51
 Tfj Lfnm`gm` Inmd|lnrj ac _jtgjejmt Pfnt waz damt hmap lazid fzrt waz- Enrh \gm`jr LCR ®   NTN Rrj||

The Changing Landscape of Retirement Excerpt

Embed Size (px)

Citation preview

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 1/50

 Tfj Lfnm`gm`Inmd|lnrj ac

_jtgjejmtPfnt waz dam‗t hmap lazid fzrt waz-

Enrh \gm`jr LCR®

  NTN Rrj||

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 2/50

Larwg`ft § ?2>>) Enh \gm`j- Nii g`ft| j|jsjd-

Rgmtjd gm tfj Zmgtjd \tntj| ac Nejgln- Ma rnt ac tfg| rzoiglntgam enw oj jradzljd) |tajd gm a 

gmtadzljd gmta n jtgjsni |w|tje) a tnm|egttjd) gm nmw cae) a ow nmw ejnm| &jijltamgl) ejlfnmglni)

 rfatalarwgm`) jladgm`) a atfjpg|j' pgtfazt tfj rga pgttjm rjeg||gam ac tfj larwg`ft apmj nmd

tfj rzoig|fj ac tfg| oaah-

Rzoig|fjd ow NTN Rj||

G\OM 706%2%76<03?2%2%<

Cg|t rgmtgm`; Kzmj) ?2>>

Nii onmd mnej| nmd radzlt mnej| z|jd gm tfg| oaah nj tndjenh|) j`g|tjjd tndjenh|) a tndj

mnej| ac tfjg j|rjltgsj faidj|- Nii |tntjejmt| lamtngmjd fjjgm nj tfj argmgam ac tfj nztfa nmd

|fazid mat oj lam|gdjjd racj||gamni ndsglj-

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 3/50

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 4/50

gv

Enh \gm`j fn| ojjm gmsaisjd gm tfj mnmlgni rinmmgm`

oz|gmj|| a asj tpjmtw%sj wjn|) nmd tfz| fn| ao%

|jsjd enmw lfnm`j| gm tfj gmdz|tw- Dzgm` tfg| tgej fj‗|

laiijltjd tfj |tagj| a ligjmt| pfa fnsj pjntfjjd enmw dg%

jjmt oz|gmj|| jmsgamejmt|) ozt fj‗| mjsj |jjm n| ezlf

lamz|gam noazt artgam| n| gm tfg| lzjmt mnmlgni jmsgam%

ejmt — nmd Tj Lfnm`gm` Inmd|lnrj a _jtgjejmt jjlt|

|aej a tfj mjp zij| nmd nrranlfj| dj|g`mjd ta raeatj

eaj jvgogigtw gm jtgjejmt rinmmgm` n| n pfaij-

Fg| g| mat n ’ amj nm|pj t| nii― nrranlf) ozt rasgdj| nm

geratnmt jerfn|g| am hjw| ta mdgm` tfj twrj| a nm|pj|tfnt t jnlf jndj‗| zmg~zj mnmlgni `ani| nmd rj|rjl%

tgsj- N| |zlf gt rj|jmt| n ejtfad) mat n aezin — nmd tfg|

enhj| Tj Lfnm`gm` Inmd|lnrj a _jtgjejmt eaj sj|ntgij

tfnm ea|t jtgjejmt `zgdj|-

Eamjw nmd igj|twij mjjd|) |azlj| a gmlaej |tjne| nmd

tfjg dgjjmt j~zgjejmt|) rzlfn|j| nmd tnsji mjjd|

dzgm` jtgjejmt wjn|) nmd atfj lamljm| nii lamtgoztj

CA_JPA_DDgnmj Damasnm

Jdgta) Egdpj|t Oaah _jsgjp

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 5/50

v

ta dgjjmt ’ ojmlfenh|― a jtgjejmt gmlaej `ani|-

Cgmnmlgni djlg|gam| lzjmtiw nj taa ajm on|jd am jn

ntfj tfnm jnigtw — jn a pfnt ndsj|jiw lfnm`gm` en%

hjt| pgii da ta jtgjejmt gmlaej |tjne|-Mat rinmmgm` a gmntgam nmd tnhgm` taa ezlf eamjw 

ae n jtgjejmt rataiga nj amiw n jp a tfj g||zj| Enh 

\gm`j tnlhij| gm Tj Lfnm`gm` Inmd|lnrj a _jtgjejmt - Ndd

gm tfj nlt tfnt jtgjejmt `ani| lfnm`j asj tfj djlndj| ozt

gmsj|tejmt rataiga| nj ajm mat ndkz|tjd ta jjlt tfj|j

lfnm`j|) nmd waz fnsj n lamzmdze tfnt Tj Lfnm`gm` 

Inmd|lnrj a _jtgjejmt  nddj||j| — tfj inlh a jvgogigtw 

nmd ndkz|tjd artgam| nmd sg|gam gm jtgjejmt aokjltgsj|-

Mjp ij||am| `jnjd ta saintgij) zmljtngm enhjt lamdg%

tgam| nmd lfnm`gm` lam|zej mjjd| raeatj jvgogigtw gm

  sg|gam nmd tfgmhgm`) alz|gm` am laadgmntgm` `ani| nmd

zmdj|tnmdgm` rinmmgm` ij||am| hjw ta jtgjejmt |zllj||-

Lfnrtj| dg|lz|| lfnm`gm` |ljmnga| pfglf j~zgj j%

djmgm` aokjltgsj|) tfjw |fap fap ta ljntj n eaj jvgoij

’_jtgjejmt _andenr)― nmd tfjw tjii fap ta laadgmntj rn%

rjpah nmd rinmmgm` ta nlfgjsj n zmgjd wjt easnoij |jt a 

aokjltgsj|-

Cae |rjlgni g||zj| paejm nlj ta |jijltgm` n mnmlgni

rinmmj a rinmmgm` e) tfg| tjii| fap ta ljntj n rinm) la%

adgmntj dgjjmt aokjltgsj|) ogm` tfje nii ta`jtfj) nmdtfjm engmtngm n twrj a jvgogigtw tfnt lnm jn|giw ndkz|t ta

oatf lfnm`gm` enhjt| nmd lfnm`gm` jtgjejmt `ani|-

Ndd gm ln|j fg|taw jvnerij| ae Enh \gm`j‗| ligjmtjij

nmd waz fnsj nm azt|tnmdgm`) pjii%oninmljd |zsjw fg`fiw 

jlaeejmdjd a oz|gmj|| nmd lam|zej igongj| |jjhgm`

n |zllj||zi |tntj`w sj|ntgij jmaz`f ta nrriw ta n nm`j a 

lamljm|-

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 6/50

>

Lfnij| Dglhjm| patj) ’Gt pn| tfj oj|t a tgej|) gt pn|

tfj pa|t a tgej|‣― Gm ew ?: wjn| a jvrjgjmlj gm

tfj mnmlgni |jsglj| oz|gmj||) gt |jje| tfnt a intj nii pj‗sj

jniiw ojjm jvrjgjmlgm` nj tfj pa|t a tgej|- Tj |talh 

enhjt fn| ojjm nt a n >2%wjn rjgad8 tfj fjndigmj| |jje

ta gmdglntj tfnt pj nj `agm` ta oj gm n lamtgmzjd rjgad a 

zmljtngmtw nmd saintgigtw) nmd a enmw) tfg| ejnm| jdjm%

gm` pfnt tfjg gdjni jtgjejmt pn| |zrra|jd ta oj-

Gm ew jljmt gmtjnltgam| pgtf ligjmt|) G fnsj fjnd nmd

|jjm n ijsji a z|tntgam tfnt G fnsj mat |jjm |gmlj G |t

jmtjjd tfg| oz|gmj||- Nmd g ew ligjmt|) pfa nj n| gmaejdn| nmw gmdgsgdzni| tfaz`f az ranltgsj laeezmglntgam|

pgtf tfje) nj z|tntjd) tfjm G lnm amiw n||zej tfnt tfj

en||j| nj z|tntjd n| pjii-

Ca ?: wjn| G fnsj ojjm rzttgm` gmta ew ’oaah― ij enmw 

a tfj jvrjgjmlj| nmd |tagj| tfnt G fnsj ojjm pgtmj|| ta n|

rj|gdjmt a n jtgjejmt rinmmgm` e- G mjsj jniiw hmjp

pfjm a g G pazid pgtj tfj oaah- Fapjsj) n| n j|zit a 

GMT_ADZLTGAM

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 7/50

?

