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1. RETIREMENT - Retirement may be the furthest thing from your mind if you are a college student in your late teens or early 20s. You are most likely concentrating on finding a job rather than retiring from one. Ideally, you will find a job that you enjoy and that will also give you a solid basis for being able to spend 10 or 20 years (or more!) enjoying your retirement years. Many people think of retirement as an event that is marked by a ceremony such as the proverbial ''gold watch'' given to the retiree as thanks for years of loyal service. This traditional image of retirement was never really true, however. Even when careers had more predictable trajectories, people often continued to maintain some type of employment after they had retired from their primary job. The definition of retirement is becoming even murkier with current changes in labor force participation by individuals in their middle and later years, as you will soon learn. The economy's health affects not only the financial security of the employed, but also the financial security of the retired. Interest rates, tax policies, inflation, and the overall growth of the economy are some of the factors that determine the amount of money that retired individuals receive from their various sources of income. Policies being decided upon now by governments around the world will affect billions of older individuals in the decades to come. You might feel as though you are years away from retirement and therefore are not affected by these debates, but they are affecting your current paycheck now and will continue to have an impact on your financial stability throughout the rest of your life.
2. Facts About Retirement - Retirement is in many ways a 20th-century phenomenon (Sterns & Gray, 1999). Throughout the 1700s and mid-1800s, very few people retireda trend that continued into the 1900s; in 1900, about 70% of all men over 65 years were still in the labor force. The jobs held by older workers often held high status and prestige. The wisdom and experience of older workers were valued, and it was considered a benefit to society to have them continuing to contribute to the workplace. However, by the early 1930s, pressures on the economy in combination with the growth of unions led to the first instance in the United States of compulsory retirement (in the railroad industry). Because older workers were forced to retire but did not receive retirement benefits, they lived in poverty. In 1935, spearheaded by President Franklin D. Roosevelt, the U.S. Congress passed the Social Security Act, federal legislation that guarantees income for retirees and others who are unable to work as well as a lump sum in death benefits for survivors. By 1940, the number of older workers in the labor force had dropped to slightly over 40%; this number has continued to decrease. Social Security payments are divided into Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI). Old Age and Survivors Disability Insurance (OASDI) combines OASI and DI. As of 2019, 46.4 million people in the United States over the age of 65 were receiving Social Security benefits (Social Security Administration, 2019a). Social Security benefits represent about one-third of the income of people 65 and older. Half of married couples and 70% of unmarried persons receive 50% or more of their income from Social Security (Social Security Administration, 2019b). U.S. political leaders are struggling with the economic ramifications brought about by the growth of the older population. Social Security benefits continue to rise, placing greater strain on the economy as a whole. Medical insurance, which is also paid out by the Social Security Administration, is also rising at astronomical rates. To understand how this crisis came about, you need to know how Social Security is funded.
3. The Effects of Retirement - on the Individual Until the 1960s, most American workers resisted the idea of retiring because they believed that retirement would place their financial security at risk. However, succeeding generations of workers are viewing retirement more positively. In part, this is true because their retirement earnings are higher than that was for past older Americans. Just as importantly, with the abolition of mandatory retirement for most jobs, older workers no longer feel forced out of the labor market. Furthermore, retired individuals no longer necessarily experience the poor health, low income, and loss of status that was associated with exit from the labor force earlier in the 1900s. Many older individuals can also look forward to a healthy period of retirement in which they can continue to pursue part-time work as desired, travel, spend time with family, and move to more comfortable climates or housing situations. The increasingly outdated view of retirement as an unwanted life change fits most closely with the role theory of retirement, which proposes that retirement has deleterious effects because the loss of the work role loosens the ties between the individual and society. The continuity theory of retirement proposes that retired individuals maintain their self-concept and identity over the retirement transition. Even though they are no longer reporting for work on a daily basis, they are able to engage in many of the same activities they did when they were working. In addition, a retired person remains a retired ''X'' in his or her community, a status conferred officially in some professions as in retired professors who are referred to as ''emeritus.'' These two theories focus on retirement as an isolated event. The life course perspective on retirement proposes that changes in the work role in later life are best seen as logical outgrowths of earlier life events. The factors that shaped the individual's prior vocational development will have a persisting influence throughout retirement. According to the resource model of retirement, the individual's adjustment to retirement reflects his or her physical, cognitive, motivational, financial, social, and emotional resources; the more resources, the more favorable will be the individual's adjustment at any one point through the retirement transition (Wang & Shi, 2014). Indeed, the resource model is a form of continuity theory, in that an individual's resources prior to retirement also predict the resources that will be available through the retirement years (Wetzel et al., 2019). The resource model fits well with the biopsychosocial perspective, as shown in Figure 10.11. As you can see from Figure 10.11, physical changes and health are important biological contributions to retirement adjustment. Individuals with higher levels of physical functioning, and those in good health, are better able to enjoy retirement pursuits, and may also be better able to take advantage of bridge employment opportunities. From a psychological perspective, retirees who view retirement with a positive set of expectations will be able to adapt better to retirement, perhaps invoking a sense of mastery about their ability to make the transition work for them.
4. LEISURE PURSUITS IN LATER ADULTHOOD - Throughout adulthood, people express themselves not only in their work lives but also through their hobbies and interests. Occupational psychologists and academics studying the relationship between job characteristics and satisfaction often neglect the fact that, for many adults, it is the off-duty hours rather than the on-duty hours that contribute the most to identity and personal satisfaction. In contrast, marketers recognize the value of developing promotional campaigns that appeal to the aging Baby Boomers who potentially have resources to spend on leisure pursuits (Ferguson & Brohaugh, 2010). As people move through adulthood and into retirement, it becomes more crucial for them to develop leisure interests so that they will have activities to engage in during the day to provide focus and meaning to their lives. In addition, leisure pursuits can serve important functions by helping older adults maintain their health through physical activity and their cognitive functioning through intellectual stimulation. The social functions of leisure are also of potential significance, particularly for people who have become widowed or have had to relocate due to finances, a desire for more comfortable climates, or poor health. Harkening back to activity theory, maintaining an active social life in retirement seems to have a variety of benefits in promoting retirement adjustment. Among a sample of Australian retirees, those who participated in a wider variety of social activities had higher levels of positive affect and, importantly, were higher in their self-efficacy and feelings of mastery (Earl et al., 2015). In conclusion, changes in the labor force, the meaning of work, and the economic realities of an aging population all affect the nature of work and the workplace. As you contemplate your future career, your top priority should be thinking about what you will find to be most fulfilling