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The Weil Perspective
12 Signs of the Retirement Revolution
By James Weil, LifeCare Consultant, Business and Aging
A revolution is underway in the U.S. that is rapidly transforming the worldviews
of retirement and retirement planning. For those who open their eyes to it, the signs are
everywhere.
The old models of retirement and retirement planning, which have been linear
and financially based, are being replaced by new models that are holistic and meaning-based.
Instead of focusing on the question, “Do you have enough money to retire,” the focus is
quickly shifting to, “What are your passions? What is your purpose? How will you use your
25 to 30 'bonus years' of good health? How will you transform your life with meaningful
work (paid and unpaid), significant relationships (marriage, friendships, grandparenthood),
and spiritual development?”
Let's look at a dozen venues where this revolution is playing out:
| 1) |
Language: The word “retirement”
is being replaced by a plethora of new phases and concepts, including “my time,” “refirement,”
“rewirement,” “next chapter,” “third age,” etc.
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| 2) |
Scientific research: Dozens of
research studies are analyzing the elements of “success” in life in the third and fourth
quarters of life. Rowe and Kahn's “Successful Aging,” Vaillant's “Aging Well,” and numerous
other research studies are confirming that vitality in later life is determined by the
interplay among social, mental, physical, and spiritual domains. Net worth and income
replacement ratios are not showing up in the any of the research findings as constituents
of successful aging!
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| 3) |
Popular books: New books are
coming out weekly with titles such as My Time;
Don't Retire, Rewire; Too
Young To Retire; and Looking
Forward—all of which frame success in later life in
terms of engagement and personal development.
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| 4) |
New websites: Aging- and retirement-related
web sites now abound, providing optimistic views, resources, exercises and other tools
to inspire and encourage vitality. A few that you might want to check out are: www.healthandage.com,
www.van.umn.edu/index.asp, and www.civicventures.org.
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| 5) |
Magazine and newspaper content:
New magazines, such as More,
focus their content exclusively on the positive aspects and boundless opportunities
of the third age. Time and
Business Week have published
cover stories within the last two months on positive aging. The
New York Times, The Wall
Street Journal, and dozens of syndicated columnists are
focusing on elements of the retirement revolution. Indeed, The
Washington Post dedicates a weekly column, “My Time,” written
by Abigail Trafford, to stories of men and women who are transforming themselves in
this new stage of life.
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| 6) |
Advertising and PR: Shifts are
being made from fear-based to positive-oriented campaigns. Eileen Fisher, the Gap and
other major advertisers are affirming the dignity and beauty of older age. (Their messages
stand in stark contrast to those of many financial institutions, which continue to promote
doubt, uncertainty, and fear of not having enough money.)
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| 7) |
Life coaching: There
is an entirely new type of third-age coaching being developed with its own special curriculum.
Universities are beginning to set up third-age coaching credentials. And even churches
that are expanding into the social services arena are increasingly offering holistic
aging-related planning programs for members of their congregations.
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| 8) |
The financial services industry:
Financial services have begun to expand beyond traditional “financial planning” into
the area of life planning. Merrill Lynch is the first major financial institution to
offer life planning tools, and others will certainly follow.
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| 9) |
Job placement organizations:
Since it has become clear that the majority of boomers will want to work past normal
retirement, the supply of job bulletin boards and older worker employment agencies are
increasing. AARP is offering information on employment in the third age and helping
people in a variety of ways to align their vocations with their avocations. Monster.com
has a special section that deals with employment in later life. And organizations such
as Civic Ventures, Experience Corps, Bridgestar, and Volunteer Match are reaching out
to retirees to work in the field of civic engagement.
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| 10) |
Employers: Employers
of all kinds are increasingly aware that they face a pending shortage of workers and
are designing phased retirement programs and other incentives to retain valuable older
workers. Other employers, such as BMW, Toyota, and Delphi are offering life planning
programs to supplement their financial offerings so their employees will be able to
bridge into retirement effectively.
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| 11) |
Health plans: Many health plans
are redesigning their offerings to promote successful, vital aging. They are offering
ancillary services to promote total health and well being among participants. PacifiCare
and Aetna are two sterling examples.
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| 12) |
Grass roots community organizations:
New groups are emerging to help third-agers find new and meaningful work. The Transition
Network in New York City, Women Sage in southern California, and over a dozen “Next
Stage” community networks have all taken root in the last few years—and all are
growing rapidly. |
What an exciting period this is! Life, health, finances, housing, social services, employment
(and more) are merging to form a more integrated approach to the third age of life. Information
is now being made available through virtually every communication medium. Real and virtual
communities are expanding in employer and community settings. Small groups, retreats, seminars,
and one-to-one coaching are making it easier for individuals to find their appropriate peer
groups and to learn and grow in ways that are most effective for them individually. Couples
are re-inventing their relationships in order to allow for both parties to become all they
can be. And this is only the beginning of the revolution! Not only will the movement deepen,
it will widen too. Eventually, people will begin planning for successful and vital aging
in their early 40s rather than waiting until their 50s and 60s.
It's a good time to be alive and in mid-life—when everything old is new again!
As always, please let us hear your stories.
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