Introduction
Retirement only became an accepted part of modern life in the first half of the
twentieth century, due to increasing longevity and the introduction of
pension and
retirement benefits. Many workers choose to retire when they
become eligible for pension or social security benefits. In the United States, the
possibility of retirement became more accessible with the passage of the Social Security
Act in 1935. From 1900 to 2000, the percentage of men over
the age of sixty-five who continued to work declined as much as 70 percent in the
United States. At the same time, the percentage of all adults over sixty-five who
worked at least part-time steadily increased from 1960. Although the majority of
older Americans do not choose to work after reaching retirement age, more than 18
percent of Americans older than sixty-five were working in 2012 (compared to less
than 11 percent in 1985). Psychologist Frank Floyd and his colleagues, in their
1992 Retirement Satisfaction Inventory, found four primary reasons for retirement:
job stress, pressure from employer, desire to pursue one’s own interests, and
circumstances such as health problems. With an increasing number of older workers
delaying retirement, psychologist Towers Watson and his colleagues at Boston
College's Center on Aging and Work looked at the reasons why American workers
postpone retirement and found that the most common reasons included high debt
loads; reluctance to lose employer-provided benefits, particularly health
insurance; insufficient savings for retirement; care-taking or financial
responsibilities for children and elderly parents; and a desire to remain active
and engaged in the work force.
The retired population is defined as all people aged sixty-five and over.
Traditionally, sixty-five has been the age at which people could retire and
receive full Social Security and Medicare benefits in the United States,
although a law is in place to gradually raise the retirement age to sixty-seven.
Approximately seventy-eight million people belong to the large cohort of baby boomers
who will begin to reach the traditional age of retirement in 2010. In 1900, only
about three million were retired at sixty-five, in 2000 the number increased to
thirty-five million, and it is projected that, by 2050, the number will be
increased to sixty-seven million. If future projections are anywhere close to
accurate, it can be assumed that it will take approximately four working Americans
to provide for every retiree in 2050.
Working during Retirement
Even as individuals near retirement age, the decision to continue working in
some form after retirement or to discontinue work altogether is a complex one.
Many people feel that they have sufficient finances to comfortably exist without
working if that is their preference. The primary determiner for most is their
health status. Employer pension benefits were found to reduce the probability of
future employment in some form, while part-time work was more likely for those who
were limited to Social Security benefits. Spousal influence is often cited by
retirees as a major factor in deciding whether to choose future employment,
although spouses report that they perceive themselves as having little influence
on the decision. Specific training and the job opportunities that are available
within a community are also important in determining postretirement work.
One survey reported that 80 percent of baby boomers expect to work during their retirement years. More than one-third wanted part-time work because they would personally find it interesting or enjoyable. A little less than one-fourth planned to work for financial reasons. In another study, nearly 70 percent planned to work for pay during postretirement because they wanted to stay active and involved.
The probability of working after retirement has a positive correlation with educational attainment and being married to a working spouse. The primary characteristics associated with men who work in their seventies and eighties are good health, a strong psychological commitment to work, and a distaste for retirement.
Retirees in the Work Force
The Retirement History Study by the Social Security Administration identified
four career job exits for postretirement employment: part-time employment in one’s
career job, part-time employment in a new job, full-time employment in a new job,
and full-time retirement. The Age Discrimination in Employment Act of
1967 prohibited firing people because of their age before
they retired, and in 1978, the mandatory retirement age was extended from
sixty-five to seventy. Mandatory retirement was banned altogether in 1986, except
for a few occupations where safety is at issue.
Studies have found older adults tend to be productive participants in the
workforce. They have lower rates of absenteeism, show a high level of job
satisfaction, and experience fewer accidents. There is a cyclic relationship
between higher cognitive ability and complex jobs. Older adults who work in more
complex job settings demonstrate higher cognitive ability, and those with a higher
level of intellectual functioning are more likely to continue working as older
adults. It is also important to note that ageist
stereotypes of workers and their ability can encourage early
retirement or have an adverse effect on the career opportunities given to older
adults.
Adjustment to Retirement
Retirement may represent golden years for some, but not necessarily for all.
Certain factors have been found to have an impact on the degree of satisfaction
retirees experience. Some of these factors are found within society and have an
indirect influence on how life is experienced for those who retire. Other factors
are directly related to specifics in the individual’s life.