fjngm` asj nmd asj n`ngm tfj fjg`ftjmjd ijsji a z|tn%

tgam a tfa|j pfa nj tnm|gtgamgm` gmta jtgjejmt) a tfa|j

jljmtiw jtgjd) G jit tfnt tfg| pn| n| `aad n tgej n| nmw ta

nddj|| tfj lfnm`gm` inmd|lnrj a jtgjejmt-Ew aokjltgsj a tfg| oaah g| mat ta pgtj n tgejij|| en|tj%

rgjlj ozt ta nddj|| tfj eg|tnhj|) ae oatf nm gmsj|tejmt

nmd n rinmmgm` rj|rjltgsj) tfnt G |jj enmw rjarij enhgm`

gm tfj lzjmt jmsgamejmt- Jniw gm ew lnjj) pfjm n rao%

ije na|j) amj a ew |t oa||j| gm|tzltjd ej ta jmtj fg|

aclj mat amiw pgtf tfj raoije ozt pgtf n |aiztgam n| pjii-

\a G farj tfnt G mat amiw |fnj pgtf waz |aej a tfj g||zj|

nmd lamljm| G‗sj ig|tjmjd ta) nmd eg|tnhj| G‗sj |jjm rjarij

enhgm`) ozt ni|a aj n dgjjmt rj|rjltgsj am fap ta nl%

laerig|f waz jtgjejmt `ani|-

Amj a ew nsagtj jvrj||gam|) nmd G‗e |zj ew |tn pgii

aii tfjg jwj| pfjm tfjw jnd tfg|) g| tfnt G ighj ta tnhj n iaah 

nt tfgm`| ae <2)222 jjt- G gmtjmd ta tnhj tfj alz| npnw 

ae |rjlgl gmsj|tejmt tgr| a n||jt niialntgam gdjn| nmd

easj tfj lamsj|ntgam ta pfnt g| tziw mjjdjd) pfglf g| ta

laadgmntj nii tfj lamsj|ntgam| pgtf j`nd ta jtgjejmt gm

|zlf n pnw tfnt waz pgii hmap pfjtfj a mat waz nj am tfj

g`ft tnlh-

Tjj g| n pamdjzi ~zatj ae ’Niglj gm Pamdjinmd―

tfnt `aj| ighj tfg|;

’Pazid waz tjii ej) rijn|j) pfglf pnw G az`ft ta `a

ae fjj1―

’Tnt djrjmd| n `aad djni am pfjj waz pnmt ta `jt

ta)― |ngd tfj Lnt-

’G dam‗t ezlf lnj pfjj—― |ngd Niglj-

’Tjm gt daj|m‗t enttj pfglf pnw waz `a)― |ngd tfj

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 8/50

<

Lnt-

’—|a iam` n| G ̀ jt \AEJPFJ_J)― Niglj nddjd n| nm

jvrinmntgam-

’Af) waz‗j |zj ta da tfnt)― |ngd tfj Lnt) ’g waz amiw pnih iam` jmaz`f-―

& Niglj‗| Ndsjmtzj| gm Pamdjinmd ) Lfnrtj 3'

G ne |zj tfnt pj pgii nii `jt |aejpfjj g amiw pj pnih 

iam` jmaz`f- Zmatzmntjiw) gm tfj paid a jtgjejmt rinm%

mgm`) pgtfazt zmdj|tnmdgm` jvnltiw pfjj gt g| waz mjjd ta

`a nmd fap waz pg|f ta `a tfjj) waz enw pgmd zr gm n rinlj

waz dgd mat gmtjmd ta oj gm tfj |t rinlj- Ew farj g| tfnt

pfjm waz mg|f tfg| oaah) waz pgii fnsj n ojttj |jm|j a 

mat amiw pfjj waz pg|f ta oj ozt fap waz pazid ighj ta `jt

tfjj-

G aj waz amj mni tfaz`ft — nmd tfnt g| tfnt tfjj g| ma

amj g`ft nm|pj a jsjwamj- Pfnt waz nj tziw iaahgm`

a g| tfj g`ft nm|pj a waz-

\jsjni wjn| n`a) G fnd tfj arratzmgtw ta fjn Wnmm

Ntfz|%Ojtnmd nt n lamjjmlj G pn| nttjmdgm`- Fj pn|

|fngm` pgtf z| n |nerigm` a tfj fzmdjd| a rfata`nrf|

fj fnd tnhjm a n oaah fj fnd jljmtiw rzoig|fjd lniijd

’Jntf ae Noasj-― Fj taid tfj |taw a `agm` ta n eazm%

tngmtar gm \pgt{jinmd nmd fargm` ta ̀ jt n rntglzin rgltzja |aej a tfj apj| tfnt pjj am tfnt eazmtngmtar- Pfjm

fj `at tfjj) fj azmd tfnt tfj apj| fj pn| fargm` ta rfa%

ta`nrf fnd ia|t tfjg rjnh oiaae n| tfj j|zit a n jljmt

|tae) nmd ma iam`j jrj|jmtjd tfj gen`j fj tfaz`ft fj

pn| `agm` ta oj tnhgm`- Fj taid z| fj pn| dg|nrragmtjd tfnt

fj pn| zmnoij ta `jt tfj rfata`nrf fj fnd jmsg|gamjd ozt

tfjm jnig{jd tfnt g fj kz|t lfnm`jd tfj nm`ij ae pfglf

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 9/50

4

fj pn| tnhgm` tfj rfata`nrf) fj lazid |jj tfj apj| ae

n pfaij dgjjmt rj|rjltgsj- Nt tfnt eaejmt) fj azmd tfj

nm|pj tfnt pn| g`ft a fge) pfglf pn| dgjjmt tfnm tfj

nm|pj fj tfaz`ft pn| g`ft ag`gmniiw-Fg| ej||n`j pn| tfnt tfjj g| eaj tfnm amj g`ft nm|pj)

nmd G farj waz pgii md tfj nm|pj tfnt g| g`ft a waz pfjm

waz jnd tfg| oaah-

G waz da md |aiztgam| ta waz jtgjejmt rinmmgm` ~zj|tgam|

gm tfg| oaah) G jlaeejmd tfnt ojaj waz easj apnd tfnt 

 waz lam|zit waz tjne a mnmlgni ndsg|a|-

GMTJ_NLTGSJ PA_H\FJJT\

G‗sj ljntjd n mzeoj a dgjjmt pah|fjjt| tfnt

waz lnm z|j ta fjir nrriw tfj rgmlgrij| gm tfg| oaah 

ta waz apm rj|amni jtgjejmt kazmjw- Kz|t iaah 

a tfj glam |fapm ta tfj ijt nmd tfjm `a ta;

ppp-wazjtgjejmtkazmjw-lae!pah|fjjt|

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 10/50

:

Ew Tgr ta Dg|mjw Paid

G waz nj ighj ej) nt |aej ragmt waz lfgid a lfgidjm

pjj aid jmaz`f tfnt waz taah tfje ta Dg|mjw Paid- Ew 

dnz`ftj pn| |jsjm wjn| aid pfjm G djlgdjd gt pn| tgej tfnt

pj `a dapm ta tfj inmd a pamdj- Nltzniiw) pfnt raertjd

ej ta `a pn| tfnt G fnd kz|t nttjmdjd nm jdzlntgamni lamj%

jmlj pfjj amj a tfj |rjnhj| pn| amj a tfj |jmga enhjt%

gm` jvjlztgsj| a Dg|mjw- Fj |tntjd azt fg| |j||gam ow n|h%gm` tfa|j gm tfj nzdgjmlj) nmd tfjj pjj |jsjni fzmdjd)

fap enmw fnd ojjm ta Dg|mjw Paid- Kz|t noazt jsjw fnmd

gm tfj aae pjmt zr) jvljrt egmj- \a G `zjd gt pn| tgej-

Tj |t tfgm` G dgd pn| tnhj n iaah nt tfj lnijmdn nmd |jj

pfjj pj lazid fnsj nm jvtjmdjd rjgad a tgej ta `a dapm

ta Dg|mjw Paid8 n| gt tzmjd azt) gt pn| tfj Sjtjnm‗| Dnw 

pjjhjmd dzgm` pfnt fnrrjmjd ta oj tfj ?:tf nmmgsj|nw 

LFNRTJ_ >

EG\TNHJ\

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 11/50

3

ljijontgam a Dg|mjw Paid- Tj mjvt adj a oz|gmj|| pn|

ta `a `jt Tj Oaah- Waz hmap pfnt oaah tfnt g|; tfj oaah 

tfnt tjii| waz pfnt gdj| ta ̀ a ta dzgm` pfnt tgej a dnw nmd

fap iam` ta jvrjlt ta pngt- wrglniiw) G ne mat tfnt ezlf a n rinmmj pfjm gt laej| ta tfj|j twrj| a tgr|8 fapjsj) gt

