HNWs Redefining Retirement
Updated: Sep 9, 2022
High-net-worth (HNWs) investors are redefining retirement, says data from Northern Trust Wealth Management. Its ‘2022 Wealth Planning Outlook Survey’ found that millennial respondents aspire to retire earlier than other generations ??? between ages 35 and 44. However, 58 per cent will remain in the workforce instead of retiring when they stop their current work and plan to work in consulting in their current profession or in a similar one. Outside of consulting, 43 per cent of investors plan to invest in one or more businesses, 25 per cent plan to start their own, and 20 per cent plan to pivot to another professional area. Across age groups, HNW investors plan to stay active in retirement by working, attending school, and starting businesses.