Wealthiest Small Business Owners Plan to Never Retire

Do wealth, business ownership and retirement have any correlation?  Absolutely according to research conducted by Millionaire Corner with Business Owners of multiple wealth levels.

Millionaire Corner asked Business Owners with more than $25 million of net worth when they plan to retire, and 27% said they plan to never retire.  Currently about 31% of the households with over $25 million of net worth are already retired and 21% are 21% are Semi-Retired.  The average age of those with $25 million of net worth is 59.

In contrast, Business Owners in other wealth segments were asked similar questions with different results.  Keep in mind, however, that as a whole, Business Owners were less likely than those in other occupations to consider retirement.

Households with significantly fewer millions but with still more than $1 million but less than $5 million were much more likely to consider retirement.  In fact, only 5% of Millionaire Business Owners indicated they would never retire.  In fact, Millionaire Senior Corporate Executives were more likely to have a disdain for retirement than Business Owners with 13% of Senior Corporate Executives saying they will never retire.  Currently 58% of Millionaires are already retired and 15% are Semi-Retired.  The average age of Millionaires is 62.

As far as households with $5 million to $25 million of net worth are concerned, the average age is 67 and, not surprisingly, 63% are already retired.  But 18% of Business Owners with $5-25 million of net worth indicated they will “never retire”.

“Our focus group research has consistently shown that individuals are beginning to reassess retirement.  Not only for financial reasons but also for quality of life issues, explains Catherine McBreen, President of Millionaire Corner.  “Business Owners generally can set their own hours and work at will.  Because many of them have created their businesses, they enjoy what they do.  Why quit when you can do what you want when you want?”

Although many of these wealthy Business Owners will never retire, a significant number are facing the point in their lives where they need to consider how to liquidate that business or pass it along to the next generation.  Thirty one percent of Business Owners in the $5-25 million net worth segment are considering retiring within the next 5-10 years and 45% are considering retirement within 5 years.  Depending on the economic realities and their ability to “get the price they want” these individuals may choose to continue working.

Clearly those Business Owners who enjoy what they do are not only the most successful as far as personal wealth is concerned, they are also the most likely to continue doing what they love.