tzmjd azt ta oj amj a tfj oj|t gmsj|tejmt| G lazid enhj-

G dgd ew j|jnlf nmd azmd azt pfglf gdj| G |fazid `a

am) nmd gt no|aiztjiw endj n tjejmdaz| dgjjmlj gm envg%

eg{gm` tfj tgej tfnt pj fnd gm Dg|mjw Paid- \a pj |rjmt

ij|| tgej gm igmj| nmd eaj tgej fnsgm` zm-

Nmatfj rnt a tfj j|jnlf pn| mdgm` azt pfglf ng%

igmj| jp dapm ta Ainmda nmd fap ezlf gt pazid la|t- G

ni|a jvjlg|jd jvtjm|gsj dzj dgig`jmlj gm jsgjpgm` tfj dg%

jjmt twrj| a nllaeeadntgam|) oatf am nmd a rarjtw)

tfnt pazid oj |zgtnoij a az sg|gt- Pj |jijltjd az g`ft|)

|tnwjd am rarjtw nt n pamdjzi j|at) nmd jmdjd zr fns%

gm` tfj tgej a az igsj|- Zram ew jtzm) G ljntjd n oaah 

a ejeagj| tfnt ew dnz`ftj nmd G pgii lfjg|f a enmw 

wjn| ta laej-

\a tfj ~zj|tgam waz enw oj n|hgm` g|) pfw ne G tjiigm` waz

noazt ew Dg|mjw Paid tgr1

Tj nm|pj g| tfnt a ea|t rjarij tfj twrj a j|jnlf nmd

dzj dgig`jmlj G |rjmt gm rinmmgm` tfj tgr ta Dg|mjw Paid g|

eaj tgej nmd jat tfnm tfjw pgii |rjmd rinmmgm` a tfjgjtgjejmt- Gmtjj|tgm`iw) rinmmgm` a Dg|mjw Paid g| mat

taa zmighj rinmmgm` a waz jtgjejmt-

Pfjm rinmmgm` a tfj tgr) pj fnd ta zmdj|tnmd pfnt

az `ani| pjj- Fap ezlf tgej pjj pj `agm` ta |rjmd1

Pfnt pn| `agm` ta oj az ozd`jt1 Fap pjj pj `agm` ta

tnsji1 Dgd pj pnmt ta `a ow ln a ow rinmj1 Da pj pnmt ta

`a mam|tar a |nsj eamjw nmd ztgig{j n amj%|tar g`ft1 Dgd

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 12/50

0

G pnmt ta |rjmd rjegze daiin| ta `jt jvtn snizj ae tfj

j|at pfjj pj pazid oj |tnwgm`1 Dgd G pnmt ta |rjmd n|

igttij eamjw n| ra||goij am tfj nllaeeadntgam|) wjt |rjmd

eaj eamjw a n ojttj dgmgm` jvrjgjmlj1 Tj|j pjj kz|t|aej a tfj g||zj| G fnd ta djni pgtf pfjm rinmmgm` tfj tgr-

Nii a tfg| rinmmgm` ljmtjjd am ew aokjltgsj| nmd tfj

ozd`jt G fnd a ew tgr- Gt pn| mat zmighj tfj jat mjjdjd

ta |jt gm rinlj tfj rinmmgm` mjlj||nw ta rz|zj tfj jtgj%

ejmt a ew djne|- Nmd) ojigjsj gt a mat) tfj ~zj|tgam| nj

|gegin;

Fap ezlf eamjw da G mjjd am n eamtfiw on|g| ta |z|tngm

tfj igj|twij G dj|gj1 Fap ezlf gmlaej pgii oj laegm` ae

ew rjm|gam a \algni \jlzgtw1 Pfnt twrj a tnsjiigm`) ne%

giw jsjmt|) ljijontgam| a rzlfn|j| pgii oj geratnmt dz%

gm` ew kazmjw gmta jtgjejmt1 Fap ezlf g|h da G pnmt

ta tnhj pgtf ew rataiga1 a pfae da G pnmt ta ijnsj ew 

eamjw pfjm G dgj1

\a) n| waz lnm |jj) tfjj g| j|jnlf ta oj damj pfjtfj waz

nj rinmmgm` waz tgr ta Dg|mjw Paid a rinmmgm` a waz

jtgjejmt kazmjw- Waz mjjd ta |jt azt pfnt waz aokjltgsj|

nmd `ani| nj nmd zmdj|tnmd tfj tndj%a| a rz|zgm` amj

nsjmzj sj|z| nmatfj-

Tj jn|am G |tntjd ac tfg| lfnrtj pgtf n |taw noazt 

Dg|mjw Paid g| ojlnz|j G ojigjsj tfnt tfj og``j|t eg|tnhj tfnt ea|t rjarij enhj pfjm gt laej| ta tfjg jtgjejmt g| tfjw

da mat rinm a gt- Tjw tnhj tfj |nej aztj n| Niglj gm tfj

|taw ae ’Niglj gm Pamdjinmd)― gm pfglf tfj lnt tjii| Niglj

tfnt |zjiw |fj pgii `jt |aejpfjj n| iam` n| |fj pnih| iam` 

jmaz`f- Gt enw mat oj jvnltiw pfjj waz pnmtjd ta `jt ta) ozt 

 waz ljtngmiw `jt |aejpfjj-

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 13/50

6

Hmapgm` Waz Nj Am tfj _g`ft Tnlh

Pfjm ew dnz`ftj pn| >:) |fj pjmt am fj |t tngm gdjniamj- \fj pn| fjndjd ta n lfanij jfjn|ni am tfj Matf

\faj a Oa|tam- \fj pjmt ta tfj tngm |tntgam nmd oandjd

tfj tngm- Pfjm tfj tngm |tntjd easgm`) G ne |zj tfnt |fj

pn| tnihgm` ta tfa|j nazmd fj) ojlnz|j |fj ighj| ta enhj

gjmd| pgtf jsjwamj- Tj lamdzlta lnej zr ta fj nmd

n|hjd fj a fj tglhjt) pfglf |fj `indiw fnmdjd ta fge- Tj

lamdzlta ̀ nsj fj tfj tglhjt onlh nmd |ngd tfnt fj farjd |fj

pazid fnsj n `aad tgej gm Oa|tam-

Zmatzmntjiw a ew dnz`ftj) tfj tngm |fj pn| am pn|

`agm` gm tfj pam` dgjltgam-

\fj mjjdjd ta oj am tfj matfoazmd tngm8 fapjsj) |fj

oandjd tfj tngm `agm` |aztf- Tj jnigtw g| tfnt |fj pn| am

n tngm fjndjd tapnd| pfnt |fj tfaz`ft pn| fj gmtjmdjd

dj|tgmntgam- \gmlj tfg| pn| fj |t tgej am tfj tngm niamj)

|fj pn| zmnpnj a tfj nlt tfnt gt pn| fjndjd gm tfj pam`

dgjltgam- Fap pn| |fj ta hmap8 |fj fnd mjsj damj tfg|

ojaj.

