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When is it my turn to retire? That question represents both a distinct kind of horror and a certain luxury. Yes, one day you can simply stop and, even if you're lucky enough not to be in instant need, as aging TomDispatch regular Rebecca Gordon vividly reminds us today (says 80-year-old Tom Engelhardt), you undoubtedly face a potential crisis. Once upon a time, I couldn't even have imagined such a crisis. It was something that belonged to my grandparents' or parents' generation and was inconceivable to me. Now, for Rebecca and so many other older people, myself included, that crisis looms and the question in this society is: once your "value" is gone, not just what do you do, but what are you (if anything at all)?
And keep in mind that we're in an -- excuse me for using the word this way -- age (or era, if you prefer) in which one of the two candidates for president (and I know you won't have the slightest doubt which one I'm thinking of) has been talking about the possibility of cutting Social Security and Medicare retirement benefits for retirees. And why not, since they hardly matter anymore, right? I mean, who cares about how comfortable life might be for the people who are no longer in the workforce and may not, in their own lives, have much force at all? (Keep in mind that an estimated 50% of older workers have nothing in the bank for retirement!)
Of course, that same candidate has been denouncing Kamala Harris for mistreating Mike Pence. Yes, Mike Pence! ("The way she treated Mike Pence was horrible. The way she treats people is horrible.") Uh, I wonder who actually treated former Vice President Pence horribly? I can't imagine, but I do have the feeling that, under the circumstances, the candidate I've just been writing about might consider retiring. Otherwise, should he somehow win in 2024, we may all have to retire. Sigh" And while you're waiting, let Gordon take you on a little retirement voyage of her own. Tom
A Personal Meditation on Growing Old
In a Catastrophic Age
The Washington Post headline reads: "A big problem for young workers: 70- and 80-year-olds who won't retire." For the first time in history, reports Aden Barton, five generations are competing in the same workforce. His article laments a "demographic traffic jam" at the apexes of various employment pyramids, making it ever harder for young people "to launch their careers and get promoted" in their chosen professions. In fact, actual professors (full-time and tenure-track ones, presumably, rather than part-timers like me) are Exhibit A in his analysis. "In academia, for instance," as he puts it, "young professionals now spend years in fellowships and postdoctoral programs waiting for professor jobs to open."
I've written before about how this works in the academic world, describing college and graduate school education as a classic pyramid scheme. Those who got in early got the big payoff -- job security, a book-lined office, summers off, and a "sabbatical" every seven years (a concept rooted in the Jewish understanding of the sabbath as a holy time of rest). Those who came late to the party, however, have ended up in seemingly endless post-doctoral programs, if they're lucky, and if not, as members of the part-time teaching corps.
Too Broke to Retire
For the most part, I'm sympathetic to Barton's argument. There are too many people who are old and in the way at the top of various professional institutions -- including our government (where an 81-year-old, under immense pressure, just reluctantly decided not to try for a second term as president, while a 77-year-old is still stubbornly running for that same office). But I think Barton misses an important point when he claims that "older workers are postponing retirement" because they simply don't want to quit." That may be true for high earners in white-collar jobs, but many other people continue working because they simply can't afford to stop. Research described in Forbes magazine a few years ago showed that more than one-fifth of workers over age 55 were then among the working poor. The figure rose to 26% for women of that age, and 30% for women 65 and older. In other words, if you're still working in your old age, the older you are, the more likely it is that you're poor.
Older workers also tend to be over-represented in certain low-paying employment arenas like housecleaning and home and personal health care. As Teresa Ghilarducci reported in that Forbes article:
"Nearly one-third of home health and personal care workers are 55 or older. Another large category of workers employing a disproportionate share of older workers is maids and housekeeping cleaners, 29% of whom are 55 or older and 54% of whom are working poor. And older workers make up 34% of another hard job: janitorial services, about half of whom are working poor. (For a benchmark, 23% of all workers are 55 and up.)"
We used to worry about "children having children." Maybe now we should be more concerned about old people taking care of old people.
Why are so many older workers struggling with poverty? It doesn't take a doctorate in sociology to figure this one out. People who can afford to retire have that option for a couple of reasons. Either they've worked in high-salary, non-physical jobs that come with benefits like 401(k) accounts and gold-plated health insurance. Or they've been lucky enough to be represented by unions that fight for their members' retirement benefits.
However, according to the Pension Rights Center, a non-profit organization working to expand financial security for retirees, just under half of those working in the private (non-governmental) sector have no employment-based retirement plan at all. They have only Social Security to depend on, which provides the average retiree with a measly $17,634 per year, or not much more than you'd earn working full-time at the current federal minimum wage, which has been stuck at $7.25 an hour since 2009. Worse yet, if you've worked at such low-paying jobs your entire life, you face multiple obstacles to a comfortable old age: pay too meager to allow you to save for retirement; lower Social Security benefits, because they're based on your lifetime earnings; and, most likely, a body battered by decades of hard work.
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