Redefining Retirement
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Redefining Retirement
Resources:
The New Career Arc: Boomers Redefine "Retirement", Feel Drawn to Fulfill Purpose
Here are a couple really interesting reads about mid-lifers and the implications of late-life career changes for the larger society. This excerpt from the DesMoines Register outlines the current mid-life dilemma: Most boomers don't want to keep slogging away in the same old job. They want something different,
often what the MetLife study described as "good work" that gives the worker a sense of giving back to the community. The study reported strong interest among leading-edge boomers in establishing post-retirement careers in fields such as education, health care, social work and community service. (Blogcritic)
Helping the longevity revolution add up for America
Civic Ventures set out to reframe the debate about aging in America, and to redefine retirement in terms of social and individual renewal. Today, Civic Ventures is working to help America realize an experience dividend. Here's how: The phenomenon of the baby boom generation turning 60 provides America
with new assets in the form of unprecedented human capital. In short, there are more people with experience who have more time to use it. And many have a personal determination to contribute. When this impetus finds the right vehicle-and people engage in pathways that bring about greater good-a return is
generated. This return is, in effect, an experience dividend: a significant gain derived from a deep national repository of life experience. Of course, the dividend payout is twofold-it benefits society as a whole as well as all individuals who actively share their experience. (CivicVentures)
The Only Growing Natural Resource
America is undergoing a demographic revolution. In the past 30 years, the number of people over 55 has doubled, and that number will double again as the baby boom generation reaches retirement age. While many are focused on the potential costs of an aging population, Experience Corps sees Americans 55-plus as
a powerful new resource to better society. These men and women have the time, talent, and energy, and most important, the desire to make a lasting contribution to society. (ExperienceCorps)
How the Baby Boomers Will
Revolutionize Retirement and Transform America
Marc Freedman, President of Civic Ventures, is the author of Prime Time: How the Baby Boomers Will Revolutionize Retirement and Transform America published by PublicAffairs. When Freedman first conceived of the book, it was as a response to the excessively narrow—and overwhelmingly negative—portrayal of
America's aging, focused almost entirely on fiscal issues and the solvency of federal entitlement programs. The goal of Prime Time is to expand the picture so that we become more aware of the potential opportunity present in the aging society, in particular by creating new roles for older Americans to make
their time, talent, and experience available for strengthening communities. (ExperienceCorps)
Why Seniors and Baby Boomers Want Retirement Jobs
More Older Adults Want Retirement Jobs, More Employers Want Older Workers
Retirement jobs? The answer used to be "no way" when the line between work and retirement was very clear. People worked until age 65 or so, collected their gold watch, and headed for their easy chair and a well-deserved rest. (About)
Australia:
Delaying retirement may be financially detrimental
Delaying access to your superannuation until after July 1, 2007, may be a costly exercise for retirees not requiring access to a lump sum, according to Ward Financial Group principal Barry Ward. Following the Federal Budget changes, superannuation is a tax free benefit for those 60 and over but, according to
Ward, the tax penalties to retain the funds in the accumulation phase may be greater than the tax payable from pension income. "Certainly, if a retiree has a requirement to withdraw a large lump sum from their superannuation, delaying withdrawal makes sense. But the majority of retirees will use their
superannuation to fund retirement income," Ward said. (Money Management)
Canada:
Retirement plans lacking
Fred Wendel addresses the topic of human resources management and the need for the provincial government and related institutions to do a better job of dealing with the fact that a large number of employees in the province's aging workforce are nearing retirement. Wendel points out that a tremendous amount of
experience and knowledge will soon be lost, and warns that the provincial government needs to do more to address the looming void. (Leader Post)
Canadian Baby Boomers Set to Redefine Retirement
New National Poll Shows Boomers Have Ambitious Expectations For Active Retirement Lifestyle
It has been almost 40 years since The Beatles first mused about the golden years in their song "When I'm 64". Today, that reality is much closer at hand for baby boomers, who begin turning 59 this year. According to a new national poll released today by Investors Group, baby boomers are set to redefine
retirement with far more active and ambitious plans for their golden years than current retirees. (Canadian Democratic Movement)
Unlearn retirement myths: Experts
etirement planning is being turned upside down as new information forces workers, retirees and financial planners to "unlearn" traditional myths, say Bank of Montreal experts. "A lot of what we thought we knew turned out to be wrong," Donald Coxe, chairman and chief strategist of Harris Investment Management
Inc. in Chicago and global portfolio strategist for BMO Financial Group in Canada, said in an interview yesterday. One myth is that retirement is a "personal guillotine" where your financial position is defined the moment you retire, he said. Another is that spending needs fall after retirement. (TheStar)
China:
Aging expert warns of brain drain
Hong Kong's low mandatory retirement age - coupled with its rapidly aging population and one of the world's lowest birth rates - will lead to a "brain drain" unless the government and individuals plan for the future, a researcher on aging and a legislator said. Hong Kong's low mandatory retirement age -
coupled with its rapidly aging population and one of the world's lowest birth rates - will lead to a "brain drain" unless the government and individuals plan for the future, a researcher on aging and a legislator said.
