"I Tried to Retire. That Didn’t Go So Well."
Recently, I heard the line that is today’s blog post title, and I realized I’d heard a lot of people saying that lately. Makes me wonder why we have such a fraught relationship with retirement.
A recent Mercer Workforce Sciences Institute survey of 8,000 global workers found that 84% expect to work past the normal retirement age, which has increased due to inflation expectations. Economists estimate that Americans over the age of 55 will take roughly 50% of all new jobs created in the next decade as the U.S. population ages and more people postpone retirement.
The Bureau of Labor Statistics suggests that the number of 75+ year-olds in the workplace will double in the next eight years. Thus, many companies are rethinking their mandatory retirement age policies.
I found the stories in this LA Times article particularly illuminating as it shows how many people don’t have the savings or retirement income to retire fully. MEA has built a close relationship with the Retirement Coaches Association because we see how important it is for people to plan for their retirement, not just financially but also emotionally and socially.
The Aging Industrial Complex (AARP and others) often has a 20th-century perspective on retirement. In contrast, GenXers and Millennials have created new ideas like FIRE (Financial Independence, Retire Early) that take a wholly different mindset. And NY Times Op-Ed writer Peter Coy recently profiled the idea of “consumption smoothing,” which suggests that, with the right amount of planning, we can feel even more at ease financially as we age based upon modulating our spending patterns.
With so many new ideas stirring in the retirement world, MEA decided to create our first workshop (“Reframing Retirement: Thriving in Your Next Phase of Life”) exclusively focused on the kinds of questions and concepts we might be asking in midlife and beyond when it comes to our relationship with work and finances.
To be clear, this isn’t a financial planning workshop, as it’s more focused on the variety of options available to you and the psycho-social matters you need to consider as you imagine this era of your life. I’m excited that we have the founder of the Retirement Coaches Association, Robert Laura, and retired KPMG partner Colleen Drummond joining me and my co-founder Jeff Hamaoui for this March 19-26 week. Hope to see you.