Whatever the reason, a recent survey shows that more wealthy business owners want to work longer than other affluent Americans who don't own businesses.
In a survey by Philadelphia-based PNC Wealth Management, 43% of wealthy business owners, almost double the percentage of other affluent Americans questioned, said they want to work to age 70 or later.
Only one-third of these owners said they have written succession plans in place that would ease the transition of their business to family or other business associates.
PNC's fourth annual Wealth and Values Survey found that affluent business owners tend to be somewhat younger, male and wealthier compared with other affluent respondents. The business owners had a median age of 54 versus 63 for other respondents; 76% were male versus 24% female.
The survey was of 1,509 adults, including 587 business owners.