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What is Retirement in the 21st Century – Does It Include Work?

By Gregg M. Lunceford, Doctoral Student – Case Western Reserve University

In 2011 America’s Baby Boomer’s began turning age 65 a rate of approximately 10,000 people per day[i]. Historically age 65 has been the milestone at which many people retire. Dictionary.com defines retirement as “the act of leaving one’s job, career, or occupation permanently, usually because of age”. This classic definition was more appropriate when retirement systems were created in the early 20th century to provide income for aging employees with diminishing work skills. When the Social Security Act of 1935 was drafted the average life expectancy for men and women were ages 58 and 62 respectively[ii]. By 2013 the average life expectancy for men and women in the U.S. increased to ages 76 and 81 respectively[iii].

Our increased longevity and improved health now allows for a wider range of lifestyle options therefore retirement is taking on new meaning. For many, retirement has become a career transition that includes work on different terms in the same profession, or the beginning of a new career[iv]. Work with flexible structures has led to “win-win” situation for retiring workers and employers as they recognized several benefits from working beyond retirement age. First, many individuals benefit from the socialization and feelings of accomplishment that come from work. Forty percent of individuals who completely retire from the workplace suffer from clinical depression and 6 out of 10 report a decline in health[v]. For many, work provides an outlet to continue to thrive and improve their well-being. Second, working in retirement allows many employers to maintain valuable knowledge individuals have developed over 30-40 year careers. Such individuals are often valuable mentors and can assist with succession planning and the training of younger employees in the workforce. Finally, Baby Boomers represent the largest cohort in the workplace. The complete exit of all them from the workforce at age 65 has the potential to create a human resource gap and limit overall productivity. The retention of Baby Boomers may help many organizations improve their productivity and become more competitive.

Given the overall benefits, it is important that society better understand what factors may predict an individual’s intent to work in retirement. In 2015, a study was conducted on retirement work intention[vi]. In the study 227 working individuals, of which 93% were age 50 or older, were surveyed to see what factors contributed to their decision to work in retirement. Our research showed that a person’s confidence in their ability, willingness to be adaptable and belief that they will have meaningful opportunities for work in retirement were all predictors of their intent to work in retirement.

Retirement has evolved and no longer means the complete exit from the workforce. Work with flexible options is becoming a rewarding lifestyle option for many retirees. Careful reflection on what activities will provide happiness and fulfilment should be considered in the retirement planning process and may lead to greater success in retirement.

[i] Synder, M. 2010, December 30. In 2011 The baby boomers start to turn 65: 16 statistics about the coming retirement crisis that will drop your jaw. End of The American Dream [online].

[ii] http://www.demog.berkeley.edu/~andrew/1918/figure2.html

[iii] http://www.cdc.gov/nchs/data/hus/hus14.pdf#016

[iv] Kim, J. E., & Moen, P. 2001, June 3. Is retirement good or bad for subjective well being. Current Directions in Psychologicial Science, 10: 83–86.

[v] Sahlgren, G. H. 2013. Work longer, live healthier: The relationship between economic activity, health and government policy. Institute of Economic Affairs: Discussion Paper #46

[vi] Lunceford, G. M. (2016, January). Retirement Values: What Factors Influence the Decision to Work in Retirement. Unpublished Doctoral Study at Case Western Reserve University . Cleveland, OH.

Unexpectedkindness is themost powerful,least costly, andmost underratedagent of humanchange

Gregg Lunceford, CFP® is a 24 year veteran in the financial services industry. Mr. Lunceford specializes in wealth management and works with clients on financial, estate and retirement planning issues. He currently, is a doctoral student at Case Western Reserve University in Cleveland, OH, and is studying how individuals make career transitions to retirement. Mr. Lunceford holds a MBA from Washington University in St. Louis, and a BBA from Loyola University of Chicago.

Email: gml56@case.edu

 

 

 

 

 

Lori’s Interview with Barry Moltz on Business Insanity Radio

I was recently interviewed by Barry Moltz on Business Insanity Talk Radio. You can listen here:

 

Marketing to Grandparents

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Abraham Maslow never intended to be a marketer. But when it comes to creating products, services, and messaging for older adults, his “13 personality attributes of the self-actualizing person” from Toward a Psychology of Being provide focused guidelines for creating a great creative brief. Recall that self-actualization is the realization of one’s full potential, with a focus outside of self.

Many of the grandparents we spoke with for The Grandparent Economy considered this phase of their development to have begun with the birth of that first grandchild. It is described as a turning point, as a time when the future comes into sharper focus. There is a realization of their mortality, and of family life continuing after they are gone. Relationships take on greater meaning and a sense of selflessness takes over. Learn More →

American Marketing Association (AMA) Takes on the Senior Moment

AMA’s Christine Birkner interviewed us about Zillner’s new report on Seniors, All The Wiser, and how we define and market to older consumers. From Lori Bitter: “It’s best to target boomers based on their lifestyles and purchase behaviors—and their core values such as healthy eating or aging well, Bitter says. For example, General Mills’ Cheerios ads focus on heart health, which certainly resonates with boomers, but also could connect with anyone interested in living well, she says. “It’s a way of being ageless. They’re not saying it’s an old person’s cereal or a young person’s cereal. It’s more about the value of healthy eating.”

