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Chapter 9

Retirement and Work

The Social Origins of Retirement

Why the trend toward retirement?
Industrial societies “retirement principle”
Fixed retirement age that began with first pension plan
Reduced need for seniority system in the workplace
The “retirement wage”

Minorities and Retirement

Less likely to have private pensions than white workers
Less likely to have adequate savings for retirement
Poorest report greatest confidence in retirement security
Many expect to work past retirement age

Minorities and Retirement

African Americans
Varied retirement patterns due to within-group diversity
Secondary labor market
Hispanic-Americans
Less confidence in retirement security than all other workers

Retirement in the United States Today

Men and Retirement
Participation on labor force dropped between 1950-1985
Some increase since then
Women and Retirement

Figure 9.1 Civilian Labor Force and Participation Rates, 65+ Population

With Projections: 1980 to 2016

Figure 9.2 Age of Retirement & Years of Postwork Retirement

Selected Periods

Table 9.1 Reasons for Retiring

Figure 9.3 Part-Time, Full-year, Workers by Age, 2008

Alternatives to Retirement

Why do people retire?
Poor health
Loss of job in later life
Eligibility for Social Security
Good private income
Retirement of a spouse
Desire for leisure activity

Figure 9.4 Employment Status in January 2010

By Age of Workers Displaced from Jobs between January 2007 and December 2009

Early Retirement

Racial and Ethnic differences
Whites
From white collar jobs
Good pension programs
African American and Mexican American
From blue collar and service jobs
Retire due to health problems, physical impairment

Early Retirement

Concerns about Early Retirement
Strain on Social Security and Pension benefits
Longer life expectancy
Recent changes
By 2027 Social Security benefits age will increase
Reduce age 62 benefits even more than today
Defined benefit to defined contribution pensions

Partial Retirement

Many early retirees return to part-time work
Between 5%-30%
Easing out of the workforce
Women will show greatest increase

Partial Retirement

What kinds of part-time work?
Sense of purpose
Special projects for former employer
Consulting
Retirement in phases
Phased retirees more likely to have positive view of work

Partial Retirement: Baby Boomers

May retire early
And pursue second careers
Teacher to cabinet maker
Executive to teacher
Lawyer to salmon fisher
Office administrator to dog groomer
Beginning own business

Partial Retirement: Baby Boomers

Future labor shortage
Postponed retirement
Employers will seek older workers
Is happening now!
70% of Baby Boomers expect to keep working in retirement years

Second Careers

Retirement today is
Transition in lifestyle
New opportunity
Part & full time work on a new job is a serious alternative:
To staying on the same job, or full retirement

Personal Responses to Retirement

Five-phase Model
Life course perspective
Not an inevitable sequence
Can help explain retirement experiences and decisions
Applies best to white makes who retire at age 65

Preretirement Education

PRE programs
Financial planning a few years before retirement
Mostly served white, middle class males
Few people get formal PRE before retirement

Preretirement Education

Planning should start early in career
Should understand retirement benefits
Should know amount of monthly pension
Should know about all pension decisions
Some companies provide this
A good plan should go beyond financial planning

Preretirement Education

People may plan finances
But few plan how they will spend their time
Social life
Goals
Should create a “balanced social portfolio”
Creative expression; Family; Relationships ;Community service; learning

Preretirement Education

The Life Portfolio
Commitments to specific activities and relationships
(Percent of each “slice” will vary, for different people at different times)

Preretirement Education

Planning a Life Portfolio
What dreams, talents, projects, achievements would be unrealized if you died today?
Write a personal mission statement
Set goals and take action

Preretirement Education

Women
Less opportunity to plan retirement
Low pay jobs; Jobs that don’t offer pensions; Seldom offer PRE
More programs developed in 1990s
Finances; Lifestyle changes; Spouse relationships
Need programs targeted to minority women

Social Structures and Retirement

Beyond retirement as a “personal problem”
Political Economy View of Retirement
The retirement experience is different for different social classes
Social forces help shape individual retirement choices

Social Structures and Retirement: Political Economy

The Dual Economy
Goods producing sector
Core
Highly organized: High wages, pension systems
Service sector
Periphery: Low wages, few benefits

Social Structures and Retirement: Political Economy

Displaced Workers
Economic change: long-term unemployment in all sectors; Loss of middle income jobs
Older workers may lack technological skills required during economic restructuring
May only find part-time work
May not become “retired”

Social Structures and Retirement: Political Economy

Age Discrimination
Middle aged worry and concern (AARP Survey 2002)
2/3rds believe age discrimination exists in workplace
Other concerns

Future of Retirement: Changes Predicted

US will have more diverse groups of people of retirement age than ever before
Longer life expectancy and better health will keep individuals in workforce longer
Worldwide trend away from fixed retirement age