can be daunting."

Tell us about, Matt.

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