| Article Index |
|---|
| Newsletter - Summer 2009 |
| RETIREMENT REFORMATION: REDEFINING WORK |
| New Lifespan Realities |
| All Pages |
Page 3 of 3
NEW LIFESPAN REALITIES
Old Paradigm
Following World War II, the parents of Baby Boomers viewed their lives from birth to death as being divided into three distinct stages: youth, adulthood, and old age. In addition, these three stages were assigned specific tasks: learning, work, and leisure.
Another important factor contributing to this life span framework was the advent of Social Security which established 65 as the official age for retirement and the unofficial marker of entering “old age.”
Labor Force Transition
One change that has caused us to rethink these age graded life stages is the trend towards shorter work lives. The main factor was an increase in company provided pensions that encouraged retirement following 30 years of service. This made retirement possible for many individuals long before drawing Social Security at age 65. And, from a cultural prospective, early retirement was viewed as a sign of success and admirable goal.
Increasing Longevity
In addition, increasing longevity has had a powerful influence on retirement lifestyle expectations. The likelihood of living in retirement for 30, 40, or even 50 years raises really important questions for us as individuals:
- How will I fund my retirement?
- How will I spend my time?
New Paradigm
The only answer is to adopt a new paradigm, a new way to think about how we prepare for and live in retirement. In a very real sense, the longevity revolution has given most individuals the equivalent of a 30-year life bonus. However, many experts on aging are suggesting that these bonus years not be tacked on to the end of life, but rather inserted in the middle of life. This is, of course, not just wishful thinking, but a reflection of our changing perspectives on aging and retirement. As gerontologist William Sadler reports:
“In fact, we’re already seeing that begin to happen, with some people experiencing vitality, growth, productivity, and greater satisfaction by delaying advanced aging with personal skills of growth and renewal... ...People positively changing their lives after fifty are pushing us to redefine the second half of life and aging.”
One of the first people to recognize the importance of a new stage of life developing in the middle of the life course was Cambridge demographic historian and sociologist, Peter Laslett. In 1989, he wrote:
“The emergence of the Third Age in the United States and the adoption of a fresh map of life will be one of the most important of all social developments at the turn of the twentieth to the twenty-first century.”
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