President Joe Biden’s decision to end his reelection campaign highlights the challenges many older Americans face when retiring from high-powered positions.
Why it matters: Stepping away from work, which provides identity, routine, social networks, and purpose, is linked to several health declines, especially in older adults.
The details:
- Work forms a significant part of identity for college-educated men in professional positions, and losing this can have serious consequences.
- Retirement is associated with a loss of professional identity, particularly acute for men who often lack strong ties outside the workplace.
- Women are more likely to have found other ways to create a sense of identity beyond their professional roles, such as caregiving, maintaining social relationships, and volunteering.
- Retirement can lead to memory decline, depression, and a loss of self-worth, especially for those in demanding jobs.
To prepare for retirement at an older age, experts advise making the transition gradual, reducing work hours, and investing time in nonwork interests.
What they’re saying:
- “When people are at the center of their universe through their job, we don’t have a storyline or a place in our society that is attractive enough to say, ‘Maybe I’ve had enough,'” says Joseph Coughlin, founder and director of the MIT AgeLab.
- “Retirement often involves a grieving process,” notes Natasha P. Trujillo, a counseling and sports psychologist. Many experience a loss of purpose and meaning in life and are unsure how to reinvent themselves.
The big picture: Over the next decade, more Americans will face delayed retirement and its associated challenges as the aging population becomes better educated and expects to work longer than previous generations.
What’s next: President Biden’s forthcoming transition offers a public example of navigating this complex phase of life, setting a precedent for millions of aging Americans.
Full story
President Joe Biden’s decision to end his campaign for reelection in 2024 highlights the challenges many Americans face when retiring, especially those in high-powered positions. Stepping away from work can have serious consequences for mental and physical well-being, as work often forms a significant part of identity for college-educated men in professional roles. Joseph Coughlin, the founder and director of the MIT AgeLab, notes that society lacks an attractive storyline for those considering retirement.
This lack of direction can lead to negative mental health outcomes, including depression. Many older Americans, particularly those in demanding jobs, fear losing their identity without work. S.K. Park, an 88-year-old former psychiatrist and professor, struggled with how to spend his time and provide value to his community after retiring at 84.
Stepping away from work is linked to several health declines, especially in older adults. Memory recall skills can deteriorate, and a significant portion of retirees suffer from depression. Stephen Derbes, an 83-year-old rheumatologist, has no plans to retire, fearing depression and a loss of self-worth.
Biden’s retirement underscores American challenges
Women, on the other hand, are often more accustomed to taking breaks from paid work and have found other ways to create a sense of identity beyond their professional roles. They are more likely to be caregivers, maintain social relationships, and volunteer in their communities.
Retirement doesn’t necessarily accompany decline. Mo Wang, a professor at the University of Florida, suggests that retirement has a significant effect on psychological well-being for only a small percentage of people. However, those in full retirement often fare worse physically than those who engage in bridge employment or volunteer work.
To prepare for retirement at an older age, Wang advises making the transition gradual. Starting at age 70, individuals should reduce work hours and invest time in nonwork interests. For those in identity-defining jobs, this process can include mentorship or other ways of maintaining a sense of purpose.
President Biden’s decision and forthcoming transition offer a public example of navigating this complex phase of life. He has an opportunity to model how to face one’s limitations and maintain pride beyond the job, setting a precedent for millions of aging Americans.
- TheAtlantic.”Retirement Gets Harder the Longer You Wait”.
- Forbes.”Do These Five Psychological Tasks Before Retiring”.
- BusinessInsider.”Like Biden, many boomers are retiring. It can bring up grief.”.