Mass affluent Americans are planning to work longer than ever, according to Bank of America’s latest Merrill Edge Report, a semi-annual study that looks at the financial concerns of consumers with $50,000 to $250,000 in total household investable assets. The report found that more than half of that group (57%) plans to push back retirement, up from 42% in January 2011. One in five say they plan to retire much later.
“While the economy is showing signs of a turnaround, our data indicates the outlook among the mass affluent is not quite as positive,” Dean Athanasia, Bank of America’s Preferred and Small Business executive, said in statement.
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