RETIREMENT: WHAT COMES NEXT?

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1 Since he retired he s driving me nuts with his chore ethic RETIREMENT: WHAT COMES NEXT? I guess I never realize that getting old was such a big part of the aging process Well it sure beats sitting on your duff and playing Bingo What is Retirement an individuals exit from the workforce, which accompanies decreased psychological commitment to and behavioral withdrawal from work (Schultz & Wang, 2011) It is both a life status and a psychological process The Evolution of Retirement Pre 1900 Nonexistent for most workers. Work until no longer able Retirement legitimate possibility with Social Security and employer pensions Male workers continue to retire earlier. Women delay retirement 1

2 The Evolution of Retirement (2) Erik Erickson s Ages of Man Economic and social conditions halt precipitous decline in men s retirement present Retirement landscape in flux and riddled with uncertainty Stage of Life Infancy Toddlerhood Pre school School Age Adolescence Young adulthood Middle Age Elderly Conflict Trust vs. Mistrust Autonomy vs. Shame and Doubt Initiative vs. Guilt Industry vs. Inferiority Identity vs. Role Confusion Intimacy vs. Isolation Generativity vs. Stagnation Ego Integrity vs. Despair Levinson s Stages Early Adulthood Stage Age Task Early transition Leaving home Entering Adult World Exploring independence socially & professionally Age 30 transition Re evaluate life choices Settling down Making it Levinson s Middle Adulthood Stage Age Task Midlife transition Review goals. Midlife crisis possible Entering middle Form new life structure with new tasks adulthood Age 50 transition Re evaluate. Crisis again possible Culmination Satisfying era Levinson s Late Adulthood Stage Age Task Transition Prepare for retirement. Physical decline Late adulthood 65+ Create new life structure for retirement and aging. Prepare for death and diminished abilities. THREE (PLUS ONE) CHALLENGES OF RETIREMENT Antonovsky & Sagy (1990) Israel Active Involvement (redefining one s social legitimacy) Reevaluation of life satisfaction (how satisfied am I, how to change or not change) Reevaluation of world outlook ( predictability, efficacy and meaningfulness) Sense of health maintenance death becomes real 2

3 People are working longer % reported working part or full time 2016 almost 19% report the same % of people who retired later than they planned said they wanted to. Susceptibility Index (Belbase et. al.) (1) Assumption that blue collar workers will lose skills sooner than white collar workers is too simplistic. True for crystallized cognitive abilities such as vocabulary, oral and written comprehension and mathematical reasoning Not for fluid abilities such as working memory or inductive and deductive reasoning Susceptibility Index (2) Satisfaction with Retirement Males Females Very Moderalely Not at all

4 Satisfaction with Retirement By Age Psychological Well Being 75+ Change Very Moderately Not at all Minimal change Negative change Positve change Under Phases of Retirement Planning Decision making Transition and Adjustment CHANGES ACROSS TIME (1) Gall, et. Al. (1997) Ontario, males Pre retirement; one year post; 6 7 years post CHANGES ACROSS TIME (2) One year post retirement Honeymoon Less distress More financial and interpersonal satisfaction Higher energy level Internal locus of control Satisfaction peaks at one year CHANGES ACROSS TIME (3) 6 7 years post retirement Personal satisfaction and lack of distress decreased but not below preretirement levels Internal locus of control increased since one year post retirement Financial satisfaction remained stable 4

5 Planning for Retirement What will I do? How will I afford it? Where will I live? Who will I share it with? SIX QUESTIONS DO YOU REALLY WANT TO RETIRE Why are you retiring? What will you miss most about your job? How will you replace the things you liked most? What are you most looking forward to about your retirement? What areas of your retirement life need a plan? What are the opportunities you see in retirement? Time of Retirement Later than planned On Schedule Earlier than planned Retirement Decision Making Imagining the possibility Assessing when it is time Early retirement Partial retirement Putting concrete plans into action Reasons for Early Retirement (1) Enough $ to retire Lost job Personal Health Problems

6 Reasons for Early Retirement (2) The Most Important Ingredient for a Happy Retirement is: Look after loved one Continually trying new things Purpose Have more fun Loving Family & Friends Financial Security Spend more time with family Good health Reasons for Early Retirement Biggest Worries about Living a Long Life Personal health problem Lost job Sufficient money to retire More time with family More fun Care for loved one Serious health probs Burden on family Not enough $ to live comfortably Lonely No purpose Nothing left to leave heirs Gender Differences Men Women Save for retirement More Less Type of investment Aggressive Conservative Goals Specific (e.g condo in Abstract (e.g be happy) Florida) Bridge employment More likely Less likely PREDICTORS OF WOMEN S RETIREMENT SATISFACTION (1) Price & Balaswamy (2009) Disproportionate professionals and active retirees in sample Health was not a predictor African American more satisfied than Caucasian Marital status did not seem to correlate Other studies suggest it is more important for men 6

