The New Retirement

A series of surveys conducted by PaineWebber and Gallup clearly demonstrate the changing perceptions of investors on how they want to spend their “golden years.” Most investors view retirement as more than a time to stop working and enjoy life. Instead, they see retirement as a time to pursue the “lifestyle of their dreams.”

The research report, “Retirement Revisited,” noted that of the 986 investors surveyed, only 15 percent expected to follow the traditional retirement path. They don’t plan to work at all, but to travel, pursue leisure activities, and “enjoy life.”

The remaining 85 percent expect to continue with some kind of work, and can be divided into three distinct groups:

• Work as long as I can— These investors (15%) do not want to stop working because they like the people they work with and the kind of work they do. They expect to keep working until they are no longer able to perform their jobs.
  
• Become an entrepreneur— The majority of investors (60%) envision retirement as a chance to start their own businesses. Of this group, 26 percent want to start a brand new, full-fledged business and the remaining 34 percent want to turn a hobby into a way to make money.
  
• Seek work/life balance— These investors (10%) want to continue working in retirement, but at a reduced pace. They want to balance their interest in family and leisure activities with their desire to continue working either par-time or as consultants.

As this research demonstrates, traditional views of retirement are becoming passe. One of the main reasons is that Americans are living longer. In 1935, when Social Security was created, the average life expectancy was just 60.8 years for men and 65.2 years for women. Currently, Americans can expect to live well into their eighties and beyond. Therefore, they want their years in retirement to be active, productive, and meaningful.

Source: “Retirement Revisited: An Index of Investor Optimism Special Report,” The PaineWebber Poll of Investor Attitudes (1998).

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