Data from longitudinal studies have identified factors that influence
adjustment to retirement. Those who adjust best are more likely to be healthy,
active, better educated, satisfied with life before retirement, have an adequate
level of financial resources, and have an extended social network of family and
friends. Factors that contribute to a less positive adjustment to retirement are
poor health, inadequate finances, and general or specific stress in
various areas of life. Those who demonstrate flexibility typically function better
in the retirement setting in which the structured environment of work is missing.
Individuals who have cultivated interests and friends unrelated to work show
greater adaptation to retirement.
A primary factor in adjustment is whether retirement was voluntary or
involuntary. Forced retirement has been ranked as one of the top ten crisis
situations that cause stress. When retirement is voluntary, adjustment is more
positive. Those who do not voluntarily retire are more likely to be unhealthy and
depressed.
An important aspect of successful adjustment is preretirement planning. Those who are most satisfied with retirement are those who have been preparing for it for several years. Adults can begin preparing psychologically for retirement in middle age. Decisions need to be made relative to activities that will be used to stay active, socially involved, and mentally alert. Of most importance during this time is the task of finding constructive and fulfilling leisure activities that can be continued into retirement. Individuals who are already involved in a number of leisure activities will experience less stress when they make the transition from work to retirement.
During the middle of the twentieth century, disengagement theory was proposed
as the approach older adults used to withdraw from obligations and social
relationships. It was suggested that this would provide enhanced life
satisfaction. Retirement was viewed as part of the disengagement process. Although
this theory has not been considered acceptable for some time, it would be fair to
say that it represented a prevailing belief about older adults during the first
half of the twentieth century.
Researchers have since found support for the activity theory, which is the
exact opposite of disengagement theory. The activity theory proposes that the
more active and involved older adults are, the more likely they are to experience
life satisfaction. Supporting research suggests that activity and productivity
cause older adults to age more successfully and to be happier and healthier than
those who disengage. The theory further suggests that greater life satisfaction
can be expected if adults continue their middle-adulthood roles into late
adulthood. For those who lose their middle-adulthood roles, it is important that
they find substitute roles to keep them active.
Marriage and Family Relationships
Retirement is often a time when adults have sufficient time to develop their
social lives. Aging expert Lillian Troll found that older adults who are embedded
in family relationships have less distress than those who are family deprived.
There is a gender difference in the perspectives of older parents relative to the
importance of support from family members. Women perceived support from children
as most important whereas men considered spousal support as most important.
For married couples, retirement may bring changes for both spouses. When
retirement allows a spouse to leave a high-stress job, marital quality is
improved. In dual-income families, couples may choose to retire simultaneously or
to retire at separate times to ease into the financial changes that retirement may
bring. However, studies have suggested that both husbands and wives report greater
marital satisfaction if they retire at the same time. Retirement may bring about a
significant disruption to established patterns within the home and family, and
couples need to work together to establish new patterns and habits that are
satisfactory to both partners. Some studies have likened the first two years of
retirement to the first two years of marriage or parenthood, in that couples need
to actively renegotiate their roles, plans, dreams, and habits to adapt to the
lifestyle and role changes that retirement brings. Nevertheless, nearly 60 percent
of retired couples report improved marital satisfaction following retirement,
after a period of adjustment.
Work, Retirement, and Leisure
The perception of retirement is affected by work and leisure experiences during
the preretirement years. Leisure refers to the activities and interests one
chooses to engage in when free from work responsibilities. Many find it difficult
to seek leisure activities during the height of their work careers because of the
value placed on productivity and the pressures of many modern jobs. They may view
leisure activities as boring and lacking challenge. Many workers fear a loss of
identity or status with the loss of their jobs; by engaging in enjoyable
activities, volunteer or part-time work, or family, retirees can establish new,
meaningful facets to their identity.
Midlife is the first opportunity many adults have to include leisure activities
in their schedule. This can be an especially appropriate time if they are
experiencing physical changes in strength, endurance, and health as well as
changes in family responsibilities. Those who are able to find constructive and
fulfilling leisure activities during this time are psychologically prepared from
the middle adult years for retirement. Some developmentalists believe that middle
adults tend to reassess priorities and that this becomes a time of questioning how
their time should be spent.
Late adulthood, with its possibility of representing the years from sixty-five
to more than one hundred years, is the longest span of any period of human
development. The improved understanding of the nature of life after sixty-five and
the greater commitment on the part of medical and mental health personnel to the
improvement of health and living conditions for the older adult are giving all
retirees a better chance of being satisfied with the years beyond their work
experience.
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