Generally most of the super wealthy don’t actually plan to retire. 60% of the people who have a net worth exceeding $15 million dollars plan to never retire from what they do according to a Spectrum Survey. CNBC news reported that the main reason the wealthy do not plan on retiring is not so that they can accumulate more wealth, but because they actually enjoy what they do to earn money. If you are having a good time while you are earning money, then you won’t want to stop.
What the super rich could do if they were to retire
If you do happen to be incredibly wealthy, here are few ideas for spending money in retirement:
- You could buy a private island to retire on at a cost of roughly $6 million and have the remainder of their life to spend on a tropical paradise.
- You could have a personal doctor to see to all of your medical needs for roughly $200,000 per year so that you remain at optimum health.
- You could charter a private jet to take them and their family anywhere in the world for about $1,500 per hour, unless you needed a really large jet and then it might cost $7,500 per hour. You could jet off to dinners, concerts, or anywhere in the world and the jet would come complete with a flight crew ready to take care of you.
- You could charter a private yacht that has three bedrooms and three bathrooms for around $4,000 per night. The yacht would come equipped with a crew to sail it and staff to cook the meals, do the cleaning, and see to it that every desire of the occupants was fulfilled.
- You could buy a castle for about $2M and live in a more traditional style.
- You could rent a theme park like Six Flags for roughly $1M per day and take yourfriends and family.
Though we can’t guarantee to help you hit these lofty retirement goals, if you start saving early and invest 15% of your income toward retirement, then you should be in good shape for a comfortable retirement, even if you don’t have a private island.
Photo – 410(k) 2013