Nearly 20% of Millionaire Women Say They Have No Plans to Retire
In a revealing survey conducted by Goldman Sachs, nearly one in five American women with over $1 million in investable assets indicate they have no intention of ever retiring. This figure stands at approximately 18 percent for these high-net-worth women, compared to just 11 percent of their male counterparts. The data comes from a study of more than 1,000 U.S. high-net-worth investors, highlighting a significant gender difference in attitudes toward retirement. These women, with an average age over 60 and an average annual income of just under $550,000, are saving diligently—about 17 percent of their income each month—yet many choose to remain in the workforce indefinitely.
This trend challenges traditional notions of retirement as a universal goal. For many millionaire women, the decision not to retire stems from a combination of personal fulfillment and financial strategy. The survey reveals that their primary investment goals focus on sustaining their current lifestyle rather than solely preparing for a work-free future. Specifically, 48 percent prioritize maintaining their spending levels, 47 percent aim to preserve their wealth, and 44 percent plan for a comfortable retirement. These priorities suggest that retirement is not seen as an endpoint but as an optional phase, especially when financial security allows for continued engagement in professional activities.
Compared to men, women in this wealth bracket exhibit more conservative investment behaviors. Their portfolios allocate 40 percent to equities, slightly less than the 45 percent seen in men’s portfolios. They hold 21 percent in cash, compared to 19 percent for men, and 25 percent in fixed income versus 23 percent. This risk-averse approach may contribute to their confidence in long-term financial stability, enabling them to forgo traditional retirement. Notably, 92 percent of these women do not currently invest in alternative assets, with 34 percent citing them as too risky. They view cryptocurrency as the riskiest investment, far ahead of U.S. stocks, which only 22 percent classify as high risk.
The reluctance to retire among millionaire women can be linked to broader societal shifts. Many of these women entered the workforce during eras of expanding opportunities for females in professional fields, building careers that provide not just income but also purpose and social connections. Continuing to work allows them to stay active, contribute to their fields, and avoid the potential isolation that can accompany retirement. Moreover, with longer life expectancies—women in the U.S. typically outlive men by about five years—these individuals may see extended working lives as a way to ensure their wealth lasts. Financial advisors note that for high-net-worth individuals, work often becomes a choice rather than a necessity, driven by passion or legacy-building.
This phenomenon is part of a larger “Great Wealth Transfer,” where trillions of dollars are expected to pass to women through inheritance and other means over the coming decades. Estimates suggest up to $9 trillion in assets will shift sideways to women, empowering them to reshape investment landscapes. As inheritors or self-made millionaires, these women are increasingly influencing financial markets, yet their conservative strategies reflect a focus on preservation over aggressive growth. This transfer underscores the growing economic power of women, who are not only accumulating wealth but also deciding how to deploy it in ways that align with their values and lifestyles.
Beyond personal choice, economic factors play a role. Inflation, rising healthcare costs, and market volatility make traditional retirement planning more complex. Even with substantial assets, the fear of outliving one’s savings—known as longevity risk—prompts some to keep earning. The Goldman Sachs report emphasizes the appeal of alternative investments for enhancing returns and preserving capital, though women’s aversion to perceived risks limits adoption. Advisors recommend education on these options to help bridge the gap, potentially allowing more women to achieve their goals without sacrificing security.
The implications of this trend extend to the economy at large. If a significant portion of wealthy women remain in the workforce, it could bolster productivity in sectors like finance, healthcare, and technology, where many hold leadership roles. It might also influence corporate policies, encouraging flexible work arrangements for older employees. On the flip side, it highlights disparities: while millionaire women can choose not to retire, many lower-income women face retirement insecurity, with surveys showing nearly one-third having no savings at all. This contrast points to broader inequalities in wealth distribution and access to financial planning resources.
For younger generations, this serves as a model of financial independence. Millennial and Gen Z women, witnessing their elders’ choices, may prioritize career longevity and diversified savings from early on. The survey’s findings encourage a reevaluation of retirement as not a fixed age but a personalized phase. Financial experts advise building robust portfolios that support ongoing lifestyles, incorporating a mix of assets to mitigate risks.
In essence, the decision by nearly 20 percent of millionaire women to skip retirement reflects empowerment through wealth. It demonstrates how financial success grants freedom to define one’s path, whether that means continuing a beloved career or exploring new ventures. As women’s economic influence grows, their approaches to work and wealth will likely shape future trends, promoting a more dynamic view of later life stages. This shift invites society to rethink aging, productivity, and fulfillment, moving beyond outdated stereotypes of retirement as mandatory downtime.
Yet, challenges remain. Even affluent women must navigate biases in financial advice, where assumptions about risk tolerance can limit options. Increasing representation in wealth management could help tailor strategies better. Ultimately, this statistic illuminates a positive evolution: women with means are choosing engagement over exit, enriching both their lives and the broader economy.