And, according to a recent survey on aging, most Hong Kong people believe the government should enforce mandatory "additional private savings" and increase the retirement age. The government faces "an interesting challenge" in boosting productivity in Hong Kong as many of its residents near their golden
years, researcher on aging Ken Dychtwald told an HSBC retirement forum Monday. "Unless you dramatically stimulate immigration [into Hong Kong], you're going to have a brain drain [in this case, skilled workers leaving the workforce at 60 when they are still productive]," said Dychtwald, a San Francisco-based
doctor and expert on aging. (The Standard)
Ireland:
Positive step towards a comfortable retirement
The Government's pension reforms are as far-reaching as they are overdue, and come at a time when many of our present generation of elderly are struggling to make ends meet. From 2012, the State pension is to be linked to earnings rather than prices, and everyone from the age of 22 will be automatically
enrolled into a scheme. Men currently under the age of 47 face having their retirement date put back, with a rise from 65 to 66 from 2024, 67 from 2034 and 68 in 2044. The pension age for women will rise from 60 to 65 in stages from 2010. (Belfast
Today)
UK (Britain):
Britain proposes retirement age hike
The British government proposed a major overhaul of the state pension system Thursday, saying that it wants to increase the retirement age to avert a funding crisis as people live longer and have fewer children. The overhaul also includes a change linking pension increases to rises in earnings instead of
prices. It accepts the majority of recommendations made by a panel appointed by Prime Minister Tony Blair in 2002, which warned that there will be 50 percent more pensioners in Britain by 2050 and that nearly 10 million people of working age were not saving enough for their retirement. (Brocktown
News)
US:
Baby boomers redefine retirement
The ‘forever young' generation turns 60 and changes the rules
Retirement used to look an awful lot like endless games of shuffleboard. That was then. This is now. Jeff and Nelda Manna are among an increasing number of boomers who are moving to active adult communities like Sun City Anthem outside Las Vegas — neighborhoods that cater to the over-50 crowd, with activities
like tennis, golf, swimming and fitness. (MSNBC)
Retirement - - the best years of our lives
The years of retirement are, indeed, the best years of our lives. It is not only because they can be and are in most cases, a long period of time. If one takes care of himself or herself, he or she can expect 30 to 50 years of active and productive retirement. Also, if one subtracts the twenty years a young
person needs to acquire enough education to cope with the complexities of life, the period of retirement is as long as one enjoys in the first lifetime. That is a long time, a very long time. Retirement is really a second life and should be thought of as such. It is a second chance. It is a second opportunity
to accomplish something new and fulfilling. (Star Beacon)
Gas boom interrupting retirement
When title attorney Bernard Athey Jr. moved to Dallas in 2000, he did so with the intention of living out his retirement days surrounded by his children and grandchildren. Then, the Barnett Shale natural gas boom found him. Athey, 74, is among hundreds of North Texans who've been pulled in by the frantic
activity surrounding the most prolific natural gas field in North America. Geologists, lawyers and so-called "land men" -- who negotiate natural gas deals and leases -- are now highly sought after. (Dallas Business Journal)
Teaching careers go on after retirement
After 29 years of teaching in Mississippi public schools, Rick Muli is retiring this year - but not so he can spend more time traveling or on the golf course. Muli, 51, has taught math at Hattiesburg High School for 19 years. He will teach math again this fall at Sacred Heart High School, where he will
earn a salary while also receiving his state retirement. "The bottom line is I'll end up making more money," Muli said. "Sacred Heart is a private school, and since it's not state-run, I'm allowed to draw my retirement checks and I'll still have a salary." (Hattiesburg
American)
Active baby zoomers get ready to redefine retirement
Just as they did in the '60s with "flower power" and in the '70s with disco fever, the now aging baby boomers will redefine retirement in the 21st century, demanding more active, challenging lifestyles that transform the golden years into still-going years. Just because they are aging, doesn't mean they are
finished, baby boomers stress in their responses to a recent national survey conducted by Del Webb Corp., the Phoenix-based developer of Georgetown's Sun City, an Austin-area retirement community where many former Houstonians now live. From education, to health, to work, to personal goals, boomers predict
they will do in retirement what they have always done -- push the American envelope. (Houston Business Journal)
Boomer women face perils in retirement
"Baby boomer women are in trouble," says Paul Hodge, director of the Harvard Generations Policy Program. In the recent study "Baby Boomer Women: Secure Futures or Not?" the answer is a definite "not," particularly for minority and low-income women, the research concludes. According to the study, a significant
number of boomer women, now ages 42 to 60:
- won't be able to afford to retire;
- will fall below the poverty line with financial insecurity and poorer health in old age;
- will get limited aid from traditional safety nets;
- won't get traditional pensions, spousal benefits or retiree health coverage;
- may "be in for a shock if/when housing values level off and decline" so they won't be able to get big bucks for old-age income from the equity in their homes; and
- won't have as much retirement income because "their savings are smaller than men's, yet must last over longer lifespans."
