Posts Tagged "psychology"

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A Familiar Dilemma: to Work or Retire

This profile is the first in an occasional series about individual baby boomers who either have retired or are facing the retirement decision.  

Jane Kisielius

Jane Kisielius is at that age – 63 – when she is being pushed and pulled between the work world and the retirement lifestyle that her husband already inhabits.

She retired once – temporarily – in August 2014 from a stressful job as head of the nursing team for the public schools in Quincy, a suburb southeast of Boston. But with her administrative and nursing skills in such demand, she was quickly sucked back into the labor market, this time as a part-time coordinator of a wellness program for Quincy residents. She was asked to help run the new, grant-funded education program after bumping into the commissioner of the Quincy Health Department.

“The job fell in my lap,” she said. “It was kind of hard to pass it up.”

So here Jane sits, wrestling with when she’ll really retire, as she drinks her morning coffee at the kitchen table in her orderly home, a stone’s throw from the historic home of presidents John Adams and John Quincy Adams. …Learn More

No-Free-Lunch Seminars for Seniors

Economists like to joke about free lunches. The subtext is that there’s a cost to everything.

A free lunch is also literally how high-pressure financial companies sometimes lure older Americans into a room to hear their investment pitches. The FINRA Investor Education Foundation says some 6 million older Americans have attended seminars in return for a free lunch. Every year, my mother’s retirement community outside of Orlando hosts a handful of these seminars, which are presented by financial firms, insurance companies, and even funeral homes.

FINRA warns that they can pressure seniors into making “unsuitable, even fraudulent investments.” The above FINRA video explains what’s behind the free-lunch presentations and proposes some questions that people can ask to determine the legitimacy of what’s being sold.

But it’s probably better to do what my mom does: find something fun to do instead.Learn More

Bored man sleeping in chair

Retirement Just Might Be Boring

Over the long Christmas holiday, I got a sneak preview of what retirement could be like. Frankly, it was a little boring.

I fully appreciate that most workers don’t have the perk provided by my employer, Boston College, which gives us generous time off between Christmas and New Year’s. By cashing in a few unused vacation days prior to Christmas, I was able to string together 16 glorious days off.

It felt like a lifetime.

After cleaning off my desk, running long-neglected errands, reading a book about the sinking of the Lusitania, wrapping gifts, stocking the pantry, going to a holiday party, exercising at the gym, seeing most of the 2015 Oscar contenders at local cinemas, and getting together with friends, I still struggled to fill my days. It’s even more challenging when the winter cold descends.

I’m developing a better understanding of why some people continue working well into their 60s, even 70s. Research covered in our prior blog posts shows that older workers are more likely to delay their retirement if they have more education. That’s because their jobs are often interesting. I’m a good example – blogging usually doesn’t feel like work. This is much different than trying to continue in increasingly difficult physical work, such as waitressing or working on an assembly line.

At age 58, my growing anxiety about retirement is in stark contrast to my husband’s anticipation that his rapidly approaching retirement – he’s 62 – will be nirvana. After three decades pouring his heart and soul into teaching high school biology in inner-city Boston, he relishes the prospect of a stress-free retirement collecting his pension. I’ve encouraged him to think about how he will be spending his winter days in retirement when activity becomes more important than the relaxation he craves in his time off now. …Learn More

Saleswoman

Age Discrimination Affects Women More

Some people might plan to work well into their 60s if they can’t afford to retire, or if they just think they’ll be around a long time. But this strategy is more difficult for women to execute than for men.

A study of employer discrimination in hiring found “strong and robust” evidence that female job applicants in their mid-60s were much less likely to be called in for interviews for low-skill jobs than were younger women. Evidence of age discrimination among older men was more mixed, or even non-existent in one occupation.

“It seems there was age discrimination for women – no matter what,” said Patrick Button, an economist at Tulane University.

To conduct their meticulously designed study, the researchers sent out more than 40,000 mock applications for jobs advertised online in 12 cities. The “applicants” fell into three age groups – 29-31, 49-51, and 64-66 – and submitted resumés in four job categories: retail sales, office administration, security guard, and janitor.

The results confirmed age discrimination, showing a clear decline in callback rates in three of the four occupations – administration, sales, and security – as the workers progressed from their late 20s and early 30s into their mid-60s. … Learn More

Poker chips

Is Betting on Fantasy Sports Addicting?

“The best adrenaline rush ever,” says one of the barrage of fantasy sports commercials broadcast into living rooms this football season.

An adrenaline rush is known to be a hallmark of addiction to other types of gambling, which can trigger the brain’s pleasure center much like the triggers in a drug addict’s brain, according to University of Cambridge psychologists.

Hundreds of thousands, perhaps millions, of Americans are playing fantasy football and other sports online for money. The Internet has made this so accessible that it could facilitate the rapid-fire betting associated with problematic gambling.

Playing fantasy sports is “as easy as ordering a pizza online … [or] texting your friends,” a relapsed gambler told the New York Times. He said he lost nearly $20,000 on football, tennis, and Japanese basketball. And losing is easy but the odds of winning are long: an investigation by the New York State attorney general found that 1 percent of players “receive the vast majority of the winnings” paid out by two prominent sports fantasy websites. …Learn More

Photo of happy teens

Don’t Worry About Money. Just Be Happy

The adage that money won’t buy happiness has been proved wrong – at least up to a point. One famous study found that one’s well-being increases as income rises, though the benefits subside around $75,000 per year.

But what about the reverse? Do people who are happy earn more money? Yes, say two British economists.

Their study in the Proceedings of the National Academy of Sciences concluded this after following American teenagers for a more than decade through the National Longitudinal Study of Adolescent Health. In 1994 and 1996, this survey asked high school students to react to statements like “You were happy” and “You felt hopeful about the future.” In a 2008 follow-up survey, when most of them were around age 30, they were asked how much money they were making.

People who reported having a happy adolescence earned about $3,400 more than the average gross income of all the survey respondents; the average was $34,642. However, the opposite effect was more consequential: young adults who had a “profoundly unhappy adolescence” were earning 30 percent less – equivalent to a $10,000 hit to their earning power. …Learn More

This Retiree Is a Lucky Dog

It would be even tougher for Sher Polvinale to get by solely on her late husband’s Social Security check of $1,700 per month if he had not bought a life insurance policy that has paid off their house.

Despite her meager financial circumstances, Polvinale’s retirement is rich in rewards.

This 69-year-old former payroll administrator for a construction company said she brings in $200,000 in annual donations for her non-profit, which cares for old, unwanted dogs that need expensive medical care and attention. One can’t help thinking, while watching the National Geographic video below about the retired dog sanctuary in her home, that many elderly people would be lucky to have such a place to live out their final years.

For financial or lifestyle reasons, not everyone settles into a full-blown retirement. Some people refuse to retire altogether, while others try out retirement only to resume working, perhaps in a part-time position. Polvinale’s is one of the myriad stories of how individuals adapt and recreate their lives as they ease into old age and detach from the hard-charging work world.

“I’m kind of an odd person,” said Polvinale, explaining what motivated her to establish the non-profit in 2006. She recalls telling her husband, Joe, who would die in 2008, “I can’t agonize over whether people are going to love their dog until the end of its life. I want to keep them until they die. That’s selfish but I want to know that they’re safe and loved for the rest of their lives.” …Learn More

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