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Within this chapter the term “retirement” is used to refer to an individual’s departure (in some form) from the workforce (i.e., “retiring”), as well as the imprecise and indefinable span of time from when the individual disengages from the workforce until later in their life (i.e., being “in retirement”). The concept of retirement is primarily associated with aging and older adults, and is therefore riddled with assumptions, stereotypes, and misconceptions regarding its purposes and practices. Furthermore, the contemporary conceptualizations of retirement are in flux, and there is little consensus regarding what retirement is (or what it should be), what it means to be retired, or the socially acceptable role(s) of the retiree.
Retirement: a concept in flux
Whereas the traditional conceptualizations of retirement as an institutional practice in managing the labor force and as a particular stage of transition in the life-course still linger, the processes and practices related to retirement are evolving in the twenty-first century. Once believed to be an all-or-nothing event, retirement is now more ambiguous and indefinite in nature. While some individuals may still voluntarily (or involuntarily) completely exit the workforce at a specific time, more and more are choosing to engage in bridge jobs, partial employment, and/or flexible or phased retirement.[1] Regarding these practices, the “departure” from the workforce is not immediate but progressive, deliberate, and often calculated. During the period of time we have come to know as retirement some individuals indeed enhance their leisure-related activities, but others may disengage from social and physical activities for a variety of reasons. Put simply, “retirement,” in the contemporary sense, is no longer as structured or fixed as it once was. Scholars suggest that retirement in the traditional sense could actually be becoming obsolete.[2] In fact, one could argue that retirement is now thought of as just as much an idea or consideration as it is a certain goal or specific ending. Therefore, health-care providers and others interested in elder care would do well to question what may be stereotypical understandings of retirement and retirees (e.g., the “Golden Years,” a time to rest, etc.) and focus more intently on learning an individual patient’s own understanding and perceptions of retiring and retirement.
Much like college, marriage, and parenthood, retirement has traditionally been viewed as a specific stage of the life course and human aging process. But similarly to these other “stages,” the socio-economical and cultural landscape as well as national- and organizational-level events and shifts have impacted not only retirement-related trends, but also how individuals view and engage in retirement. Significant influences specific to retirement include (but are certainly not limited to): the shift from an industrial to a postindustrial economy, the elimination of mandatory retirement, the recent Great Recession (and the impacts on employment rates and pension plans), the size and aging of the baby boomer generation, and the ever increasing life expectancy.[3–6] For example, during the tech-boom of the 1990s, there was a surge of what could be considered “early” (younger than 65) retirees voluntarily exiting the workforce. However, the financial impact of the Great Recession in the early 2000s pushed many older workers (55+) out of the workforce, whether they were encouraged to leave their jobs or simply let go, but also forced many older workers to clamor to stay within their current employment and forgo retirement for more income-earning and pension-building/rebuilding years.[7] Furthermore, with baby boomers turning 65 at a rate of about 8,000 a day there is no doubt that this cohort will transform the institutions of aging, including the process of retiring and what it means to be retired.[8] Moreover, the changing statutes and regulations regarding Medicare, Medicaid, and Social Security substantially impact current and future retirement planning and retirement living for a number of generations. And as the life expectancy (at birth and post-65) continues to increase for men and women, it is likely that older individuals will spend more time out of the workforce and therefore more time in retirement than ever before. Unfortunately, at this time we know very little about the time frame of retirement or the various facets of retirement for the older and oldest old.
Although there is little disagreement that retirement refers to some type or form of departure from the workforce, given the flux and evolution of the notion of retirement, and what it means to be retired, an effective way to explore the various meanings and conceptualizations of retirement is to briefly examine prominent theoretical standpoints and perspectives that are frequently discussed in the retirement and aging literature.
Retirement: theoretical approaches and perspectives
Life-course perspective
Within the life-course perspective, development is seen as a series of transitions and choice points that are influenced both by the immediate social context and the larger socio-historical period.[9] In this sense, retirement is a transition and life-stage that is shaped by the context in which one ages and prepares to retire as well the socio-cultural milieu of that era. Hence, “retirement” will be viewed and experienced differently by a baby boomer than a millienial (Gen-Y) given the different norms, values, and general culture of the time periods in which they developed and how these shaped their perceptions, choices, and practices. From this perspective, you cannot extract the individual from their socio-historical context and the cultural nuances that they were exposed to and engaged with during the course of their life.
Modernization theory
Modernization theory suggests that the social status, or social value, of the elderly declines as societies become more modern (i.e., more technologically advanced).[10] Therefore, as technological progress increases, the social value of the elderly (those that are assumed to be less knowledgeable and/or comfortable in this arena) declines. This significantly impacts the employment opportunities for older adults, not merely in terms of the timing of retirement or the voluntariness of retirement, but also the opportunities for bridge jobs or part-time work. This perspective also argues that modernization reflects increased social mobility and dispersing of families – which could significantly impact retirement planning (in terms of location) as well as retirees’ social network and the availability of various forms of support.
Activity theory
Activity theory argues that the more active people are, the more likely they are to be satisfied with life, in that how people think of themselves is based primarily on the roles or activities in which they engage and partake.[11] Activity theory recognizes that most elderly individuals continue with the roles and life activities established earlier because they continue to have the same needs and values. Hence, activity theory is an excellent lens to examine phased retirement, bridge employment, sustained social networks, productivity aging, and even retirement planning in general.
Disengagement theory
Although somewhat discounted, disengagement theory examines old age as a time when both the older person and society engage in mutual separation – such as retirement from work.[12] It is related, to some extent, to modernization theory in that according to disengagement theory, the status of older adults must decline as society becomes more modern and efficient; therefore, it is natural for older adults to disengage with the society with which they no longer feel active and participating members. The key to this particular approach is that it is a mutual disengagement – both sides purposefully withdraw from one another – and that this separation is natural and a normal tendency reflecting biological rhythms of life. It has been argued that disengagement can be functional. Regarding retirement, individuals disengaging from the work force functions to create opportunities for younger workers. However, it is difficult to understand the meso or macro functions of disengaging from core relationships and or social groups. Hence, whereas this perspective can clearly be used to better understand retirement planning and perhaps timing of retirement, it falls short when exploring activities and behaviors associated with contemporary notions of retirement.
Continuity theory
Similar to activity theory, continuity theory notes that people who grow older are inclined to maintain as much as they can regarding their habits, personality, and style that they developed in earlier years.[13] From this approach, any decrease in social engagement or role activity/fulfillment is better explained by poor health or disability than by some functional need for society to disengage older individuals from their roles. In terms of understanding retirement, this perspective would suggest that even if an individual has departed “formally” from their worker role, they may still very well desire to maintain and continue particular practices, relationships, and exercises associated with that role, as it reflects their identity.
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