Retirement

18% men, 10% women in labor force 65+ (majority part-time
-more likely self-employed or not in physical / high tech job

for women inceased sharply in 45-54 from 80's and on (changing roles, dual income)

Financial Needs
Desire to feel productive
job restructuring

Negative Stereotypes
Obsolescent Skills
Viewed as more costly (perhaps expect more pay, costlier health insurance)
Age-Based employment discrimination (illegal, but happens)

-in 1965 half of all jobs were closed to people age 55+
-**Banned discrimination against workers aged 40+**
-successful in firing, but not in hiring

Job satisfaction increases gradually with age b/c (SLIC)
Self-selection (of good job, usually)
Less focus on career (less stressful)
Intrinsic vs extrinsic aspects (help out, socialize vs $$, bennies)
Congruence between expectations and job

life expectancy way up,
years retired way up!! ( from like 0 to 20)
more still work

withdrawal from work
loss of occupational identity

Institutionalized retirment is 20th century thing
Used to be trending towards early retirement, but now...
(65 is no longer normal retirment now )

Blurred (leaving and returning to work)
Bridge Job (Job between career job and permanent retirement)
Crisp (Clean break from retirement)

Phased retirement = reduce responsibilities, graduallyeasd into retirement)
Contingent retirement = hired on a temporary basis

-not cause ill health
-may be stressful initially, but ppl generally happier more leisure time
-results in drop in income, most feel income is sufficient better

**84% want to work at least part-time
(see page 2 for rest), but mostly many still want to work (either income or enjoyment)

-Was mandatory until 1986 (and still is for some based on *Bona Fide Occupational Qualification)
-Now based on(GRANP HF)
Gender, Race, Adequate retirement income, nature of job, peer pressure, health status, Family role

-Health status* = (including insurance) individuals in poor health more likely to retire
-Gender = women less likely to retire, instead often based on husbands decision tho
-family role = new role as caregiver usually

Is a life transition!!
*Financial Security and Health and Control over timing affect satisfaction** (FCH)
-Financial and emotioanl prep is imporrtant

Leisure (activity that is satisfying and free of obligation)
and
Volunteer work:(older people do more than younger, 57% over 50 report have)

-recognized important for health adn well-being
-constraints include limited resources and poor health***
-Ideal to develop diverse repertoire

Societal ben: Furnishes organizations with experienced workers at minimal cost
Older Person:greater life satisfaction,
-physical and mental well-being,
-feelings of usefulness

-Most common form of volunteering
-Women, african american more involved religious activity
-Religions = positive impact on physical, mental health and life satisfaction