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Have your retirement plans changed? Well, a lot has changed about retirement over the past few years. A survey of 2002 people in the US by Human Interest, a provider of retirement plans for small and medium-sized businesses, highlighted how the pandemic has altered how we view the world of work and retirement. Eric Phillips of Human Interest joins us from the San Francisco Bay Area to discuss the key findings.
Eric Phillips, CFA, is Senior Director, Partnerships and Strategic Insights at Human Interest.
For More on Human Interest
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On How the Pandemic Changed Retirement
“People are viewing work in retirement differently than they were before the pandemic. I think the pandemic changed a lot about people’s lives very quickly. It changed what work looked like for people. Layoffs were common. People were working from home, including myself. People had more time to reflect on what they wanted in their future. I think it allowed, and in certain situations, it forced, people to evaluate what their retirement might look like, what they want out of it, and when they’re going to do it.”
On Why Work is Becoming a Part of Retirement
“The biggest change that we’ve seen from the results is that retirement is no longer the absence of work. I think the average person believes that you can work up to 11 hours a week and still be considered retired. About nine out of 10 workers are open to switching fields or jobs during that pretirement phase. And so it’s interesting to see that workers have a really diverse set of reasons for transitioning into a new job or industry before retirement, and not necessarily for the reasons that you might think of as well. Some of it is that they might want to do something impactful for their communities…But I think that the biggest takeaway is that most people don’t expect to have a full stop retirement anymore.”
On Retirement Activism
“A quarter of the people said that they would actually want to run for some sort of political office. This number was weighted quite a bit heavier for those who had a very difficult pandemic experience with about 34% saying that they would want to run. So what that tells me is I think that some of the activism that we’ve had, some of the time that we might have had on our hands to think about how we could have done things differently over the past few years, [led to realizing] how we could have done things to help our communities out a little bit more. And I take that as a positive note as we’ve had a lot of tough times in the past few years. I think that’s something positive coming from it.”
About Your Podcast Host
Joe Casey is an executive coach who also helps people design their next life after their primary career. He created his own next chapter after a twenty-six-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking.
Intro and Outro voiceovers by Ross Huguet.