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Many affluent Americans plan to work into retirement years

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Recent research from Merrill Edge and Bank of America found 57 percent of working affluent Americans now plan to retire later than they may have anticipated a year ago.

“While the economy is showing signs of a turnaround, our data indicates the outlook among the mass affluent is not quite as positive,” said Dean Athanasia, preferred and small business executive at Bank of America. “In spite of their increased efforts to get on track, this group is pushing back their retirement in greater numbers than we’ve seen before.”

The greatest concern for these older Americans nearing retirement is long-term finances, with 80 percent having concerns about being able to afford the life they want to lead throughout retirement.

Seventy-one percent of these survey respondents also have concerns with the upcoming presidential election, and keeping that in mind, 77 percent are concerned with the future of social security benefits.

While these older, affluent Americans are planning to stay at work, some employers may favor of younger employees that have more experience with technology. Even businesses that take great pains to be scrupulous in their hiring and firing practices should be sure to carry the proper small business insurance in case disgruntled older workers perceive a reason for taking legal action against a former employer.

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