20% of Millionaire Women Don’t Plan To Retire — How This Compares to Middle-Class Women
Written by
Kerra Bolton
Edited by
Zuri Anderson
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A recent Goldman Sachs and Fortune Media survey has revealed a striking shift among wealthy American women: nearly 20% of millionaire women say they don’t plan to retire at all.
These high net-worth women are reshaping the traditional arc of work and aging, planning for longer financial lives rather than stepping away at a set age.
Here’s how this compares to middle-class women.
Millionaire Women Are Planning for Long Financial Lives
The Fortune analysis shows that millionaire women aren’t just earning more. They’re managing their money with unusually long time horizons.
The survey found that these women maintain balanced, performance-driven portfolios, keeping thoughtfully mixed allocations of equities, cash and fixed income. They are also notably careful about risk. Very few invest in alternatives or cryptocurrency, not because they lack access, but because they don’t view high-volatility assets as reliable for achieving long-term goals.
The result is a financial profile centered on stability, growth and longevity. Against that backdrop, the finding that nearly one in five do not plan to retire feels less surprising. Their investing style reflects a mindset of continuing to build and manage wealth well into later life.
Middle-Class Women Expect to Work Longer, Too
The broader workforce tells a parallel story, but with far more financial pressure behind it.
According to the Transamerica Center for Retirement Studies, 49% of women workers plan to retire after age 65 or do not plan to retire at all. Transamerica’s findings reflect the experiences of everyday working women, a group that generally aligns with middle-class financial realities.
That gives us the clearest comparison:
- Millionaire women: About 20% don’t plan to retire.
- Middle-class women: Nearly 49% expect to work past 65 or never retire.
The behavior looks similar; the circumstances do not. For middle-class women, later retirement is often tied to concerns about savings, inflation and long-term financial security. In this group, working longer is less a strategic choice and more a necessary part of maintaining stability.
Two Groups, Two Realities: One Shift
Side by side, the surveys show women across the income spectrum imagining longer working lives, but for different reasons.
Millionaire women are planning extended careers because they’re actively managing sizeable assets and thinking far ahead about performance and preservation. Retirement becomes flexible rather than fixed.
Middle-class women anticipate later retirement because many feel unprepared for the rising costs of aging, according to the Transamerica study. Their approach reflects caution, not freedom.
Both groups face the same economic landscape, longer lifespans, rising expenses and uncertain future benefits. However, the way they respond reveals how sharply financial starting points shape retirement expectations.
Why This Matters
This comparison highlights a larger trend reshaping women’s financial futures: Retirement is no longer a single milestone but an ongoing strategy.
For wealthy women, it’s a continuation of long-term planning. For middle-class women, it’s a recalibration born from financial necessity.
Together, the findings show that the traditional age-65 retirement model is fading. Women at every income level are preparing for longer financial lives, and understanding this shift is essential for planning the next chapter, whether that chapter includes retirement, reinvention or something in between.
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