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Baby Boomers
look to
Alma Mater
as they face challenges
in retirement years
Newswise — Baby boomers are
looking to their alma mater as an important resource to both
recharge and reconnect as they prepare for new challenges during
retirement, including mentoring opportunities and career retraining,
according to a survey by Barnard College, which developed the
groundbreaking Project Continuum initiative for alumnae retirement
support.
Barnard’s Alumnae Association
conducted the survey of graduates aged 49 to 80, from the classes of
1946 to 1975, to learn how women are dealing with complex issues
surrounding work and retirement. The study was conceived as part of
Project Continuum, which supports alumnae retirees through
discussion and support groups, networking opportunities and
volunteer and cultural outings.
The study, which received a
stronger response than the typical survey, found that while women in
general are satisfied with their prospects for retirement, many
grapple with issues such as loss of income and loss of self-worth,
and are looking for ways to reconnect and bond with others as they
rethink their futures.
Many respondents suggested that
Barnard organize programs that would assist alumnae as they prepare
for retirement – in the form of lectures or workshops on the
financial and insurance aspects of retirement; connecting successful
retirees to those about to retire; and having the alumnae magazine
feature articles on retired graduates.
Many asked to be connected to new
job or volunteer opportunities. A clearinghouse for work
opportunities for seniors, at the national or even international
level, was suggested. Some respondents hoped that the College would
offer scholarships to senior alumnae who want to retrain for new
careers, and offer training programs, emeritus programs, and
mentorship for retirees.
“The study and the success of
Project Continuum’s first-year programming at Barnard show that
alumnae welcome and benefit from the college’s participation and
guidance as they plan their life in the retirement years. I think we
will see more programs like ours at colleges and universities
addressing retirement issues as such large numbers of baby boomer
women are starting to face these issues in our nation,” said Roberta
Albert, director of Alumnae Affairs at Barnard.
The eight-page questionnaire posed
questions about alumnae work history and retirement plans, their
satisfaction with various aspects of life and interest in
reconnecting to Barnard in future years. Of 1,000 alumnae who
received the survey, nearly half responded.
The survey reflected the movement
of women into the work force in large numbers over the past several
decades. Most alumnae reported working outside the home for a major
portion of their adult lives. Women in their 70’s averaged almost 20
years of paid full-time work; for women in their 60’s, this period
increased to 25 years. For women in their 50s, the working years
totaled 21 years and counting.
For many alumnae who had already
retired, most did not do so fully but had opted for another career,
part-time work or volunteer activity. In fact, 53 percent of the
alumnae surveyed were employed either part-time or full-time, while
36 percent had retired and 5 percent were looking for work.
The main concern for alumnae over
retirement was financial (66%), but other concerns, such as career
development, personal growth, achievement and social issues were
prominent as well.
Marilyn Silver Lieberman, a 1952
graduate of Barnard and former president of Lieberman Research,
Inc., one of the largest U.S. market research companies, designed
the survey and prepared the report. “We wanted to know what lies
ahead for baby boomers, so we looked at alumnae in the 15 years
before the traditional retirement age of 65 and 15 years after the
traditional retirement age,” said Lieberman. “We found that paid
work has been an important part of Barnard’s alumnae in all these
age groups. Barnard women are activists. Even when they plan to
retire, 26% plan to do volunteer work, 25% plan to switch to
part-time work, 18% plan to change their residence, 10% plan to
return to school and 9% plan a change of careers.”
Many alumnae 50 or older wanted
better connections to Barnard’s resources, such as a larger
availability of audit classes, distance auditing on the Internet,
video, or audio tapes, a “summer camp” on campus, and midtown
lectures and lunches.
Other ideas, such as exercise
classes, a Barnard book club, day trips for Barnard alumnae, easier
parking, and mini-seminars outside the New York City area, were also
expressed in the survey.
Among younger women, the study
demonstrated the impact of work on women’s lives in more recent
decades with higher levels self-employment, business ownership and
higher earnings. About half of Barnard alumnae in their 50’s and
60’s have been self-employed versus 33% of those in their 70’s.
Thirty percent of those in their 50’s and 60’s have owned a business
versus 21% of those in their 70’s. The highest median income was
$77,600 for women in their 50’s, versus $62,900 for women in their
60’s and $38,000 for those in their 70’s.
Graduates employed in law rose to
15% among women in their 50’s versus about 5% in their 60’s or 70’s.
The leading field of work is education for Barnard graduates over
50, with 40 percent of respondents involved in the field. Health
care is the second, with 17 percent of respondents.
Seventeen percent of the alumnae
surveyed remained in New York City and are more likely to be working
full-time, and twice as likely in fields associated with
communications and finance, working more years with higher maximum
earnings compared with Barnard alumnae who live elsewhere.
Ninety percent of retired alumnae
are satisfied with retirement and only six percent complained about
having too much free time. Many cited reading, travel, relaxation,
developing new interests, and spending time with family or friends
as positive aspects of retirement. Employed alumnae expect to retire
at about 66, and 17% never plan to retire. Sixty-five percent of
Barnard alumnae over 50 have made financial plans for retirement,
and about 25 percent have not.
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