Ca enmw pfa nj tfgmhgm` noazt tnm|gtgamgm` gmta jtgj%

ejmt) tfg| taa g| n |t%tgej kazmjw- Nmd jsjm tfaz`f waz

enw oj fjndjd tapnd| ’n dj|tgmntgam)― waz enw mat hmaptfnt gt g| mat tfj ’gmtjmdjd dj|tgmntgam-― Enmw a z| kz|t dam‗t 

hmap pfnt pj dam‗t hmap) nmd tfjjgm igj| n fz`j raoije-

G waz dam‗t hmap pfnt ~zj|tgam| ta n|h) nmd ea|t dam‗t)

tfjm gt g| sjw ra||goij tfnt waz nj am tfj |aztfoazmd tngm

pfjm waz pjj |zrra|jd ta oj fjndjd matf- Gt pn| jn|w a

ew dnz`ftj ta `jt a tfj |aztfoazmd tngm nt tfj mjvt |tar

nmd `jt amta tfj tngm fjndjd gm tfj g`ft dgjltgam- Tj

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 14/50

7

eg|tnhj tfnt |fj endj amiw ejnmt tfnt |fj pn| intj a fj

lfanij jfjn|ni- Zmatzmntjiw) |aej a tfj eg|tnhj| tfnt

waz pgii enhj pfjm rinmmgm` a waz jtgjejmt enw mat oj

|a jn|giw jlamlginoij-Gt g| sjw geratnmt ta jla`mg{j pfnt waz dam‗t hmap oj%

lnz|j) pgtfazt tfg| gmaentgam) waz enw enhj eg|tnhj|

tfnt pgii zmdjegmj waz djmgtgam a n |zllj||zi jtgj%

ejmt- Pgtfazt tfj ojmjt a n rarjiw dj|g`mjd _jtgjejmt

_andenr) waz enw oj fjndjd gm tfj pam` dgjltgam-

Rarj Ojmlfenhgm`

Tjj g| n rarzin ndsjtg|gm` lnerng`m tfnt nddj||j|

tfj lamljrt a hmapgm` pfnt waz ’jtgjejmt mzeoj― g|-

Tj |t gtjntgam a gen`j| pn| a rjarij pfa pjj lnw%

gm` nazmd |jsjm%`zj mzeoj| zmdj tfjg ne|) |egigm`

niam` tfj pnw ta tfjg dj|tgmntgam) nmd tfjm rzttgm` tfjg

Tfj _jtgjejmt _andenr

 N _jtgjejmt _andenr g| n rinmmgm` |w|tje tfnt tnm|gtgam| waz mnmlgni

igj ae tfj Nllzezintgam \tn`j &tfj pahgm` wjn|' ta tfj Dg|tgoztgam

\tn`j &tfj jtgjejmt wjn|'-

Gt tnhj| tfj ew|tjw azt a mnmlgni rinmmgm` ow nm|pjgm` tfj ~zj|%

tgam ’Lnm G da tfg|) nmd da gt pfjm nmd fap G pnmt ta1― Tfj _jtgjejmt

_andenr n|h| tfj ~zj|tgam| tfnt fjir waz mnsg`ntj tfj djjrj pntj| a

jtgjejmt- Tfj tfjj ea|t geratnmt ~zj|tgam| gt n|h| nj;

 ° Nj waz nmd waz |raz|j noij ta ijnd tfj jtgjejmt igj|twij waz dj|gj1

 ° Pgii waz |raz|j oj tnhjm lnj a pfjm waz nj ̀ amj1

 ° Fnsj waz ndj~zntjiw rasgdjd a waz hgd| nmd a waz negiw‗| ij`nlw1

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 15/50

>2

’jtgjejmt mzeoj|― gm mglj |nj rinlj|-

Pgtf tfj enhjt saintgigtw) tfj|j gen`j| lfnm`jd- Nt tfg|

ragmt) waz pazid |jj |aejamj pnihgm` gm tfj |tjjt pgtf tfj

mzeoj zmdj fg| a fj ne) nmd tfj mzeoj `jt| fgt ow tfjoz| nmd nii| ta tfj |tjjt- Tnt |nej rj|am g| gm n j|tnz%

nmt pfjj tfj mzeoj g| |jt ta tfj |gdj nmd g| |zo|j~zjmtiw 

|jt am j n| n j|zit a tfj nltgsgtgj| ae tfj mjvt tnoij-

Lijniw tfj ej||n`j fnd lfnm`jd) gmdglntgm` tfnt tfjj pn|

map n az`fj gdj tapnd| nllaerig|fgm` waz ’jtgjejmt

mzeoj-―

Tj ea|t jljmt gen`j a tfg| lnerng`m g| a nm gmdgsgdzni

pfa g| tgeegm` tfj fjd`j|) nmd noasj fg| fjnd tfj pad|

’`n{giigam on{giigam― nj gm mjam ig`ft|) |weoaig{gm` fg| ’j%

tgjejmt mzeoj-― Pfjm n|hjd ow fg| mjg`foa fap fj pn|

`agm` ta nllaerig|f fg| ̀ ani a nlfgjsgm` n ̀ n{giigam on{giigam

daiin|) tfj nm|pj pn| tfnt fj pn| kz|t `agm` ta lamtgmzj ta

tfap eamjw n| ~zglhiw n| ra||goij tapnd| fg| jtgjejmt

nmd |jj pfnt fnrrjmjd-

Tg| nd lnerng`m fn| lijniw ojjm am tn`jt nmd fn| lnr%

tzjd pfnt enmw rjarij fnsj jit nt sngaz| tgej|; n |jm|j a 

farjij||mj|| nmd ojgm` ka|tijd ow enhjt| tfnt nj saintgij

nmd zmljtngm- Lijniw amj a tfj ej||n`j| ae tfj |ram|a

a tfg| nd lnerng`m g| tfnt nii waz mjjd ta da g| hmap pfnt

waz mzeoj g| nmd tnhj lnj a gt-Cae ew rj|rjltgsj) n| lztj n| tfj|j nd| nj) tfjw da mat

nddj|| |aej a tfj sjw jni raoije|) nmd eg|tnhj|) tfnt

rjarij fnsj ta oj npnj a-

Tj |t g||zj g| tfnt ea|t a tfj rjarij lnwgm` mzeoj|

zmdj tfjg ne| fnd mzeoj| tfnt pjj pjii gmta |jsjm `%

zj|- Tj mzeoj| tfnt jjltjd tfjg ’jtgjejmt mzeoj―

pjj zrpnd| a $>-4 ta $>-0 egiigam- Gm ew jvrjgjmlj) pfjm

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 16/50

>>

G tjii |aejoadw) jgtfj n ligjmt a n ig|tjmj ae amj a ew 

ndga a tjijsg|gam |fap|) tfnt tfjw fnsj ta nllzezintj zr%

pnd| a $>-0 egiigam gm adj ta fnsj tfjg lajlt ’mzeoj)―

tfjj g| z|zniiw n ’djj gm tfj fjndig`ft|― iaah n| n j|ram|j-Cjp rjarij tziw jla`mg{j fap ta |nsj jmaz`f eamjw) ̀ gsjm

nii a tfj dnw%ta%dnw g||zj| pj nii nlj) tapnd| n `ani tfnt

enw oj enmw wjn| npnw-

G pazid |zoegt tfnt tfj ej||n`j |fazid fnsj ojjm mat kz|t

pfnt waz mzeoj g|) ozt fap ta dg|lgrigmj amj‗| |ji ta rzt

npnw tfnt hgmd a eamjw- N| geratnmt n| hmapgm` pfnt

’tfj mzeoj― g|) g| tfj zmdj|tnmdgm` a pfnt hgmd a g|h 

pj mjjd ta tnhj nmd pfnt tgej nej pj fnsj gm adj ta

nllzezintj tfj eamjw mjlj||nw a az rarj jtgjejmt

mj|t j``-

Tj |jlamd g||zj G fnsj pgtf tfg| nd lnerng`m g| tfnt pj

dam‗t tjii rjarij pfnt ta da amlj tfjw fnsj nllaerig|fjd

tfjg `ani|- Amj a tfj og``j|t eg|tnhj| G fnsj azmd tfnt ea|t 

 rjarij enhj djni| pgtf tfg| g||zj g`ft fjj- aa enmw rja%

 rij lamtgmzj ta tnhj eaj g|h tfnm g| mjlj||nw pgtf tfjg gm%

sj|tejmt rataiga|) jsjm nj tfjw fnsj nllaerig|fjd tfjg 

’mzeoj)― nmd jmd zr ia|gm` n |g`mglnmt ratgam a tfjg j%

tgjejmt mj|t j``) nt kz|t tfj pam` tgej-

Enmw wjn| n`a) G |rahj pgtf nm gmdgsgdzni pfa pn| |gv

eamtf| ae jtggm`- Fj fnd jmaz`f |nsjd gm fg| jtgjejmtrinm ta ljntj tfj dj|gjd jtgjejmt tfnt fj nmd fg| pgj fnd

djnejd a- Tnt pn| tfj `aad mjp|- Tj ond mjp| pn| tfnt

fg| tgegm`) nmd rinmmgm`) lazid mat fnsj ojjm pa|j- Ca

tfg| pn| gm tfj intj >762|) nmd fj pn| pahgm` a n sjw |zl%

lj||zi a`nmg{ntgam lniijd Pnm`- Fj tfaz`ft tfnt n| n j|zit

a fnsgm` gmsj|tjd >22* a fg| jtgjejmt |nsgm`| gm Pnm`

|talh) fj pn| n mnmlgni `jmgz|-

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 17/50

>?

