Fall 2018

options and, of course, some financial
flexibility. Money isn’t
everything, but it helps. You may
need more money whether there
is a change in health, or a loss in
your life.
A word on demographics
If there is a glaring lack of current
research about women working
in retirement, the knowledge
gap only multiplies when women
of color are considered. But the
wealth gap is documented. According
to a National Women’s
Law Center report released this
April: Latina, black and Native
American women “must work
well into their 80s or 90s in order
to catch up to what a white,
non-Hispanic man made by age
60, delaying their retirement even
beyond their life expectancy.”
In 1988 research on aging, results
showed African American women
ages 62-65 were considerably
more likely than whites to have
worked steadily most of their
adult lives, although black and
white women expressed quite
similar attitudes toward work. Reflecting
their work histories, black
women were more likely than whites
to be eligible for pensions but were
less likely to have retired.
Gender matters
Can we look to men for encouragement?
Maybe, but a large analysis
done in 2013 by a life insurance company
suggests that men and women
have different attitudes about saving
money and different opinions about
themselves as money managers. According
to this study of over 1,500
men and women over the age of
25, one in four Americans say they
would like to be more cautious with
their money and have a lot of catching
up to do to be where they want financially.
Among women, 59 percent
feel their financial planning needs
improvement.
For some, there is not so much a
transition to a new future but a new
reality. Two scholars, Loe and Johnston
have looked at female baby
boomer professionals from a lens that
includes relationships and refers to
retirement for this segment of women
as a process of “rebalancing.” Others
describe the multiple roles women
have during their adult life and
how these get reshaped in later
years. The idea of rebalancing
intuitively makes sense.
For me, Ruth Karpen, hits the
nail on the head. In her 2017
article, “Reflections on Women’s
Retirement,” she lays out
how boomers may change the
idea, or rather bust the myth of
retirement. She is clear that the
designation of boomer may apply
only to white, well-educated
women – and that there is a
world of diversity that has many
implications. The larger lesson
may be that retirement is personal,
it is about relationships
that make up a very largepart of
our life.
My experience is sharply different
from my mother in financial
status and attitude. As a boomer,
I worked my entire adult life.
No breaks for kids. Went out on
my own without a salaried job.
Moved to another part of the
country, married, divorced, mar
ried.
I’ve had to anticipate financial
stability while running a small
company - no real chance
chance to save, Yet, looking at others
like me, those born about the same
time, with similar education and racial
background, remains a good
mirror. But I also look to women of
color, recent immigrants, and those
with different educational and cultural
backgrounds, for some timely
solutions. And maybe that is what we
should do as the book is rewritten for
our generation. Look at others, like
yourself. And, look at others. A new
and improved sisterhood.
The possibilities
But what to do? We all need to
change as we age. Start figuring out
your reality. Work with your resources
and peer group.
Maybe it’s your book club or a group
at church. Your local library and
community center offer ways to intersect
with women from different backgrounds
with common concerns.
Asking questions, you’ll realize that
the nursing career you left a few decades
ago might be a lead-in to working
part time at a senior wellness
clinic. Or perhaps your management
skill set using industry-grade technology
might allow you to work a short
shift at an inductrial site. Or you might
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