Public policy and the plans and preferences of older Americans

This study compares the retirement plans and preferences of a recent sample of 3,500 men and women of pre-retirement age-50 to 64. The data suggest that a minority of older workers expect to retire earlier than they really want to, and that many would delay retirement if they faced different terms and conditions of employment. Although most older Americans cannot or do not want to work, many do, and they represent a significant underutilized labor market resource.     

Retirement Planning Among Hispanics: In God’s Hands?

We conducted a qualitative study on retirement preparedness among middle-aged and older low-income Hispanics in Los Angeles. Data were derived from four focus groups conducted in the greater Los Angeles area. Findings demonstrate how behavioral and cultural factors—family experiences, religiosity, and denial of retirement—explain the lack of savings and preparedness for retirement. Findings also indicate that the majority of participants want to be economically independent and to keep working until they are unable to do so. Participants helped their parents financially but did not feel comfortable asking their own children for help. Instead, participants placed their survival in retirement “in God’s hands.”     

Older Workers: The ‘Unavoidable Obligation’ of Extending Our Working Lives?

Older workers are becoming an increasing topic of research interest and policy concern as the populations of Europe, the United States and many other countries age. Some commentators argue that living longer means that there will be an ‘unavoidable obligation’ to work for longer as well. This article considers the reasons for concern about an ageing workforce. It then looks at the different literatures, which seek to research and understand the position of older workers. It provides a snapshot of the work that those over 50 years of age in the UK currently do and poses the question of whether we want to work for longer or whether a culture of early retirement prevails. It concludes by arguing for a more fine grained understanding of the composition of the older worker cohort, differentiated by class, gender and race and for more research on flexible work, gradual retirement and managing health at work.     

Implications of the Social Security amendments of 1983 for older blacks

The 1983 amendments to the Social Security Act reduced early retirements benefits and increased the retirement age for future retirees. These changes will differentially affect various segments of the older population. The author examines implications of these changes for older blacks, and concludes that disability and low income are primary factors that put older blacks at risk for negative consequences as a result of the 1983 amendments. The findings suggest that blacks are likely to be disproportionately affected by the changes, and that the changes, as they relate to blacks, do not address the amendments' goals encouraging private savings and discouraging early retirement.     

Retirement Confidence Survey 2000 including results from the RCS Minority Survey and the Small Employer Retirement Survey

The year 2000 represents the 10th anniversary of the Retirement Confidence Survey (RCS), and the third year for the Minority RCS and Small Employer Retirement Survey (SERS). Key RCS findings over the past 10 years include: The fraction of workers saving for retirement has trended upward, and today 80 percent of households report that they have begun to save. The fraction of workers who have attempted to calculate how much they need to save for retirement has risen noticeably over the past several years. Today, 56 percent of households report that they have attempted the calculation. One-half of workers who have attempted such a calculation report that it has changed their behavior, such as saving more and/or changing where they invest their retirement savings. Workers who have done the calculation appear to be in better shape regarding their retirement finances. Worker confidence in the ability of Social Security to maintain benefit levels bottomed out in 1994 and 1995. Workers today are just as confident as they were in 1992, although the majority remain not confident in Social Security. Regarding overall retirement confidence, Hispanic-Americans tend to be the least confident among the surveyed minority groups that they will have enough money to live comfortably throughout their retirement years. Key SERS findings include: While cost and administrative issues do matter to small employers, they are not the primary reasons for low plan sponsorship rates. Employee-related reasons are most often cited as the most important factor for not offering a retirement plan. Business-related reasons, such as profitability, are also a main decision-driver. It is important to note what small employers without plans do not know about plan sponsorship. Small employers that do sponsor a retirement plan report that offering a plan has a positive impact on both their ability to attract and retain quality employees and the attitude and performance of their employees. The survey results indicate that many small company nonsponsors may not be aware of such potential business benefits from plan sponsorship. In addition, many nonsponsors are unaware of the plan options available to them, in particular the ones created specifically for small employers, such as SIMPLE and SEP retirement plans. Therefore, some small employers may be making a premature decision not to sponsor a plan based on incomplete information.     

