Is the overall attitude of Americans towards retirement changing? According to Franklin Templeton’s 2015 Retirement Income Strategies and Expectations (RISE) survey, 55 percent of Americans are considering working during “retirement” – and not out of necessity. But why, and what are they looking to accomplish?
Shifting Definition of Retirement
It’s not that working Americans are any less interested in retirement, but rather that they’re interested in relabeling the term “retirement.” In the words of Michael Doshier, VP of retirement marketing for Franklin Templeton Investments, “Conventional thinking and attitudes about what it means to retire are changing.”
Nearly 20 percent of those surveyed claim they would delay retirement because they genuinely enjoy working. When asked what they will enjoy most about retirement, only 36 percent claim their primary satisfaction would come from “not working.” Around 46 percent are looking forward to adopting a new hobby, while 22 percent are interested in learning a new skill or expertise – both avenues for exploring a new career.
The study surveyed 2,002 adults and asked a variety of questions about retirement income strategies and expectations regarding post-retirement lifestyles. And while the survey reveals a variety of unique trends, none are more interesting than the changing face of retirement – something that the previous generation took so seriously.
This isn’t an isolated study either. A 2013 Gallup poll revealed that 75 percent of adults plan on working past the traditional retirement age, with only 35 percent claiming it would be out of necessity. As Nancy Collamer, author of Second-Act Careers, said in response to that 2013 survey, “People are doing all sorts of things after they leave their career.”
Second Career Jobs
So, what type of work are “retired” or retirement-aged Americans pursuing? There’s actually a wide variety, but a few things stick out. Real estate, for instance, is quite popular. Many people will buy rental properties and take on the status of landlord. Others find flipping houses or becoming a realtor enjoyable. Each of these is advantageous because they’re the type of occupations where you can set your own hours and take on as much or little as you like.
Teaching is another popular post-retirement job. This is a natural fit for many people, as they can teach curriculum that revolves around their previous occupations. For example, doctors and nurses often find the transition into teaching science classes seamless. “The idea of entering teaching at the end of a career makes sense – after all, a seasoned professional has a vast amount of experience and leadership skills to draw on compared to a rookie fresh out of a teacher-training program,” writes Amy Bernstein of What’sNext. Other popular post-retirement occupations include becoming a local artist, consulting, or writing books.
The Working Mindset
The notion that retirement is the beacon at the end of the tunnel may be fading. If recent surveys and polls are accurate, it looks like Americans enjoy working more than the average person leads on. However, that doesn’t mean people want to sit in a cubicle until they’re 85. It looks like many are interested in pursuing alternative occupations that will let them broaden their horizons and learn new skills.