7 PREDICTORS OF WOMEN S RETIREMENT SATISFACTION (2) Self esteem Mastery control over life events, decisions and the ability to solve problems Paid Work Often called bridge employment One 2010 survey found 20% if retired (age 50+) doing some paid work 75% of workers 50+ expected to work for pay during retirement Can be part time for same employer, or another job Bridge employment often slowly declines as a transition to full retirement Characteristics Associated with Good Psychological Well Being during Retirement (1) Bridge employment Volunteer activities Leisure activities Working for generative reasons i.e. teaching and sharing knowledge with younger generation Characteristics Associated with Good Psychological Well Being during Retirement (2) (Sharpley & Yardley, 1999) Australia aged Voluntary retirement Pre retirement education including social, health, personal & relationship issues Post retirement purposeful activity requiring commitment, effort and time Pre retirement process not smooth but has troughs and valleys in 5 year period Cognitive Hardiness Experience of: Commitment to life goals Control over one s success and/or future Challenge of viewing difficulties as opportunities for change and adaptation Strong predictor of happiness vs. depression EXPLANATORY STYLE Learned attribute stable across life span Pessimistic vs. optimistic Less strongly correlated with happiness than cognitive hardiness 7

8 LEISURE ACTIVITIES (1) Earl et. Al (2015) No direct relationship between hours spent in leisure activities and retirement adjustment Range of leisure activities increased positive affect, mastery and self efficacy Earlier studies suggest mastery activities have strong effect on retirement adjustment LEISURE ACTIVITIES (2) 77% continued pre retirement activities Pre retirement level of enjoyment and familiarity of specific activity were strong predictors (continuity theory) Only 23% adopted new activities (innovation theory) Innovators and Continuers had similar retirement adjustment levels Characteristics Associated with Poor Psychological Well Being during Retirement Strong identification with work role High levels of job dissatisfaction Unemployment before retirement or involuntary retirement Unmarried, widowed or spouse still working Anxiety about losing social status or contacts Social Influences on Retirement Financial support systems e.g. changes in social security or tax policies Cultural Values Gender and family norms Social norms Political and Economic State of the World Individual Factors Influencing Retirement (1) Work context Human resource practices e.g. flexible hours Workplace ageism Job characteristics Job and career related attitudes Quality of pension plan Individual Factors Influencing Retirement (2) Family and social network Whether spouse is working Income needed for dependent parents or children Care for grandchildren, parents or others Retirement status of friends 8

9 Individual Factors Influencing Retirement (3) Physical health Financial health Cognitive and emotional health Marriage Problems Lack of communication about retirement expectations Problems in marriage can be magnified Alcohol Too much time together Interdependence Lack of common interests Marriage solutions Psychological preparation for retirement Discussion (and possible counseling) before and during retirement Marriage Solutions(2) Deliberate efforts for separate activities Avoid limiting independence (e.g. unnecessarily giving up driving) Foster mutually satisfying joint activities Involve others in your life We don t want to be a burden on you, but who else are we going to be a burden on? 9

10 Children Financial dependency on you Your financial dependence of them Emotional dependence goes both ways Geographic choices yours and theirs The Four Boomer Healthstyles (1) Healthy and Proactive 29% ( 55% female) Actively engage in exercise and eating well Take pride in taking active role in health Few see themselves limited by chronic condition Lucky but Lax (59% male) Only one third engage in exercise and eating well Rarely seek out information to improve health Few have chronic condition The Four Boomer Healthstyles (2) Course correcting and motivated 29% (53% female) Chronic condition was wake up call 55% engage in healthier behaviors, 80% actively seek out information on improving health Challenged and Concerned 32% (57% female) The Four Boomer Healthstyles (3) Challenged and Concerned 32% (57% female) Many have chronic conditions preventing them from doing what they enjoy 42% engage in exercise and good diet Many say other life worries and responsibilities interfere with taking care of health Many are seriously concerned of potential impact of health on fiances Healthy and Proactive 29% Exercise and eat well Staying healthy a source of pride Few see themselves limited by chronic condition 55% female Lucky but Lax 10% Few have current chronic conditions Rarely seek out information to improve health One third exercise and eat well 41% female 10

11 Course Correcting and Motivated 29% Chronic condition was a wake up call Now about half engage in healthier behaviors and most seek out information and technology to improve their health 53% female Challenged and Concerned Half have chronic conditions that restrict doing things they enjoy Less than half engage in key health behaviors Many say other life worries and responsibilities get in the way of caring for their health 57% female 5 Strategies for Healthier Aging Exercise People who begin exercising in their 60 s and 70 s are three times more likely to age healthfully and avoid major chronic disease, depression, physical or cognitive impairment Nutritious diet 5 Strategies for Healthier Aging (2) Healthy weight People with better diet, weight and exercise can reduce risk of cardiovascular disease by 35% Social connections Social isolation is as unhealthy as smoking and more than lack or exercise or obesity 5 Strategies for Healthier Aging (3) References (1) Healthy lifestyle habits avoiding smoking, stress and excessive drinking. Quitting smoking at age 65 adds two to four years to your life. Drinking two or more drinks per day gives 62% higher risk of stroke. 11