Retirement is a very recent concept. "Social Security" was designed to move older workers out of the workforce during the depression so that there would be jobs for younger people.
Early retirement is often driven by health issues or job loss.
Many voluntary early retirees have returned to work.
Baby Boomers, in a 2002 survey, indicate that a majority do not plan to retire at all or before their mid-70s.
Men and women have very different patterns of preparing for retirement and retiring. But the change is rocky for both.
Those who had traditional careers with a limited number of organizations are most likely to retire earliest.
Once fully retired, 71% of men and 58% of women say they are satisfied (or higher) with their retirement lives. Those who retire as they planned it, with good health, and who were actively involved in non-work activities before retirement are most satisfied.
Those retirees who regularly engage in active, meaningful, productive activities in retirement are the happiest.
Very few people move to a different geographic area for retirement or once retired. The ties to family and community and known patterns are important - and they are also important protectors of health. Increasingly, those who do move, do so to retirement communities within their local area. On the other hand, the number who move south or to be near children is decreasing. Colleges are beginning to build retirement communities near/on campus to attract alumni.
Retirement is Not One Event
Retirement for most people is marked by changes:
- staying in current work but with reduced hours
- formally retiring followed by a return to work
- moving into related work, full or part time
- moving into long-deferred but preferred work
- moving into self-employment in artistic or creative areas
- moving into volunteer work
- moving into seasonal work
What Companies Do To Attract And Retain Older Workers
- Reduce the 'ageism' in their culture.
- Base all employment-related decisions on realistic, defined performance measurements.
- Create an atmosphere of respect that values all employees.
- Eliminate poor performers, who do not improve, in a timely manner.
- Provide options for phased-in retirement: mentoring roles, reduced hours, sabbaticals, alternative work options.
- Offer retirees part-time, seasonal, or on-call work options.
- Use retirees to supplement and enhance planning and training programs, in-bound call centers, annual busy periods, and crisis response.
Those organizations which already have taken such steps indicate overall improvements in their management. Many of these options are also welcomed by new parents, people coping with disability or family emergencies/illness, those returning to school, and those with family care needs.