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Pushing Back Retirement, and Not Always for Money | The New York Times

by STEVEN GREENHOUSE from www.nytimes.com

IT’S not your grandfather’s retirement, not nearly as cut and dried. It’s not the simple picture of stopping work at 60 or 65, moving to Florida and devoting oneself to golf and bridge — not that it was ever totally that.

Nowadays retirement is all over the map. It’s blurred, more elastic. Many people retire piecemeal. Or they retire and then unretire. Or they continue working well after they were supposed to have retired.

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Another twist is that many more Americans are living into their late 80s and 90s — and many of them are outliving their retirement savings. Some companies are rushing to plug this hole by offering annuities that don’t begin until age 80 or 85. The retirement picture in the United States has become so fluid that one survey found that while 43 percent of Americans say they can’t wait to retire, 41 percent don’t expect to ever retire at all.

“There’s no consensus on what retirement is anymore,” said Marcie Pitt-Catsouphes, director of the Sloan Center on Aging and Work at Boston College. “We’re starting to rethink it. Truly, today’s grandparents are not like my grandparents. The experience of aging is different. People say, ‘I’m not done yet.’ ” .

Read the full article at www.nytimes.com