(TimesDispatch)
Retirement : a blessing or a curse in disguise ?
If ill-managed, retirement can seriously damage your health. Three economists have recently published an alarming report on the effects of retirement. Social isolation, reduced health insurance and loss of physical activity worsen the health problems experienced by seniors. Complete retirement leads to a 23%
to 29% increase of mobility difficulties and an 11% decline of mental health. Specialists agree though that retirees may prevent these ills by keeping fit and socially active. Is retirement bad for you? Like smoking, drinking alcohol and eating greasy food, retirement might be a health hazard. According to
study by three economists from Bentley College, Metropolitan College and Georgia State University, retirement decreases your mental and physical abilities. Complete retirement leads to a 23% to 29% increase in trouble with mobility and daily activities and an 11% decline in mental health. (Seniorscope)
Unions' retirement advice is failing teachers
A COZY, COSTLY ARRANGEMENT
The NEA-endorsed annuity, called Valuebuilder, charges 0.9 percent to 2.6 percent a year in fees -- not including management fees for the mutual funds available through the plan. When the fund fees are added, investors pay a minimum of 1.73 percent of their account balances each year. The most expensive
combination of mutual funds and insurance features costs 4.85 percent a year. A fee that large can ravage retirement savings over time. A teacher who contributed $500 a month and earned an average of 10 percent a year would have $379,684 after 20 years. But if 4.85 percent in fees were deducted each year, the
nest egg would amount to $209,114. NEA's royalties on sales of Valuebuilder and other financial products pays the salaries of 110 union employees, said Ronald Mentzer, treasurer of NEA Member Benefits in Gaithersburg, Md. In addition, Security Benefit sponsors NEA conferences each year. (DelawareOnline)
Nonprofits must have good retirement plans
When Brenda McCauley set up a retirement savings plan for Children's National Medical Center in Washington, she let would-be providers know they would have to put employees' interests first. In a letter inviting companies to submit proposals, she said the winning candidate would have to offer an array
of investments and discount its fees. "We are responsible for assisting employees in helping to save for their retirement -- and making prudent decisions about the vehicles through which to do that," said McCauley, benefits manager for the medical center. "We do not want to present our employees with bad
choices." (DelawareOnline)
Massachusetts: Boomers Poised To Redefine Retirement
Massachusetts Institute for a New Commonwealth, known as MassInc, has issued a report "A Generation in Transition: A Survey of Bay State Baby Boomers" in partnership with Princeton Survey Research Associates Intl.
finding that, above all, boomers appear poised to redefine retirement. From a survey of over 1,000 boomers, MassInc reports that boomers expect to reverse the trend toward earlier withdrawal from the labor force by delaying their retirement and continuing to work at least parttime even after they retire.