Waz hmap tfj j|t a tfj |taw8 tpa eamtf| ojaj fj pn|

ta jtgj) Pnm` |talh darrjd rjlgrgtaz|iw) djsn|tntgm` fg|

jtgjejmt |nsgm`| nmd jmdjgm` fge zmnoij ta map rz|zj

tfj jtgjejmt tfnt fj nmd fg| pgj fnd djnejd a-N lazrij a wjn| n`a) G ejt n paenm pfa pn| rjrngm`

a fj jtgjejmt- \fj pn| gm fj jniw 32| nmd pn| rinmmgm`

ta jtgj pgtfgm tfj mjvt tpa ta tfjj wjn|- Tj `aad mjp|

pn| tfnt |fj fnd nllaerig|fjd fj mzeoj) nmd gmtjj|tgm`iw 

a fj) fj mzeoj pn| $> egiigam- Tj ond mjp| pn| tfnt

mjgtfj |fj ma fj oahj hmjp pfnt fj mzeoj pn|- \a

pfnt fnrrjmjd1

Ca nii a fj pahgm` igj) |fj fnd ojjm pahgm` pgtf n

|jgj| a oahj| pfa fnd ndsg|jd fj ta gmsj|t gm |zlf n pnw 

n| ta nlfgjsj n| ezlf `aptf n| ra||goij- Pfgij |fj pn| gm

fj <2| nmd 42|) pfjtfj tfj enhjt pn| `agm` zr a dapm

pn| a igttij lam|j~zjmlj ojlnz|j |fj fnd jmaz`f tgej ta

enhj zr a n dapm enhjt- Map) fapjsj) |fj pn| pgtfgm n

lazrij a wjn| a jtgjejmt) nmd ojlnz|j |fj fnd nlfgjsjd

fj mzeoj) pfglf nltzniiw pn| tfj ojmlfenh a fj j%

tgjejmt |zllj||) gt pn| mjlj||nw a fj ta lfnm`j tfj gm%

 sj|tejmt aokjltgsj|-

Ojlnz|j mjgtfj |fj ma fj oahj zmdj|taad ae <2)222

jjt tfnt |fj fnd nltzniiw nllaerig|fjd fj aokjltgsj|) tfj

rataiga jengmjd pgtf n `aptf agjmtntgam- Gm ?226) pfjmtfj enhjt| ia|t |g`mglnmt snizj) tfj $> egiigam rataiga

darrjd ta $3?2)222) n||zgm` tfnt |fj lazid ma iam`j jtgj

n| |fj fnd dj|gjd gm tpa ta tfjj wjn|-

Gt pn| mat zmtgi nj tfj enhjt| fnd darrjd gm ?226 tfnt

pj fnd tfj arratzmgtw ta |rjnh- Nmd gt pn| mat zmtgi tfjm

tfnt |fj zmdj|taad tfj geratnmlj a fnsgm` n _jtgjejmt

_andenr nmd a |zllj||ziiw ojmlfenhgm` tfj rjaenmlj

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 18/50

><

a tfj rataiga onlh ta pfnt fj jtgjejmt aokjltgsj| nj- G 

|fj fnd zmdj|taad tfj lamljrt a tfj _jtgjejmt _andenr)

|fj pazid fnsj lfnm`jd tfj aokjltgsj| a fj gmsj|tejmt

rataiga ta oj `jnjd eaj tapnd| rj|jsntgam tfnm`aptf) ratjmtgniiw |nsgm` fj rataiga tjm| a tfaz|nmd| a 

daiin| gm ia|t snizj- Pgtf n _jtgjejmt _andenr) gt pazid

fnsj ojjm ra||goij ta jtgj nlladgm` ta fj ag`gmni rinm-

Pgtfazt tfj _jtgjejmt _andenr) |fj fnd ma gdjn) ma dgd

fj oahj) tfnt |fj pn| fjndjd gm tfj pam` dgjltgam-

Eg|tnhj|

Gm tfg| |jltgam) G pgii djtngi |aej a tfj eg|tnhj| tfnt G fnsj

|jjm rjarij enhj asj tfj rn|t ?: wjn|- Tj|j eg|tnhj|

|jje ta nii zmdj tpa enka lntj`agj|) tfj |t ojgm` rinm%

mgm` eg|tnhj| nmd tfj |jlamd ojgm` eg|tnhj| endj pfgij gm%

 sj|tgm`- Fapjsj) ojaj pj iaah nt |aej a tfj|j eg|tnhj|) G

tfgmh gt g| geratnmt ta jla`mg{j n og` g||zj tfnt ea|t rjarij

asjiaah) nmd tfnt g| tfj g||zj a fap pj djni pgtf az jea%

tgam| pfjm rinmmgm` a jtgjejmt-

Tj jeatgam tfnt g| ea|t rjsnijmt pfjm G tnih pgtf rjarij

noazt tfjg jtgjejmt g| tfj jjigm` a ̀ jnt nmvgjtw- Fjndgm`gmta tfj zmhmapm) gm tfg| ln|j jtgjejmt) lnm lnz|j enmw 

|ijjrij|| mg`ft|- Nmd pfgij pj igj npnhj nt mg`ft pamdjgm`

pfnt igj| nfjnd) pj lamkzj zr nii |at| a |ljmnga| pfjj

az rinmmgm` lazid `a npw-

Tj jn|am gt g| geratnmt ta zmdj|tnmd pfnt jeatgam|

pj nj jjigm` g| tfnt twrglniiw jeatgam g| tfj dgsgm` alj

ojfgmd az djlg|gam%enhgm` ralj||- Nmd g pj nj dgsjm

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 19/50

>4

ow az nmvgjtgj|) az jn a tfj zmhmapm) tfjm gt g| ra||goij

tfnt pj pgii mat oj enhgm` tfj oj|t lfaglj| a az ztzj|-

Tj oj|t jvnerij a enhgm` djlg|gam| on|jd am jn g| pfjm

pj |jj tfa|j fjndigmj| gm tfj mjp|rnrj) gm tfj jsjmgm` mjp|a am tfj Gmtjmjt tfnt gmdglntj tfnt nii a n rnt a tfj |hw g|

`agm` ta nii dapm- wrglniiw tfj|j fjndigmj| jintj ta en%

hjt rjaenmlj) nmd g tfj mjp| g| mat `aad) tfjm enmw nj

dgsjm ow rnmgl ta enhj lfnm`j| ta tfjg gmsj|tejmt rat%

aiga|- Pj nii fnsj ojjm taid tfnt tfj pa|t tgej ta enhj gm%

 sj|tejmt djlg|gam| g| pfjm pj nj dgsjm ow jeatgam &rnmgl

a jn') wjt pj lnmmat |tar az|jisj|-

Pgii _a`j| amlj |tntjd) ’G pazid ntfj fnsj n jtzm ‖a‗

ew eamjw tfnm n jtzm ‖am‗ ew eamjw-― Pfjm pj jji rnm%

gl) pj tjmd ta jsjt ta tfj jjigm` a kz|t pnmtgm` ta rj|jsj

az eamjw gm tfj |fat zm) ntfj tfnm lamtgmzj ta aiiap

n pjii%lnjd rntf a n oninmljd rataiga a tfj iam` zm-

Tg| n||zej| tfnt waz fnsj n pjii%lnjd rntf) a n andenr

tfnt waz nj nltzniiw aiiapgm`- Ca pgtfazt tfg| andenr) gt

g| ezlf jn|gj ta niiap waz jeatgam| ta dgltntj tfj djlg|gam%

enhgm` j`ndgm` waz gmsj|tejmt a jtgjejmt rinmmgm`-

Nmatfj jvnerij a ijttgm` waz jeatgam| dgltntj waz

djlg|gam%enhgm` ralj|| g| pfnt G lnii tfj ’jn a zmmgm`

azt a eamjw― |wmdaej-  Enmw a tfj rjarij G fnsj |rahjm

ta noazt jtgjejmt rinmmgm` nj jnzi tfnt g tfjw |rjmd eamjw tadnw) tfjw pgii mat fnsj gt nsnginoij taeaap- Nmd 

tfg| jn a zmmgm` azt a eamjw ojlaej| tfj rgenw alj

ojfgmd pfnt waz da) a da mat da) gm waz jtgjejmt-

G waz nj jnzi a zmmgm` azt a eamjw) waz enw mat `a

am tfnt tgr waz fnd djnejd a- Waz enw lzt onlh am tfj

mzeoj a jsjmgm`| waz jnt azt pgtf gjmd| nt j|tnznmt|-

Waz lzt onlh am tfj neazmt a eamjw tfnt waz pjj `agm`

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 20/50

>:

