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Published byEgbert O’Brien’ Modified over 8 years ago
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Health Benefits & Retirement Conference
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Your Road to a Secure Retirement
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Dictionary Definition of Retirement: to disappear to withdraw to go away
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The key questions change every decade or two of your life. You wonder at age 10 if there is life after death. At 20: Is there work after college? At 30: Is there sex after marriage? At 60: Is there life after work?
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Demographic Revolution We are in the midst of a demographic revolution. The revolution is re-defining the linear lifeplan, thus providing rich opportunities for reinvention and exploration.
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Baby Boomers 76 million people born between 1946 and 1964 are like the proverbial pig in a python – highly visible from start to finish. In the opening decade of the 21 st century, 13% of the population is over 65%. By 2030 people 65 or older will account for 22% of our population. In the opening decade of the 20 th century, 4% of the U.S. population was over 65
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Population aging and the baby boom phenomena bring us to a social tipping point—due to longer lifespans and rejection of yesterday’s model of old age, yesterday’s model of retirement is being transformed. Retirement Transformed
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As an instituion, retirement arose in the early 20 th century in response to demographic, political, and economic change. The decision to retire is a process rooted in a personal experience and history.
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In the late 19 th and early 20 th centuries we begin to see the rise of pensions and social security 1 1 In 1889 Bismark’s Germany defined 70 as the entrance to retirement 2 2 Just before WWI this age was reduced to 65, and Roosevelt adopted age 65 when crafting Social Security 3 3 Growing industrial economies supported the growth of public and private pensions 4 4 Where are we headed in the 21 st century? 5 5 Factoids
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FROM MACRO… TO THE MICRO… In our post-industrial environment, several pathways to retirement have been identified. Most people have grown up expecting to retire, and they go through mental dress rehearsals. The major stages in the retirement process include a pre- retirement period during which individuals commonly fantasize about what their new life will be like.
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People begin their retirement from FULLTIME work in several ways… People begin their retirement from FULLTIME work in several ways… Some immediately engage fully in hobbies and travel Some enter a period of rest and relaxation Some continue working in the same or a different job, but commit less hours. According to gerontologist David Ekerdt, for many people retirement from fulltime employment means trading the “work ethic” for the “busy ethic”
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A long term, intact marriage Several factors have been shown to be predictors of good cognitive functioning in retirement A high level of education A history of high occupational status and workplace complexity; Exposure to stimulating environment and cultural resources
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In summary, several ideas are useful in understanding the decision to retire. Once we appreciate the location of our retirement options in history, demography, and economics, we understand that the decision to retire is contingent upon social forces as well as individual choices. Once retired, success is rooted in adaptation and flexibility.
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The notion of retirement has changed radically. We once thought of retirement as the beginning of the end; today the retirement transition is the beginning of a new lifestage that we shall call empowerment. Understanding you placement on the continuum for each of the dimensions below can help you to to construct this new lifestage. 1 2 3 4 5 6 7 8 9 10 The continuum allows you to assess your attitude about each dimension.
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This instrument is adapted from: RETIREMENT SUCCESS PROFILE COPYRIGHT 2001 RICHARD P. JOHNSON, Ph.D
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