Boomers' views about their retirement years are shaped by their finances today, which are not as strong as is often believed--excluding the equity in their homes, 30% have saved less than $50,000 for retirement, including 13% who have no retirement savings at all. Among those boomers who are planning to work
after they retire, at least 39% expect to work out of financial necessity, not by choice. (Aging Workforce News)
Boomer Retirement Storm Looms
Here's the headline from the new independent report on Hurricane Katrina: "Government Should Have Prepared for Category 5 Hurricane." The findings, out this week, blamed Congress for its weak funding of the New Orleans levee system, while also the criticizing the levee's engineers and local authorities for
the system's maintenance. The report, which was led by the University of California, Berkeley, was no surprise. Category 5 hurricanes happen, and it was well within the realm of possibility that New Orleans would be struck. It also was no secret that the levee system around New Orleans was built to withstand
only a Category 3 hurricane. The scientists on the panel sent this warning: ''The next weakest link is the one you have to be worried about.'' So what weak link should the federal government be preparing for now? (TheStreet)
Boomers to reinvent traditional retirement
Mary Jane Good advises start-up companies, volunteers with several community groups and is actively considering investment opportunities as she slowly diversifies out of a large position in her former employer's stock. Today, she chairs the Greater Cincinnati chapter of Score, a national nonprofit group
that offers business counseling to entrepreneurs. "It's altogether different today," said Good, 71. "The baby boomers have a different perspective on retirement. Psychologically, people used to associate retirement with golf and bridge, but that's not the way we think anymore." (BaltimoreSun)
Over 50 and looking for work?
After months of market research, a former AOL executive said the time was right for RetirementJobs.com, a Web site dedicated to connecting people age 50 and older to companies that are looking to hire them. "We're looking to provide a comprehensive resource that provides career and personal finance
information to people over 50," said Tim Driver, the founder and CEO of RetirementJobs.com. "We're providing jobs, research and advice as well as inspiration. We're providing a community where people can congregate and get ideas about this stage of their life." (MetroWest)
Deep Release:
Baby Boomers and Aging Midlifers Redefine Retirement
As they have dictated changes in
perceptions and understandings for many decades, Baby Boomers continue
rewriting the book on retirement and work. JWT Mature Market Group (MMG), in
partnership with ThirdAge Inc. recently conducted an online survey of 1,680
adults 40+ years of age who currently work full- or part-time for pay.
"We based this study about workforce and retirement on the results
reported in the MMG authored white paper issued earlier this year, titled
Tapping the Mature Workforce II: Working to Live/Living to Work," stated
Sharon Whiteley, President/CEO, ThirdAge Inc.
Not surprisingly, the results of the new survey concurred with the
findings reported in the MMG white paper. "Our original research in 2002
showed that the aging workforce would not be retiring en masse, as predicted,
creating a catastrophic labor shortage," added Lori Bitter, Partner, JWT
Mature Market Group. "Rather, the mature workforce will transform the
workplace for generations to come."
Working: The New Retirement
Based on responses, the definition of fully retired has evolved to mean working in some capacity. Of the 42% who said they plan to fully retire, 70% planned to work full-time or part-time. The overwhelming reason to work was not based on need to pay bills, but rather for personal fulfillment. The top reasons
stated for working were to stay mentally active, be productive or useful, stay physically active, be around people and keep learning new things.
Some differences were noticeable by age and income, with single women and low-income groups choosing to work to pay for living expenses and health insurance/benefits. Those retirees choosing to continue to work tended to find their contributions valued by their companies and their work proved meaningful
for their fulfillment. Fifty-eight percent of older workers, 65+, say their contributions are valued by their employers. When asked about their job situation, 44% of respondents said their job was personally rewarding, 30% said their job paid the bills, and 26% said they have had their job for a long period
of time and it's what they do.
The job situation selections correlated to income and age with higher income earners more likely saying it is personally rewarding. Lower income earners were more likely to say it pays the bills. And 63% of those 65+ find their job personally rewarding versus only 35% of 40-54 year olds.
Caregiving versus Breadwinning
Respondents also state that employers are more supportive of women taking
time off for personal situations such as caregiving, reinforcing the
stereotype. Men, particularly married men, are less comfortable than women in
taking time off for personal situations.
Married women feel they get the most flexibility. Married men the least
from an employer or supervisor, playing into the "breadwinner" stereotype.
Married men are more likely to report that they lost their job or had to find
another job as a result of this personal situation.
What it all means?
Most 40+ still plan to work in some capacity after retirement. This is
especially true for skilled workers with higher education. Older workers are
more likely to be self-employed. They continue to work for personal
fulfillment with age and gender stereotypes applying even later in life.
ThirdAge Inc. is a leading online media, research and marketing company
serving today's dynamic population of leading edge Baby Boomers and over 40
set as well as the marketers who want to build a relationship with them.
JWT Mature Market Group, is the premier integrated marketing firm
specializing in reaching consumers ages 45+. Providing results-driven
strategy and execution, MMG excels at helping clients build profitable and
lasting relationships with mature consumers, the fastest growing and most
financially powerful segment in the country
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