Read the full article here: https://www.ama.org/publications/MarketingNews/Pages/senior-moment.aspx

Lori Bitter talks to AARP members at AARP’s Ideas@50+: Multigenerational lifestyles & grandparents with realtor.com

aarp

AARP’s Ideas@50+ event in San Diego featured AARP TEK’s new RealPad roll-out, the introduction of Joanne Jenkins as AARP’s new CEO and stars ranging from Kevin Spacey to Julia Louis Dreyfus to Martha Stewart. Move.com – the parent of realtor.com and seniorhousingnet.com hosted AARP members in a special “back porch” environment complete with lemonade and fresh baked cookies. Members heard from experts in senior care, caregiving, and aging in place technology. Paul Irving, Milken Institute, and author of The Upside of Aging, spoke on “Making Cities More Senior Friendly.” Lori did a presentation on “The New Multigenerational Lifestyle,” based on her new book The Grandparent Economy.

November IMMN Webinar: Helping business become age-friendly-across the Asia Pacific

Date: Tuesday, November 15, 2011

Time: 9:30 AM – 10:30 AM (Central Time)

Speakers
: KIM WALKER, founder and CEO of SILVER, a business consultancy that helps business and government deal with the issues presented by the ageing demographic. DICK STROUD is a consultant, lecturer and writer. He is the author of Europe’s best-selling textbook on the business issues related to the aging population – The 50-Plus Market (www.the50plusmarket.com). This book was published by Kogan Page in 2006 and has recently been translated and sold in China.

Registration
click here

CostFee waived for this webinar!

About the webinar:
The Asia Pacific region includes countries with populations that are the oldest (Japan), the largest (China) and the fastest ageing (Hong Kong, Korea, Singapore, Australia) in the world. China alone has a 50+ population larger than the entire population of USA. Although research revealed that a brand’s age-friendliness is critical in determining purchase decisions and choices for 6 out of 10 older consumers, companies remain reticent to adapt to this new reality. Perhaps the major barrier to change is the availability of a comprehensive and rigorous process that measures an organization’s age-friendliness. Kim Walker’s company is about to release version 2.0 of a unique and sophisticated tool that provides such a solution.

The AF Tool was developed by our speaker Kim Walker in collaboration with Dick Stroud (UK’s 50+ marketing expert). By tracing a customer journey relative to the physiological effects of aging, it can identify the potential barriers that will diminish the ability of brands to engage with and satisfy the needs of older consumers. The AF tool uses the latest iPad app and cloud technology to test and map the sensory, physical and cognitive aspects of physiological aging against 150 customer touch-points.By generating comparable metrics, companies can reduce the barriers of doing business with their aging customers.

Quoted: Can Empty Nesters Still Afford to Splurge? SmartMoney

For this article Can Empty Nesters Still Afford to Splurge? in the current issue of SmartMoney, I spoke with writer Missy Sullivan about the empty nesters’ mentality.

The Pulse of the Vibrant Boomer Woman: What She Really Wants and Why – August IMMN Webinar

Date: August 23, 2011
Time: 10:00 AM – 11:00 AM (CDT)
Speaker: Presenters are VibrantNation.com Founder and CEO Stephen Reily and Carol Orsborn, Ph.D., Sr. Strategist with VibrantNation.com, author and Boomer expert. Mr. Reily and Dr. Carol Orsborn are co-authors of “Vibrant Nation: What Boomer Women Know, Think, Do and Buy,” the definitive guide for marketers trying to reach Boomer women.
Registrationclick here
Cost: free for IMMN members; $50 for non-members
(IMMN members receive this webinar for free.  If you’d like to enjoy this member benefit consider joining IMMN)

About the Webinar
This forward-thinking webinar is based on the latest findings of VibrantNation.com, providing insight into what really matters to this dynamic consumer as she transits her fifties and beyond.  The presenters will draw upon the site’s ongoing online surveys and polling of Boomer Women – from topics like fashion & beauty to technology, and from finances to healthcare reform. The presentation will share case studies that illustrate how brands and agencies are using segmentation to successfully connect with these increasingly coveted women in the marketplace. In addition, the presenters will share original research on the intersection between adult development and the Boomer Woman’s attitudes about the future.

Preview of Upcoming IMMN Webinars

The outcome of a recent IMMN Board Meeting was a lead on several upcoming IMMN webinar topics and speakers, further details to come soon.
July 26/2011 – Future of Aging
Speaker Richard Adler discusses his research with the Institute for the Future.
Aug 23/2011 – Marketing to the Vibrant Woman
Speakers are Dr. Carol Orsborn and Stephen Reilly of VibrantNation.com

Sept 27/2011 – Rise of the Zoomer
Speaker David Cravit, EVP of Zoomer Media Ltd., discusses rebranding aging in Canada and rapid growth of the Zoomer integrated multimedia platform.

Upcoming IMMN June Webinar: New Research – Consumer Trends in Healthy Aging

2011 Consumer & Market Trends in Boomer Healthy Aging

Date: Monday, June 20, 2011 at 10:00am-11:00 AM (CDT)
Speaker: Steve French, Managing Partner, Natural Marketing Institute (NMI)
Registration: http://www.regonline.com/NewResearchine.com/NewResearch
Cost: free for IMMN members; $50 for non-members

Based on new data from a variety of NMI proprietary consumer research, including the 2011 Healthy Aging/Boomer Database®, this session will explore the latest consumer and market trends relative to healthy aging. Areas of focus will include multifaceted drivers of a healthy lifestyle, caregiving, healthcare, the role of technology, lifestyle and leisure activities, financial challenges, jobs and retirement and much more. Learn how Boomers and Matures approach healthy aging. Come explore the aging trends of today and how they will impact the market tomorrow.

Currently IMMN members receive the IMMN sponsored webinars at no cost. If you would like to received this webinar for free please click here to become a member, or contact Corda Murphy, telephone: 630-357-4898, email: cmurphy@immn.org