Wealthy Are Least Likely to Retire, Survey Says

Those with incomes above $750,000 have the greatest tolerance for risk, according to Spectrem’s report, “Financial Attitudes of Wealthy Investors Based on Income.” The highest income investor is likelier to attribute wealth to hard work, and many of those same investors say they have no plans to retire. Investors at lower income levels, on the other hand, want to retire within 10 years but are uncertain as to whether they will be able to, based on current income and savings levels.

Most investors credit hard work, education and frugal spending habits for their wealth, said George H. Walper Jr., president of Spectrem Group. “Investors are growing more moderate in their investment strategies,” he said. “Their No. 1 interest in any relationship with financial services professionals is responsiveness to their needs and concerns so they can make well-informed decisions.”

The study looks at the financial and personal concerns of investors based on annual income, in five segments between those making less than $100,000 up to those making $750,000 or more.

Despite a record-breaking and robust stock market, many investors are holding their assets as cash in checking or savings accounts as they waited out the anticipated “fiscal cliff,” the report found. Most investors are active in social media, but those with incomes above $750,000 are most likely to anticipate using social media to a greater degree for financial information in the future.

Additional information is available at Spectrem’s Millionaire Corner,

Spectrem Group is a consulting and market research firm specializing in the affluent and retirement markets.