ta `gsj ta waz hgd| a `nmdhgd|- Gm atfj pad|) waz jmd

zr mat rz|zgm` tfj jtgjejmt a waz djne| ozt zmmgm`

ae n jtgjejmt a waz jn|-

N| pj pgii tnih noazt intj gm tfg| oaah) tfj oj|t pnw taasjlaej tfj|j jn| g| ta fnsj n _jtgjejmt _andenr tfnt

lnm mat amiw enr azt pfjj waz nj |zrra|jd ta `a ozt ni|a

enhj n djtjegmntgam n| ta pfjtfj a mat waz nj am tnlh)

nmd tfjm enhj tfj mjlj||nw ndkz|tejmt| |a tfnt waz |tnw 

am tnlh- Tj jni ojmjt a n _jtgjejmt _andenr g| ta tnhj

tfj ew|tjw azt a tfj djlg|gam%enhgm` ralj|| nmd ta |tnt 

enhgm` tfa|j djlg|gam| on|jd am jni nlt) n| arra|jd ta ojgm` 

dgsjm ow tfj jeatgam| a jn a nmvgjtw-

Rinmmgm` Eg|tnhj|

Aztigsgm` Waz Eamjw

\jsjni wjn| n`a) ew eatfj `at jengjd- Fj mjp fz|%

onmd‗| rnjmt| pjj |tgii nigsj8 _a|j) pfa fnd ojlaej oigmd

tfjj wjn| rga) pn| 70 wjn| aid) nmd Kaj pn| >22- _a|j nmd

Kaj fnd igsjd gm tfj |nej faz|j a niea|t 0: wjn|) nmd amj

dnw Kaj djlgdjd ta ̀ a a n pnih- Zmatzmntjiw) Kaj lazid mat

`zj azt fap ta `jt onlh ta tfj faz|j- Tnt pn| pfjm tfjnegiw djlgdjd Kaj nmd _a|j |fazid jmtj n mz|gm` faej-

\a tfj negiw |jnlfjd a n mz|gm` faej tfnt pazid nl%

laeeadntj Kaj nmd _a|j‗| pg|f ta oj gm tfj |nej aae pgtf

|jrnntj ojd|-

Amj jmdjngm` rnt a tfg| |taw fnrrjmjd tfj sjw |t

mg`ft tfnt Kaj nmd _a|j pjj gm tfj mz|gm` faej8 _a|j

|ngd ta Kaj tfnt fj |fazid |tnw gm fg| apm ojd ojlnz|j tfj

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 21/50

>3

ojd| tfjw map fnd gm

tfj faej pjj |eniij

tfnm tfj ojd| tfjw fnd

gm tfjg apm faej-Fnsgm` ojjm engjd

a |a iam`) Kaj pn| mat

noazt ta |ijjr niamj

nmd kagmjd fg| pgj a

tfnt |t mg`ft gm tfj

faej-

Kaj nmd _a|j pjj

zmnoij ta nttjmd tfj nl%

tzni pjddgm` ljjea%

mw a ew eatfj nmd tfjg |am- \a nj tfj ljjeamw) noazt

n da{jm a z| dasj nm faz matf ta tfj mz|gm` faej ta

jjmnlt tfj pjddgm` ljjeamw a Kaj nmd _a|j- Ew dnz`f%

tj) pfa nt tfj tgej pn| noazt ><) |taad mjvt ta _a|j nmd dgd

n rinw%ow%rinw nmmazmljejmt a _a|j) |gmlj |fj pn| zmnoij

ta |jj) a tfj ljjeamw nt fnmd- Tjj pn|m‗t n dw jwj gm tfj

faz|j-

G tjii waz tfg| |taw mat ojlnz|j G pnmt waz ta hmap Kaj

nmd _a|j ozt ta `gsj waz nm gmdglntgam a |aejtfgm` tfnt waz

nijndw hmap; Pj nj igsgm` iam`j- Tj farj g| tfnt pj nj

mat amiw igsgm` iam`j) ozt tfnt pj nj igsgm` ojttj nmd eaj~znigtw igsj| n| pjii- Tj rnndg`e |fg g| tfnt pj ez|t map

rinm ta oj igsgm` gmta az 72|) zmij|| |aej gmdglntgam a raa

fjnitf |z``j|t| atfjpg|j-

Farjziiw) tfj `aad mjp| g| tfnt pj nj igsgm` iam`j nmd

nj ijndgm` ojttj igsj| nt intj n`j|) niiapgm` z| ta envg%

eg{j tfj kaw a tfj jtgjejmt kazmjw- Fapjsj) g waz enhj

ond n||zertgam| pfgij rzttgm` gm rinlj waz _jtgjejmt

RINMMGM@ EG\TNHJ\

° Aztigsgm` Waz Eamjw

 ° Mat Rinmmgm` a Gmcntgam

 ° Tnhgm` Azt Taa Ezlf Eamjw

 ° Mat Pahgm` pgtf n \rjlgnig|t

 ° Ojmjlgnw Cae|

 ° G_N _aiiasj Eg|tnhj|

 ° Fnsgm` Taa Enmw Nllazmt|

 ° Tfj Tnm|gtgam Gmta _jtgjejmt

 ° Mat Zmdj|tnmdgm` Tgej Cnej|

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 22/50

>0

_andenr nmd tfj|j n||zertgam| nj laerazmdjd asj n <2%

a <:%wjn rjgad) tfjm waz rinm g| mat ̀ agm` ta oj patf tfj

rnrj gt g| pgttjm am-

Amj a tfj og``j|t eg|tnhj| tfnt G md rjarij enhj pfjmdjnigm` pgtf tfj g||zj a iam`jsgtw g| tfnt tfj n||zertgam|

tfjw z|j pgtf tfj oagijrintj rinm| nsnginoij am tfj Gmtjmjt

a tfaz`f |aej a tfjg oahj| nj mat jjltgsj a jnigtw-

Tj raoije fjj g| tfnt pfjm waz laerazmd azt ond n|%

|zertgam| asj n iam` rjgad a tgej) tfj azmdntgam a tfj

rinm tfnt waz fnsj g| raa nt oj|t- Enmw tgej| rjarij gmrzt

tfj|j gmgtgni n||zertgam| ozt mjsj jsg|gt tfje gm |zo|j%

~zjmt wjn| ta enhj mjlj||nw ndkz|tejmt| ta tfj rinm- Tj

j|zit a tfg| g| tfnt tfj rinm ma iam`j jjlt| enhjt jnigtw)

tfj jlamaew a amj‗| apm igj-

N`ngm) tfj `aad mjp| g| tfnt pj lazid ratjmtgniiw igsj iam`%

j) ozt pj lnmmat z|j tadnw‗| n||zertgam| nmd jvrjlt tfnt

tfjw pgii jengm tfj |nej sj) >2 a ?: wjn| ae map- \a

tfa|j pfa nj `agm` ta rzt ta`jtfj tfjg apm _jtgjejmt

_andenr ez|t jejeoj ta enhj rarj n||zertgam| nmd

ta enhj ma ij|| tfnm nmmzni jsnizntgam| a pfjtfj a mat

tfjw nj |tgii am tfj g`ft tnlh a tfjg jtgjejmt-

Mat Rinmmgm` a Gmntgam

Amj a tfj og` eg|tnhj| G md rjarij enhj g| n||zegm` tfnt

pfntjsj g| fnrrjmgm` tadnw |fazid oj z|jd n| tfjg n||zer%

tgam a tfj mjvt V wjn| ta laej- Amj a tfa|j sngnoij| tfnt

g| z|jd pgtfgm rinmmgm` eadzij| g| gmntgam-

Fg|taglniiw) gmntgam fn| zm nt noazt n 4 ta 4-:* ntj rj

wjn- Fapjsj) tfj jljmt gmntgam mzeoj|) g waz ojigjsj

tfje) nj mjn tfj ? ta ?-:* ntj- \a g waz nj `agm` ta rzt gm

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 23/50

>6

rinlj n||zertgam| a waz jtgjejmt) nmd waz z|j tadnw‗|

gmntgam ntj nmd tfjm fnsj tfnt laerazmdjd a tfj dzn%

tgam a tfj rinm) waz rinm pgii oiap zr-

Pfjm G zm _jtgjejmt _andenr| a ligjmt|) G gmrzt tfjfg|taglni gmntgam ntj- Tg| ljntj| n en`gm a ja tfnt G

