Affluent individuals in the US are redefining retirement by staying in the workforce, according to Northern Trust. The Northern Trust Wealth in America 2007 survey found that nearly half (48 per cent) of millionaires say they are retired, but of those who are retired, 29 per cent have returned to the work force in some capacity (18 per cent are working part-time, seven per cent are working full-time, and four per cent are looking for work). Even among the most senior millionaires, a notable percentage has remained in the work force. One out of six (17 per cent) millionaires over 70 remain in the workforce, 10 per cent are retired but are now working full-or part-time, while seven per cent say they have never retired. “The report mirrors what we’ve observed as we advise clients who are soon to be retired or have retired,” said Gregg Yaeger, head of the Financial Consulting Group at Northern Trust. “Retired business owners and executives tell us that they want to give back the knowledge they’ve gained during their careers, and many continue to explore and start or invest in new ventures.” Health-related issues in the form of rising health care costs and personal and family health are top retirement concerns of wealthy households. With retirement either a reality or close at hand, Baby Boomers (ages 42 to 60) are most concerned about health care costs (47 per cent) and personal and family health (33 per cent). With a much longer time horizon until retirement, 42 per cent of GenX millionaires (ages 27-41) are particularly concerned about such issues as rising health care costs, personal and family health (36 per cent), tax increases (35 per cent), and the viability of Social Security and Medicare (30 per cent). As is always the case among affluent households, their number one goal in retirement is to ensure a comfortable standard of living (76 per cent). After this, the next most important retirement goals of millionaires are protecting their estate from taxes (38 per cent), growing the size of their estate (33 per cent), and providing for their children and grandchildren (32 per cent). Aside from financial goals, US millionaires in retirement seek an active lifestyle. They want to pursue their hobbies and personal interests, travel and enjoy an active social life. Sixty-four percent of millionaires surveyed said it’s important to pursue personal interests and hobbies in retirement, while 61 per cent cite traveling in the U.S. and abroad as a goal in retirement. Enjoying an active lifestyle is important to 53 per cent of millionaires, while a sizeable number (30 per cent) plan to volunteer in their communities and find personal enrichment through continuing education (30 per cent).