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Old 08-05-2013, 07:52 AM   #41
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I retired because I wanted control of my time. I think high income people often have more control of their time than most of us. Also, their jobs don't place a lot of stress and wear on aging bodies.
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Old 08-05-2013, 10:47 AM   #42
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I retired because I wanted control of my time. I think high income people often have more control of their time than most of us. Also, their jobs don't place a lot of stress and wear on aging bodies.
I think in this economy high income people work harder than ever.

I see anyone 400K$+ per annum pay range burning off their 9 cat lives on 18 hour - 20 hour days often.
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Old 08-05-2013, 11:58 AM   #43
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I would think that what many of the "Rich" consider work, is what I would consider "Retired". i.e. doing what I want, when I want. If that is running my own company, or being some high paid cog in the corporate machine then so be it.

My current "what I want" list includes; travel, scuba diving, dabbling in code and determining if the color of the little umbrella, in the drink at the beach bar, influences the flavor of the drink.
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Old 08-05-2013, 12:13 PM   #44
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The article defines "rich" by income, not net worth. If I was earning a million a year and also had a net worth that would allow me to retire, I would be more inclined to continue w*rking that if I was earning an average salary and had a net worth that would allow me to retire.
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Old 08-05-2013, 12:28 PM   #45
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I think the definition of retirement is you choose what you do each day and are not "required" to be available and working certain days and hours. If a person is choosing to go to work each day and it didn't really matter if they did this or not I would say they are retired by definition and going to the office is their retirement. It is all in what the definition of retirement is. In the way I would define retirement many if not most of the rich who answered the question would already be considered retired.
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Old 08-05-2013, 12:35 PM   #46
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The article defines "rich" by income, not net worth. If I was earning a million a year and also had a net worth that would allow me to retire, I would be more inclined to continue w*rking that if I was earning an average salary and had a net worth that would allow me to retire.
Good point, but I still think I would have to enjoy the work to stay.

I only consider "Rich" to be high net worth. I've known too many high income colleagues that struggle to make it to pay day.
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Old 08-05-2013, 01:17 PM   #47
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My observation is at my megacorp is that the big-buck C-Execs can line up enough board of director positions when they leave, to still generate income, with not a lot of time commitment.

One former exec is "retired" but still sitting on 3 boards - income is less than his CEO pay was - but still about 5 times what I make. All for a few weeks work a year.
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Old 08-05-2013, 07:43 PM   #48
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My observation is at my megacorp is that the big-buck C-Execs can line up enough board of director positions when they leave, to still generate income, with not a lot of time commitment.

One former exec is "retired" but still sitting on 3 boards - income is less than his CEO pay was - but still about 5 times what I make. All for a few weeks work a year.
Those are few and far between. Also, remember that these folks are in non-qualified plans, they may have $1mil in comp, but elect to defer 25-50% of it and take it I post separation benefits. I'm not sure they ever qualify for SS due to income earned that's considered active.

In most professions the very best get paid well, athletes, actors, medicine, and business.
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Old 08-05-2013, 09:33 PM   #49
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In most professions the very best get paid well, athletes, actors, medicine, and business.
The reason is that these are super human beings that make significant contributions to society and generate more revenue than what they receive from their employers that would fight with each other to hire these talented and gifted individuals.
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