ne laeatnoij pgtf- G pazid ezlf ntfj fnsj eaj eamjw 

tfnm ij||- G G rzt gm nm gmntgam ntj tfnt g| fg`fj tfnm tfj

lzjmt ntj nmd enhj tfj ndkz|tejmt| nmmzniiw iaahgm` a%

pnd) tfjm G ozgid n eaj lam|jsntgsj rinm a ew ligjmt-

Ijt ej |fnj pgtf waz nm jvnerij a tfj twrj a raa rinm%

mgm` tfnt tfg| lazid lnz|j pfjm gmrzttgm` nmd laerazmdgm`

tfj pam` gmntgam ntj-

Ijt‗| |nw) a jvnerij) tfj gmgtgni rinm gmdglntj| tfnt tfj

ligjmt mjjd| $>22)222 nmmzniiw gm adj ta nllaerig|f tfjg

jtgjejmt aokjltgsj|- G pj rzt gm rinlj n ?-:* gmntgam ntj

nmd laerazmd tfnt asj tfj mjvt ?: wjn|) tfj $>22)222

mjjd ojlaej| n $>6:)222 mjjd gm ?: wjn|- G) fapjsj) pj

rzt gm n 4* gmntgam ntj nmd laerazmd tfnt asj tfj |nej

tgejnej) tfnt mjjd `ap| ta $?33)222 rj wjn-

Tjj g| n |zo|tnmtgni dgjjmlj gm rinmmgm` a tfa|j tpa

ztzj mzeoj|- G pazid ntfj |aisj a tfj $?33)222 mjjd

gm ?: wjn|) nmd ratjmtgniiw oj |fat a tfnt `ani g mjlj||nw)

 sj|z| |aisgm` a tfj $>6:)222 mjjd nmd ojgm` |fat a tfnt  

`ani-Amj a ew rn||gam| g| `ai) nmd G fnsj fjnd enmw tgej|

tfnt nm nentjz `aij pgii n||zej fj a |fj pgii fgt tfj rj%

jlt |fat pgtf n ngpnw gam- Tg| n||zertgam g| z|zniiw gm%

lajlt8 pj da mat fgt tfj rjjlt |fat nmd tfjjaj z|zniiw 

nii |fat a tfj gmtjmdjd tn`jt- Tg| tfaz`ft ralj||) G md)

g| tfj |nej a tfa|j pfa rinm a jtgjejmt-

Tjw n||zej tfnt jsjwtfgm` pgii pah rjjltiw nmd rzt gm

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 24/50

>7

rinlj n rinm tfnt fn| ma en`gm a ja- Tj `aij |fazid

tnhj amj jvtn lizo nmd tfj rinmmj |fazid oj rzttgm` gm n|%

|zertgam| tfnt nj kz|t n igttij fg`fj) a ogm` en`gm a

ja gmta tfj rinm-

 Tnhgm` Azt Taa Ezlf Eamjw

Nmatfj laeeam eg|tnhj G fnsj azmd tfnt rjarij enhj)

nmd tfg| nrrigj| ta oatf da%gt%waz|jij| nmd taa enmw a ew 

rjj| gm tfg| gmdz|tw) g| ta tnhj azt taa ezlf gmlaej ae

tfjg gmsj|tejmt rataiga|-

\jsjni wjn| n`a) G pn| tnihgm` ta n ra|rjltgsj ligjmt pfa

ejmtgamjd tfnt fj fnd kz|t fnd n rinm damj tfaz`f n pjii%

hmapm Oa|tam e- Fj jvringmjd tfnt fj ̀ nsj tfj ndsg|j nii

a fg| gmaentgam) mjjd|) aokjltgsj| nmd ̀ ani| gm nm jat ta

`jmjntj n rinm tfnt pn| jjltgsj a nm gmsj|tejmt rataiga

a fg| zrlaegm` jtgjejmt-

Tg| ra|rjltgsj ligjmt pn| tfgiijd tfnt fj pn| `agm` ta oj

noij ta nllaerig|f fg| jtgjejmt aokjltgsj| ojlnz|j tfj rinm

gmdglntjd tfnt fj pazid `jt n 0* gmlaej ae tfj rataiga)

jmaz`f ta ijnd fg| dj|gjd igj|twij- Tg| rinm pn| mat jjl%

tgsj a pfnt pj pazid lnii rzdjmt rinmmgm`-

Lzjmt |tzdgj| gmdglntj tfnt n pgtfdnpni ntj a nrravg%

entjiw 4* g| tfj envgeze neazmt amj |fazid tnhj ae tfjrataiga g amj‗| `ani g| mat amiw ta ljntj nm gmlaej |tjne

ozt ni|a ta rj|jsj tfj n||jt on|j- \a pfjm tfg| gmdgsgdzni

|tntjd fj pn| `agm` ta tnhj 0* gmlaej ae tfj rataiga)

pfnt fj dgd mat jnig{j pn| tfjj pn| `agm` ta oj n tndj%

a — fg| gmlaej pazid in|t a n rjgad a tgej nmd fj pazid

tfjm zm azt a eamjw-

Amj a tfj eg|tnhj| G md pfjm tnihgm` pgtf rjarij g| tfnt

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 25/50

?2

tfjw lamz|j tfj lamljrt a tnhgm` gmlaej pgtf tfj lamljrt

a n |talh a eztzni zmd `jmjntgm` n dgsgdjmd a gt| |fnj%

faidj|- \a ijt ej tnhj n eaejmt ta |fnj pgtf waz fap ta

rarjiw tfgmh noazt fap ta tnhj gmlaej ae n rataiga-Gmsj|tejmt sjfglij|) ighj |talh|) oamd| a eztzni zmd|)

lnm fnsj pfnt g| lniijd n ’tatni jtzm-― Tg| jtzm g| endj

zr a gmlaej) ajmtgej| tfj wgjid a dgsgdjmd radzljd riz|

nmw lnrgtni nrrjlgntgam tfnt enw oj jnmjd ow tfj rntglzin

gmsj|tejmt- Ca tfg| dg|lz||gam) G pgii hjjr gt |gerij nmd mat

paw noazt pfjtfj tfj nllazmt g| tnvnoij a mamtnvnoij-

ndgtgamniiw) pfjm gmdgsgdzni| tfgmh a gmlaej) tfjw 

tfgmh a tfj dgsgdjmd a tfj wgjid tfnt g| `jmjntjd ow tfj gm%

 sj|tejmt- Ca rinmmgm` rzra|j|) pj ajm tfgmh a gmlaej

gm n igttij ogt a n dgjjmt pnw-

\a ijt‗| easj zr ta <2)222 jjt nmd tnhj n iaah nt n fwra%

tfjtglni rinmmgm` |ljmnga- Pj pgii n||zej tfnt tfj ligjmt

mjjd| $>22)222 a gmlaej ta nllaerig|f fj jtgjejmt

`ani|) nmd |fj fn| rjm|gam nmd \algni \jlzgtw gmlaej a 

$02)222 rj wjn- Tg| ijnsj| fj $<2)222 |fat) ejnmgm` tfnt

tfj gmsj|tejmt rataiga mjjd| ta tfap a $<2)222 patf

a gmlaej- Pj pgii n||zej a tfg| rzra|j tfnt tfjj g| $>

egiigam gm tfj gmsj|tejmt rataiga8 tfjjaj) tfg| rataiga

mjjd| ta dg|tgoztj <* a tfj n||jt| gm adj ta nllaerig|f

tfj dj|gjd `ani-Cae n rinmmgm` rj|rjltgsj) G da mat lnj pfjtfj tfj <*

laej| ae dgsgdjmd| a lnrgtni nrrjlgntgam- Az `ani g|

ta `jmjntj $<2)222) nmd gt g| mat n lamljm &n`ngm) g`magm`

tnvj|' fap gt g| `jmjntjd-

N||zegm` tfj ligjmt mjjd| ta `jmjntj <* gmlaej nmd tfnt

pj nj fnsgm` ta asjlaej n 4* gmntgam ntj iaahgm` a%

pnd) tfj rataiga mjjd| ta fnsj n tatni jtzm) a rinmmgm`

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 26/50

?>

rzra|j|) a 0*- G tfj rataiga lnm `jmjntj n 0* iam`%tje

tatni jtzm) pj pgii oj noij ta `jmjntj tfj <* gmlaej map

nmd ni|a nllazmt a tfj gernlt a gmntgam) nmmzniiw) iaah%

gm` apnd- &G ne mat |z``j|tgm` fjj tfnt n 0* tatni jtzm|fazid oj jvrjltjd a g| fg|taglniiw nllzntj8 G ne kz|t z|gm`

gt fwratfjtglniiw ta |fap fap ta tfgmh noazt tatni jtzm nmd

fap ta pgtfdnp eamjw ae amj‗| gmsj|tejmt|-'

