The latest UBS Investor Watch report, “Retiring old clichés,” reveals that financial security is only part of the decision-making process when it comes to retirement.
Emotional anxiety outweighs financial concerns when deciding to leave the workforce with many wealthy investors saying that a lack of a set schedule, missing colleagues and a fear of losing purpose keeps them from making the leap into retirement.
In stark contrast to the fears of pre-retirees, most retired investors adjusted quickly and easily to retired life. One wealthy retiree compared retirement to being young again, "but with money and no curfew."
Half of wealthy retirees took no time at all to adjust to retired life. Another third took less than a year. A full 84% of wealthy retirees say they are happier than at any point in their lives. In fact, if today’s retirees had the chance to do it over again, only 19% would have delayed their retirement.
Meanwhile, Baby Boomers have been known for “living to work,” having been focused on their careers for so many years.
"Even once they achieve financial security, their emotional attachment to work keeps many Boomers on the job,” said Paula Polito, Client Strategy Officer of UBS Wealth Management Americas. "Now, as many of them look toward retirement, they need to start 'working on living,'—figuring out how they will fill their time and find their purpose once they leave the workforce."