Hey, look: the New York Times Magazine last weekend was all about retirement.
You know I read it carefully.
You probably also know I read it skeptically, because I think retirement — the traditional kind, where you stop working almost completely — is less and less feasible for most people, especially women. And actually less desirable, too, for all kinds of reasons.
The magazine began with a sobering look at how the change from pensions to 401(k) plans, essentially requiring us to manage our own investments over the course of our working life, will leave a large segment of Americans without enough money to retire whether they want to or not. It’s scary: Nearly half (49 percent) of Americans aged 55 to 66 had no personal retirement savings in 2017, according to the U.S. Census Bureau.
There was a great (interactive!) graphic essay about writing a retirement mission statement, where you ask yourself the hard questions: What’s most important to you? Where do you want to live? What do you want to do with your days? Who will help you if you need help? Finding time to ask these kinds of questions, especially with your partner, is something probably all of us should do.
But the story that moved me most was the great Susan Dominus’s look at the challenges retired couples face when they realize they have to rethink their relationships without work identities to define them. Unsurprisingly, at least in the print edition, it’s called “Together Forever.”
The story led me down a rabbit hole with this quote:
“Research over the years has found only a limited effect of a second identity on happiness in (retirement). The much more important factor … is the quality of the marriage before retirement. The Health and Retirement Study, a sweeping national research project now in its 32nd year, found that an unhappy marriage predicts unhappiness in retirement more than declines in wealth or even health, says Mo Wang, a professor at the University of Florida who studies the retirement adjustment.”
I knew I had to look closer at the Health and Retirement Study (HRS).
What I found a mother lode of fascinating data about the ways Americans are aging over time, including health benchmarks, and their — our — attitudes about retirement, relationships, work and money. Tens of thousands of participants over various demographic cohorts — turns out I’m a Middle Baby Boomer (born between 1954 and 1959); the Original Cohort was born between 1931 and 1941 — have been surveyed regularly by researchers at the University of Michigan.
As you might guess, I was particularly interested in the data about older people and work.
Turns out our path to retirement is much different from the ride-into-the-sunset stereotype. As the study says, increasingly, retirement is a process. Many people who retire from one job go on to “unretire” soon afterward; 30 percent of workers unretire within six years of retirement, usually with part-time work.
I was particularly interested in what the survey respondents said about the work they did later in their careers. Was it difficult? Was it satisfying?
Turns out that at least some of the news is good: Stress on the job goes down significantly from age 55 on, according to a 2002 data report. Fewer of us are working, but we seem to have figured out how to be happier about it, which is promising to me. And it appears those surveyed want to keep working: While 60 percent of workers aged 55-59 say they’d prefer to gradually reduce their hours if they could keep their pay the same (how does that happen, again?), older workers are a little less interested in decreasing their hours.
The stat that I’ve been focused on most, though, is all about enjoying the work, which is what motivates me as I keep building my business. It’s what I wish for all of us who bring our decades of experience to the workplace and keep working long past the age we can begin to draw Social Security.
In the HRS data from 2002, a whopping 88 percent of those aged 55-59 surveyed strongly agreed or agreed that “I really enjoy going to work.” The percentages only go up from there, with 98 percent of those 75-79 saying they enjoy going to work. Impressive, no?
The relationships, the sense of accomplishment, the activity and learning — not to mention the money — that a satisfying job provides can literally help you live longer and happier.
And isn’t that really what this is about, in the end?
I can’t wait to go read the article! My mom is the poster child of fulfilling and fun post-retirement part-time work. It keeps her creative brain active and provides a sense of community. I’m grateful she’s providing a good model for me to aspire to. As for the retirement savings: I found the book Your Money or Your Life to be a excellent motivator for saving rather than spending.
This was a really interesting article Leanne. It's timing is good. I have decided to fully retire in August on my 70th birthday. One more scheduled speech. In my research one of the most important ingredients when looking at retirement and a longer life is creating an ongoing sense of purpose. I think that helps for a stronger marriage, a healthier life, and fulfilling relationships. For example, working at our local food pantry and trying different kinds of writing. I am excited about what else comes to mind. Enjoy this journey it can open new and exciting doors. Some day we will have to compare notes...