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No retirement plan for the rich

By Judy Martel · Bankrate.com
Monday, August 26, 2013
Posted: 6 am ET

In a twist on the typical American dream of early retirement, it seems those with the most money are the least inclined to retire.

A survey of investors by Spectrem Group found that nearly a third of respondents earning $750,000 or more plan to work past the age of 70, and 15 percent have no plans to retire.

By contrast, a majority of respondents earning less than $100,000 want to chuck the 9-to-5 job by age 65, with only 6 percent planning to retire after 70. Among those who would like to retire before age 65, the concern is whether they will have enough assets.

Many of the wealthiest respondents are entrepreneurs and business owners, so they typically have more of their identity tied up in their profession than an employee who is laboring for someone else. The wealthy are also more likely than lower-income workers to credit their success to hard work.

George Walper, president of Spectrem, told CNBC that although some wealthy entrepreneurs say they are reluctant to retire because they lack a business succession plan, the majority simply love what they do. "Most of these people enjoy working and are very involved in their businesses; to them it isn't really work," he said. He added that for those in lower-income brackets, "a job is a job; it's a more traditional experience."

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