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| Photo: Aaron Goodman |
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Re-envisioning Retirement
She wasn't quite so sure three years ago, when she was laid off from her job as director of client services for New Jersey-based Educational Testing Service (ETS) after nearly 25 years with the company. "To top it off, the president of the company sent me a letter congratulating me on my retirement," she says. "I couldn't believe they were trying to reframe it like that." Colombia-born Bosworth hired a lawyer to look into age, race, and gender discrimination but was told her case wasn't strong enough to go to trial. Discouraged, she negotiated for a better severance package and started looking for a new job. Less than a year later, though, ETS asked her back. "It wasn't as easy as they thought it would be to replace me," says Bosworth, who received a raise and the flexibility to work from home. While Bosworth's story may not be typical, it is a sign of change. As workers live longer, they and their employers are looking at retirement in new ways. From gradually phasing into retirement to seeking new careers or less-stressful part-time jobs, boomers are exploring options—and employers are seeing workers in a different light. "Old concepts about retirement are disintegrating. People are working longer, and companies are beginning to recognize the value of keeping them on," says Marcie Pitt-Catsouphes, Ph.D., co-director of the Center on Aging & Work/Workplace Mobility at Boston College.
"A lot of older Hispanics worked most of their lives in jobs without benefits or retirement plans," says Abe Tomás Hughes, president and CEO of the Hispanic Alliance for Career Enhancement, based in Chicago. Hughes's mother, Loyola Chavez, 70, is part of that group. Although she worked in the corporate world most of her life, downsizing and company closures meant she never stayed long enough at any one job to become vested in retirement plans. So while she is better off than many—she has savings, collects Social Security, and enjoys excellent health—she still works to supplement her income. A part-time job at Walgreens, Chavez says, "keeps me active and social." Although she's been offered promotions, she doesn't want another stressful management position. As adults work longer and employers better appreciate their experience and knowledge, new and more flexible work arrangements are emerging. One way employers accommodate older workers is through phased retirement plans, which offer employees fewer, more flexible hours for a period of time leading up to their full retirement. But formal phased retirement programs are still rare. "You see them mostly in companies where there are skilled worker shortages, like health care, aerospace, and oil industries," says Steve Vernon, president of Rest-of-Life Communications in Oxnard, California. More common are informal agreements between employees and their supervisors. These arrangements—which often include telecommuting and new job responsibilities—are as varied as the people involved. While optimistic about the opportunities opening up for older workers, Sheldon Steinhauser, president of the Denver-based diversity consulting firm Sheldon Steinhauser and Associates, says workplace ageism still exists. "Employees need to be proactive. They need to continue to update their skills and let their supervisors know they want to keep working," he says. That's especially important because so many who retire end up going back to work. Not surprising, says Marika Stone, retirement consultant and co-author of Too Young to Retire. "Every week now I see news stories about retirees starting businesses or finally doing something they've always dreamed of," says Stone.
The idea grew over many years. Recalde had competed in triathlons and earned a master's degree in exercise physiology while working as a chemist. When he was laid off, he had the experience and knowledge he needed, but not the business savvy. So he signed up for a business course. Fit-at-Home was relatively easy to launch because it required almost no start-up capital and little equipment. But growing the business is taking time. In the meantime, he supplements his income and gets health coverage by working at two local gyms. "Eventually, I want to design fitness programs that cater to older Americans," he says. And like participating in fitness programs, continuing to work may promote longevity. The mortality rate of workers 50 to 70 is about half the rate of retirees. Says author Vernon: "What that says to me is that people who are engaged in life—and that usually means some kind of work—are healthier and live longer."
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