提前退休，还是延迟退休？

从10月1日起，上海将实施柔性延迟办理申领基本养老金手续。上海市人保局称，上海将男性的退休年龄从60岁延迟到65岁，女性从50岁延迟到60岁。对于延迟退休的政策你是怎么看的？倒顷向于早退休还是晚退休呢？     

The evolution of retirement: results of the 1999 Retirement Confidence Survey

The ninth annual Retirement Confidence Survey (RCS) shows continued evidence of progress in the drive for retirement income security for American workers. However, there are still hurdles to overcome. The RCS tracks Americans' retirement planning and saving behavior and their confidence regarding various aspects of their retirement. It also categorizes workers and retirees into distinct groups based on their individual views on retirement, retirement planning, and saving. The retirement envisioned by today's workers looks different in many respects from that now experienced by current retirees. Today's workers expect to work longer than current retirees actually worked before retiring--and many say they plan to work for pay after they retire. Twenty-four percent of workers reported that they are very confident they will have enough money to live comfortably in retirement, and 45 percent reported that they are somewhat confident. However, there are indications that many may be falsely confident. The good news is that 70 percent of Americans are saving for retirement, and a growing percentage (49 percent) are going further and determining how much they need to save to fund their retirement. The bad news is that 30 percent of Americans have not begun to save for their retirement, and 51 percent have never tried to determine how much they need to save. Employers play a major role in ensuring adequate retirement preparation. Forty percent of all workers said they expect that money provided by their employer will be a major source of retirement income. Forty-six percent expect the money they put into a retirement plan at work to be a major source of income. The availability of a retirement plan at work is credited by 48 percent of savers as motivation to save. While worker education is a point of emphasis among both employers and policymakers, more remains to be done. For example, 59 percent of workers expect to be eligible for full Social Security benefits sooner than they actually will be, and an additional 19 percent admit they do not know when they will be eligible. There is evidence that education can have an impact on individual behavior. Forty percent of workers receiving educational material at work in the last year said that information caused them to begin saving (19 percent) or resume saving (21 percent) for retirement, while 40 percent said they changed the amount they were contributing to a retirement savings plan and 41 percent changed the allocation of their money in a retirement savings plan.     

The retirement system in transition: the 2007 Retirement Confidence Survey

WORKERS SLOW TO SEE OR ADAPT TO A CHANGING U.S. RETIREMENT SYSTEM: The 17th annual wave of the Retirement Confidence Survey (RCS) suggests that American workers may be slow to recognize how the U.S. retirement system is changing, and those who are aware of these changes may not be adapting to them in ways that are likely to secure them a comfortable retirement. HALF OF WORKERS LESS CONFIDENT ABOUT PENSION BENEFITS: The RCS finds pension-plan changes by employers have left nearly half of workers less confident about the benefits they will receive from a traditional pension plan, but that those experiencing a decline in retirement benefits often fail to react constructively. Moreover, although Americans will rely increasingly on 401(k) retirement savings plans and other personal savings and investments to fund their retirement security, data suggest that many may not follow professional investment advice when it is offered to them. MANY WORKERS COUNTING ON BENEFITS THAT WON'T BE THERE: Many workers are counting on employer-provided benefits in retirement that are increasingly unavailable. Only 41 percent of workers indicate they or their spouse currently have a defined benefit pension plan, yet 62 percent say they are expecting to receive income from such a plan in retirement. Likewise, workers are as likely to expect as retirees are to receive retiree health insurance through an employer, even though the number of employers offering this benefit to future retirees is declining. MANY WORKERS UNLIKELY TO HEED INVESTMENT ADVICE EVEN IF THEY GET IT: More than half of workers indicate they would be likely to take advantage of professional investment advice offered by companies that manage employer-sponsored retirement plans. However, two-thirds of these workers say they would probably implement only some of the recommendations they receive and 1 in 10 think they would implement none of them. AMERICANS OVERESTIMATE LONG-TERM CARE COVERAGE: One-quarter of workers and more than one-third of retirees report they have long-term care insurance (separate from health insurance, Medicare, and Medicaid) to help pay for care they might need in a nursing home, assisted living facility, or at home. But only 10 percent of Americans age 65 and older are estimated to have had private long-term care insurance in 2002, suggesting that many are counting on coverage they do not actually have. MOST SAVINGS LEVELS ARE MODEST: Almost half of workers saving for retirement report total savings and investments (not including the value of their primary residence or any defined benefit plans) of less than $25,000. The majority of workers who have not put money aside for retirement have little in savings at all: Seven in 10 of these workers say their assets total less than $10,000. CONTINUED IGNORANCE ABOUT SOCIAL SECURITY COVERAGE: Despite the longstanding increase in the eligibility age for Social Security, only a small minority of workers are aware of the age at which they can receive full retirement benefits from Social Security without a reduction for early retirement.     

