Two articles published in last Saturday’s New York Times drive home a pair of contrasting narratives about aging and retirement prospects in the United States. One paints an idyllic picture of retirees who have the flexibility and financial resources to engage in adult learning activities for pleasure and intellectual company. The other details the challenges facing women who became unemployed in their 50s during the Great Recession and who have struggled to find work since then.
Back to school (for the fun of it)
In “In School for the Sake of Keeping the Mind Stimulated,” Harriet Edleson opens with the story of a retired couple, both 68, who are enrolled in an advanced adult learning program for personal enrichment:
JOSH AND SUSAN FRIED attend classes three days a week but they never receive any grades or cram for midterms or finals. They are not trying to earn an additional degree or retrain for a new career.
. . . Dr. Fried retired from his dental practice eight years ago and moved with his wife, Susan, a former English teacher, to Rockville, Md.
. . . The Frieds are among the 150,000 men and women nationally who participate each year at more than 119 Osher Lifelong Learning Institutes. . . . Along with an array of other such programs fitting under the “lifelong learning” umbrella, they tend to attract educated, passionate people who are seeking intellectual and social stimulation among peers who often become new friends.
These adult education programs can be like going back to school, but without final exams and term papers. According to Edleson, these “lifelong learning programs position themselves as communities where the participants not only take on challenging subjects but also seek to engage more deeply with their fellow students.”
As I’ve written before, later-in-life transitions aren’t limited to immersing one’s self in books and ideas that may have escaped post-adolescent attention spans many years ago. Still other empty nesters, near-retirees, and retirees are creating “encore” careers that allow them to pursue work that is more soul satisfying and contributing to the community.
Overall, for those in good physical and financial health as they grow older, the present and future are bright. For guidance, they can access a growing body of self-help and personal development literature and online content detailing how to maximize life’s second half. The choices are and will continue to be plentiful.
Searching for work at fiftysomething
In “Over 50, Female and Jobless Even as Others Return to Work,” Patricia Cohen opens with a different type of story, one of a woman in her fifties who has not worked since a 2007 layoff:
Laid off at the start of the recession from the diagnostic testing firm in Seattle where she spent more than three decades, [Chettie] McAfee, 58, has not worked since 2007.
. . . Ms. McAfee is part of a group that has found the postrecession landscape particularly difficult to navigate: women over 50.
. . . A new study on long-term unemployment from the Federal Reserve Bank of St. Louis found that the prospects for women over 50 darkened after the Great Recession.
. . . The employment picture has definitely improved since then, economists point out, and more older women have managed to return to work. Still, the waves from the recession, which ended six and a half years ago, continue to upend many people who were cast aside during and immediately after the storm.
Hard evidence of age discrimination against women helps to fill in the picture. Nancy Collamer, writing for Next Avenue, reports that a “National Bureau of Economic Research study, Is It Harder for Older Workers to Find Jobs? , offers ‘robust evidence of age discrimination in hiring against older women.’”
Apples and oranges?
Concededly, we’re talking about two different age cohorts here, so I’m not suggesting there’s a direct comparison. But it’s noteworthy that one piece is touting the intellectual and cultural enrichment options available to retirees of sufficient means, while another is spotlighting the job hunting woes of a group 10 or 20 years behind them who, absent dramatic changes of fortune, will never have those choices.
In fact, a 2015 U.S. Governmental Accountability Office study on retirement readiness documents the limited retirement savings of retirees and workers in their mid-50s and older:
Many retirees and workers approaching retirement have limited financial resources. About half of households age 55 and older have no retirement savings (such as in a 401(k) plan or an IRA). According to GAO’s analysis of the 2013 Survey of Consumer Finances, many older households without retirement savings have few other resources, such as a defined benefit (DB) plan or nonretirement savings, to draw on in retirement . . . .
My own interests in these topics have been spurred by the effects of workplace bullying on middle-aged workers. While bullying at work is difficult to deal with at any stage of one’s life, it can be especially challenging for individuals who experience it later in their careers and lose their jobs in the process. Furthermore, there’s evidence to suggest that middle-aged women, in particular, are vulnerable to bullying behaviors.
While some are examining how to help the older, long-term unemployed, there are no easy answers. In the meantime, America’s huge wealth gap is heading into a more pronounced chronological dimension, separating those who can afford at least a relatively comfortable retirement from everyone else, with the latter group constituting a big share of the population.