Ch. 10 Work and Retirement
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What is crisp retirement?
making a drastic transition to retirement
What is blurred retirement?
making a gradual transition to retirement through bridge jobs
How do we know when we are in retirement?
when we rely more on social security than a continued paycheck
What are Atchley's phases of retirement?
- remote phase (not thinking about retirement)
- near phase (getting ready for retirement)
- honeymoon phase (loving retirement)
- disenchantment phase (re-thinking how you want to experience retirement)
- re-orientation phase (discovering potential ways to improve retirement experience)
- retirement routine phase (officially settling into preferred way of living the life of retirement)
- termination of retirement phase (loss of retirement independence due to aging physical disability and illness)
What are the male trends in labor force participation?
traditional male pattern of working full time into their 50s
What are the three female trends in labor force participation?
- brief spells out of work for child raising
- extended spells, child raising until in school
- no work at all, only home care
Who has the lowest unemployment rate?
Which gender in the black community has a higher participation in the labor force?
older black women
What problems with labor force participation do young black men face?
- lower high school completion rate
- employment discrimination
How does the Age Discrimination and Employment Act of 1967 counter-act age discrimination?
banning discrimination in hiring process for ages between 40-65
What are the employment biases held against?
preventing higher salaries and using stereotypes
What does research show about older adults?
they can learn new skills just as well as younger workers
What are the consequences of employment biases?
- harder to find new jobs
- loss of health insurance if under age 65
What potential new jobs are available for older adults?
voluntary or economic (paid) part-time
What is phased retirement?
having same job but decreasing in hours over time from full time to part time as retirement nears
What is contingent work?
holding temporary jobs where expertise are held
What are the Macro causes of labor force withdrawal?
- social security benefits (early retirement, cost of living adjustments, elimination of earnings test)
- disability insurance
- economic trends
- defined benefit to defined contribution (pension) plans (contribution provides incentive to work longer)
- erosion of health benefits (obamacare may change this)
What are the Micro causes of labor force withdrawal/retirement?
- rules of the particular job
- what the meaning of work is for you (personal satisfaction leads to staying in job longer)
- health (bad health leads to early retirement)
- income (assets/savings, pensions, earnings, social security)
- family responsibilities (caregiving of grandkids or aging parents, mostly under responsibility of women)
What are adequacy and equity in relation to social security?
- adequacy: have enough funds
- equity: pay more in, get more out (fairness)
What does the crisis theory say?
we are unsure of what to do in retirement
What does the continuity theory say?
we transition into more enjoyable activities (data supports this theory)
What is satisfaction in retirement related to?
- health (good health leads to satisfied retirement)
- income (comfortable income)
- married (retiring together, more satisfaction)
- accurate preconception (good understanding of what to expect)
What activities occur during retirement?
- leisure (good health and income leads to happy leisure)
- volunteering (benefits from community which leads to a happy and healthy volunteer)
- being religious (leads to reduction in stress, brings meaning and order to life, provides social networks/connections, improves self esteem, and lowers mortality by encouraging healthy behaviors)
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