An overview of work, retirement, and pensions in Japan

Work to retirement in Japan is a sequential transition for the most part, and Japan permits mandatory retirement by firms at age 60. But many older people work beyond the age of 60, many more than in other industrialized countries. A number of hypotheses are examined, having to do with pensions, health, opportunity, interest in working, cultural attitudes (including the concept of ikigai), and public policy initiatives (such as employment policy and the Silver Human Resource Centers). Japan's cultural attitudes and existing policies appear to have set Japan on a unique course in considering the aging of its population. To what extent should other nations emulate Japan?     

Counseling for Continued Career Development After Retirement: An Application of the Theory of Work Adjustment

The theory of work adjustment (TWA; R. V. Dawis & L. H. Lofquist, 1984; L. H. Lofquist & R. V. Dawis, 1969, 1991) is useful in addressing the career counseling needs of retirees who want to continue working but who need to explore their career choices before settling on a new occupation or job. This article examines some of the challenges that midlife and older adults face as they plan postretirement careers. Information about TWA and a case example are provided to assist counselors in understanding how TWA can be applied to retirement career counseling.     

An Overview of Work,Retirement, and Pensions in Japan

Work to retirement in Japan is a sequential transition for the most part, and Japan permits mandatory retirement by firms at age 60. But many older people work beyond the age of 60, many more than in other industrialized countries. A number of hypotheses are examined, having to do with pensions, health, opportunity, interest in working, cultural attitudes (including the concept of ikigai), and public policy initiatives (such as employment policy and the Silver Human Resource Centers). Japan's cultural attitudes and existing policies appear to have set Japan on a unique course in considering the aging of its population. To what extent should other nations emulate Japan?     

Economic Trends,Politics, and Employment Policy for Older Workers

The rising interest among policymakers in developing employment policies for older persons can be traced to several sources. Two of these-concerns about the financing of retirement benefits and fears about possible future labor shortages-are shaping employment policies in ways that have undesirable consequences for older workers who are in poor health and who lack the economic resources to be able to afford retirement. In contrast, employment policies that operate by providing work incentives, rather than retirement disincentives, do not have discriminatory impacts on these subgroups of the older population.     

Career Pathways into Retirement in the UK: Linking Older Women's Pasts to the Present

Understanding of how women's experiences in retirement are shaped by their pre‐retirement lives is limited. In this paper we utilize an innovative mix of measures to examine the link between career histories and expectations and experiences of retirement. Analysis of timeline data capturing the long working lives of a sample of older women identifies five different pathways into retirement. We explore these trajectories in detail to determine how they are shaped and their links to different outcomes in later life. The analysis shows how different career histories unfold and how they shape expectations and experiences of retirement. Long, professional career pathways leave women feeling enabled in retirement, women following more fragmented pathways are more constrained, and some trajectories, including pathways involving transitions into professional careers in later life, can leave older women financially and emotionally vulnerable in older age.     

The 1999 Small Employer Retirement Survey: building a better mousetrap is not enough

As of 1995, there were 5.3 million small-employer firms (100 or fewer employees) in the United States. These small firms employed 38.0 million individuals, representing 38 percent of all employment. Therefore, low retirement plan coverage among small employers directly affects a sizeable fraction of the national work force. There are a number of reasons why more small employers do not offer retirement plans. Cost and administration-related issues do matter, but for many small employers these take a back seat to other issues. For some, the main driver is the financial reality of running a small business: Their revenue is too uncertain to commit to a plan. For others, the most important reasons for not sponsoring a plan are employee-related, e.g., the workers do not consider retirement savings to be a priority, or the employer's work force has such high turnover that it does not make sense to sponsor a plan. Many nonsponsors are unfamiliar with the different retirement plan types available to them as potential plan sponsors, especially the options created specifically for small employers. For example, most nonsponsors said they have never heard of (36 percent) or are not too familiar with (20 percent) SIMPLE plans for small businesses. Fifteen percent of small employers report that they are very likely to start a plan in the next two years, while 24 percent say this is somewhat likely. Nonsponsors report that the two items most likely to lead to serious consideration of sponsoring a plan are an increase in profits (69 percent) and business tax credits for starting a retirement plan (67 percent). Major drivers of low retirement plan sponsorship among small employers are who they employ and the uncertainty of revenue flows. While issues of administrative cost and burden matter, they are only part of the puzzle. Therefore, the solution is not simply "build it and they will come," by creating simpler and simpler retirement plans geared to small businesses. Rather, it is build it and they will come once the business reaches a certain level of profitability and stability, and once retirement planning and saving are more of a priority for the small employer's workers.     

