By Kerry Hannon, Senior Columnist, Fri, May 13, 2022, 11:08 AM 7 min read
Baby boomers and Gen X are reimagining retirement, according to a new study.
Pre-retirees and retirees view their parents’ version of retirement as having been a time for “rest and relaxation,” according to a new study “Longevity and the New Journey of Retirement” conducted by Edward Jones in partnership with Age Wave.
However, when asked about their own retirement today and in the years ahead, only 27% see today’s retirement in the same light, while 55% define it as “a new chapter in life.”
“This is definitely not their parents’ or grandparents’ retirement,” according to Ken Cella, principal, branch development at Edward Jones. “At the same time, they face new challenges, especially around their health, their finances and finding a new definition of purpose.”
The survey of more than 11,000 people was conducted online by Harris Poll in January and February 2022 and consisted of adults aged 45+ who are retired or within 10 years of retirement.
When Jeff Farschman, 72, first retired from his role as vice president at Lockheed Martin Services in 2004, he planned on spending his winters as a snowbird enjoying the warm temperatures of the Caribbean.
But that all changed when Hurricane Ivan wreaked havoc on Grand Cayman, his island of choice, in September of that same year—so he made what would become a life-changing pivot.
Since he’d already booked himself on a week-long cruise to Bermuda, Farschman decided to extend his travels to include six back-to-back cruises (four to Bermuda and two to the Caribbean) culminating as a 47-day trip.
This extensive journey became the impetus for how he now spends his retirement: living seven-to-eight months annually aboard Holland America Line cruise ships.
The first person I met at the Bar & Chill was a bald guy in a black T-shirt, black drawstring shorts, and flip-flops, with a Harley-Davidson tattoo on his right arm and a claddagh ring on his left hand.
He was drinking and laughing with a few friends. He gestured to the empty stool next to him and said, “We don’t bite.”I offered an expression of if-you-insist, and he said, “Bring it.”
His tone was cheerful, as you might expect at the Bar & Chill, the principal drinking-and-dining establishment that looks out on the town center of Latitude Margaritaville, an active-living community for Jimmy Buffett enthusiasts, aged “55 and better,” in Daytona Beach, Florida.
The Bar & Chill was open to the evening. A gentle breeze fanned the lanai. On a flat-screen, the Providence Friars led the Vermont Catamounts by a few buckets. A bartender brought a Perfect Margarita in a plastic cup.
The two-time Academy Award winner, 88, announced his retirement from acting Friday on the BBC Radio show Kermode and Mayo’s Film Review, following what will be his final onscreen appearance in the new film Best Sellers.
“Funnily enough, it has turned out to be what is my last part, really,” he explained. “Because I haven’t worked for two years, and I have a spine problem, which affects my legs. So, I can’t walk very well.