Phased Retirement for Older Workers in Taiwan

Working part-time has become a popular option during transition from a full-time career job to full retirement among older workers all over the world. Five waves of The Survey of Health and Living Status of the Elderly in Taiwan, from 1989 to 2003, are used to study older workers?? part-time work behaviors. The data confirm that more than 20% of full-time older workers with at least 10?years of job tenure do not fully retire from their career jobs. Moreover, there exists a significant proportion of older workers who stay with their career jobs and work part-time. We found that due to pension regulations, public sector employees are less likely to stay with their long-term employers and use phased retirement options.     

Working Longer May Be Good Public Policy,But It Is Not Necessarily Good for Older People

Older people are facing a changed set of expectations regarding work and retirement. Until quite recently early retirement was being encouraged. Today's older workers, however, are contemplating longer working lives amid policy concerns about the costs of social welfare associated with an aging population. While working longer is, almost universally, being promoted as a social and individual good this article argues that this policy shift is unlikely to change the situation of many older workers who would have needed to continue working anyway. It also argues that the emphasis on prolonged employment undervalues engagement in activities beyond employment. As well, it argues that the emphasis on prolonging employment neglects to account for the attendant risks for many of continuing to work or having to seek work and the potential health- and well-being-enhancing effects of retirement.     

Intergenerational Interaction Between Institutionalised Older Persons and Biologically Unrelated University Students

ABSTRACT

Most studies on older persons focus mainly on what the aged can no longer do and on the impact that this has on the community and specifically on their carers. In contrast to this, this research focused on the value of friendship between older persons living in a retirement home and students whom they did not know prior to their interaction in the project. Friendship, in this instance, is viewed as a multidimensional facet of social support. Participatory action research was used to describe the relationship between the students and the older persons, and the illustrative method, as a qualitative research method, was used to analyse the data, obtained from students' reports, observations and interviews. The results are used to propose guidelines for the transfer to other contexts of the intergenerational involvement of biologically unrelated students     

Foreign retirement income among new older immigrants in the United States

Older adults make up an increasing share of new legal immigrants to the United States. These immigrants are often financially dependent on family since they are often barred from receiving several US support programmes and are less likely to receive US retirement benefits than natives. However, little information exists as to whether they receive retirement income from abroad. Using the New Immigrant Survey (N=2,150), we find that only 8.1 per cent of older recent immigrants report receiving foreign retirement income. In logistic modelling, older immigrants from Asia and Latin America were less likely to receive retirement income from abroad than those from Europe (Odds ratio = 0.50, p<0.05; Odds ratio = 0.22, p<0.001, respectively). Results suggest that newly admitted older immigrants from Asia and Latin America face an additional economic disadvantage compared with older Europeans that cannot be attributed to their demographic and migration characteristics.     

Predicting End‐of‐Career Transitions for Baby Boomers Nearing Retirement Age

Retirement has traditionally been conceptualized as a point‐in‐time decision to physically and psychologically withdraw from the workforce on reaching a certain age. However, the expectations of older workers demonstrate a new retirement paradigm, with many more retirement trajectories. The purpose of this study was to examine actual career decisions being made by older workers and to understand sociodemographic factors that might differentiate their career trajectories. Data from the Health and Retirement Study (Juster & Suzman, 1995 ) were analyzed using multinomial logistic regression to compare 4 retirement trajectories (i.e., no retirement, full retirement, bridge employment, and encore career). Gender, age, education, marital status, health, and wealth differentially predicted the odds of pursuing each of the 4 retirement decisions. Career practitioners may use these results to help baby boomers make retirement decisions and provide them with appropriate education, guidance, and resources. Additional research is needed to examine other factors salient to each of the retirement trajectories.     

Attitudes About Working Beyond Normal Retirement Age: The Role of Mandatory Retirement

The Dutch government abolished mandatory retirement for national-level civil servants in 2008, but not for employees in other sectors. This study analyzes whether national-level civil servants have different attitudes and plans about working beyond normal retirement age than employees in other sectors. Results show no clear differences between the groups. A national ban on mandatory retirement would presumably not lead to many more older workers continuing to work beyond normal retirement, but would need to be integrated in a much broader policy reform that also addresses employment protection legislation and seniority-based wages.