Mat Pahgm` pgtf n \rjlgnig|t

Pj nj oij||jd) gm tfj Oa|tam njn) ta fnsj |aej a tfj oj|t

ejdglni lnj nsnginoij gm tfj mntgam- Niam` pgtf fnsgm` |aej

a tfj oj|t lnj) pj fnsj |aej a tfj oj|t nmd ea|t matjd

jvrjt| ta fjir z| azt pfjm gt laej| ta |rjlgl ngiejmt|- \a

pfjm G fnsj n raoije pgtf ew |fazidj n| n j|zit a rinw%

gm` enmw wjn| a tjmmg|) G |jjh azt n ejdglni raj||gamni

pfa fn| djnit pgtf mat amiw |fazidj g||zj|) ozt |fazidj

g||zj| |rjlgl ta tfa|j pfa fnsj rinwjd |rat|-

G lazid `a ta n `jmjni rnltgtgamj pfa fn| wjn| a jvrjg%

jmlj gm tfj ejdglni raj||gam nmd g| pjii%sj|jd gm nii a tfj

intj|t jejdgj|- Fj enw oj |aejamj pfa g| pjii j|rjltjd

nmd fg`fiw j`ndjd) ozt g| mat nm jvrjt pfjm gt laej| ta

|fazidj g||zj| a tfa|j pfa rinwjd tjmmg|- Tg| daj| mat

ejnm tfnt fj g| mat `aad nt fg| ln8 gt kz|t ejnm| tfnt tfg|raj||gamni g| mat tfj rarj raj||gamni a ew |rjlgl

mjjd|-

Tg| nmnia`w faid| tzj pfjm |jjhgm` azt n raj||gamni

ta fjir `zgdj waz tfaz`f waz jtgjejmt rinmmgm`- &Gm

Lfnrtj :) pj pgii jvriaj gm ezlf eaj djtngi pfnt ta iaah 

a pfjm iaahgm` a n |rjlgnig|t- Ew aokjltgsj fjj g| ta

arjm waz jwj| |a tfnt waz nj npnj tfnt tfjj nj nltzniiw 

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 27/50

??

jtgjejmt rinmmgm` |rjlgnig|t|-'

N |tzdw pn| damj |jsjni wjn| n`a ow n pjii%mnejd ez%

tzni zmd laernmw- Tj aokjltgsj pn| ta md azt fap gmdg%

 sgdzni| |az`ft ndsglj a tfjg rinmmgm` mjjd| nmd fap tfjw endj djlg|gam| dzgm` tfjg pahgm` wjn|- N| rnt a tfj

|tzdw) tfj gmdgsgdzni| |zsjwjd pjj n|hjd ~zj|tgam| noazt

rinmmgm` a jtgjejmt nmd fap tfjg ojfnsga enw fnsj

lfnm`jd) niam` pgtf tfjg djlg|gam| noazt tfjg mnmlgni nd%

 sg|j|) n| tfjw `at lia|j ta tfj nltzni dntj a jtgjejmt-

Tj lamliz|gam a tfg| |tzdw pn| tfnt dzgm` tfjg pahgm`

wjn| tfj nsjn`j lazrij jm`n`j| ?µ mnmlgni ndsg|j|- Tj|j

ndsg|j| lazid oj djmjd n| oahj|) igj gm|znmlj n`jmt| a

nmwamj ji|j ajgm` mnmlgni ndsglj- Fapjsj) n| tfj lazrij

nrranlfjd jtgjejmt) tfjw jit tfj mjjd ta `jt ndsglj ae

 kz|t amj ’`a ta― mnmlgni ndsg|a pfa |rjlgnig{jd gm tfj j%

tgjejmt ralj||-

Gt g| geratnmt ae n lam|zej‗| rj|rjltgsj ta zmdj%

|tnmd fap mnmlgni ndsg|a| nj tngmjd nmd jdzlntjd- Tjj

nj enmw dgjjmt twrj| a ndsg|a|) |aej a pfae nj `jm%

jnig|t| nmd atfj| nj |rjlgnig|t|- a zmdj|tnmd tfg| ojttj) G

|fnj pgtf waz ew and asj tfj rn|t ?: wjn| a `ngmgm` tfj

hmapijd`j) jdzlntgam nmd tngmgm` tfnt G mjjdjd niam` tfj

rntf ta ojlaegm` n jtgjejmt rinmmgm` |rjlgnig|t-

Ca enmw pfa jmtj az gmdz|tw) gt g| geratnmt ta md nma`nmg{ntgam tfnt pgii rasgdj oand tngmgm` nmd n tnlh ta

zm am gm nm jat ta fjir z| `ngm tfj jvrjgjmlj nmd jvrj%

tg|j mjjdjd ta djni pgtf tfj rzoigl- Ew sjw |t jvrjgjmlj

gm tfj mnmlgni rinmmgm` gmdz|tw pn| tfaz`f Eztzni a 

Mjp Wah igj gm|znmlj- pjmtw%sj wjn| n`a) tfj igj gm%

|znmlj gmdz|tw tnz`ft tfj sjw on|gl| a mnmlgni rinmmgm`

nmd fap ta enhjt waz |jsglj| nmd `a `jt oz|gmj||-

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 28/50

?<

Tj tgej G |rjmt pgtf Eztzni a Mjp Wah pn| patfpfgij

ojlnz|j gt `nsj ej nm zmdj|tnmdgm` a mnmlgni rinmmgm`

>2>- Ca tfnt G pgii oj ajsj `ntjzi- Ozt n| Fnw Lfnrgm

amlj patj noazt n igttij tapm gm zr|tntj Mjp Wah) fj ’jitfj |rjmt n pjjh tfjj amj dnw-― G |at a jit tfj |nej pnw 

noazt ew tgej gm tfj igj gm|znmlj gmdz|tw- Tjj pjj lj%

tngmiw |aej ojmjt| ta ijnmgm` tfj `n||aat| a mnmlgni

rinmmgm`) ozt G dgd mat |jj |jiigm` igj gm|znmlj n| tfj pnw G

pg|fjd ta ztfj ew lnjj n| n mnmlgni rinmmj-

G tfjm djlgdjd ta easj azt am ew apm) nmd |fnj aclj

|rnlj pgtf tfjj atfj mnmlgni rinmmj|- Tj djlg|gam ta `a

azt am ew apm g`ft azt a tfj ̀ ntj pn| oatf tfj oj|t nmd tfj

pa|t lnjj djlg|gam tfnt G fnsj endj- Ca pgtfazt n tnlh 

ta zm am) pgtfazt `zgdnmlj ae nm a`nmg{ntgam) G pn| ij

nii am ew apm ta ijnm nii a tfj laerijvgtgj|) mat amiw a tfj

mnmlgni rinmmgm` raj||gam) ozt ni|a a ozgidgm` n oz|gmj||

n| n |aij rargjta- Tj|j pjj tfj taz`fj|t tgej|) wjt n| n

j|zit a tfg| lnjj rntf djlg|gam) tfjw ljtngmiw fjirjd ej

ojlaej pfnt G ne tadnw-

\tntgm` azt am ew apm) G ijnmjd fap ta ojlaej n %

mnmlgni rinmmgm` `jmjnig|t- G ojlnej hmapijd`jnoij gm tfj

enmw n|rjlt| a mnmlgni rinmmgm`) gmlizdgm` igj gm|znmlj)

gmsj|tejmt|) tnvj|) j|tntj rinmmgm` nmd ezlf eaj- Noazt

|jsjm wjn| nj G endj tfj djlg|gam ta `a azt am ew apm)G |tjrrjd onlh amj dnw ta jsnizntj pfjj G pn| nmd pfjj

G pazid ighj ta `a- Pfnt G jnig{jd pn| tfnt tfj mzeoj

amj lamljm a enmw a ew ligjmt| pn| tfj g||zj a jtgj%

ejmt) nmd tfnt G fnd djsjiarjd |aej a tfj gm|g`ft mjlj|%

|nw ta |tnt ew pnw tapnd ojlaegm` n jtgjejmt rinmmgm`

|rjlgnig|t-

Enmw a ew rjj| |tnwjd tfj laz|j n| jgtfj igj gm|znmlj

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 29/50

?4

n`jmt| a mnmlgni rinmmgm` |rjlgnig|t|) nmd fnsj damj sjw 

pjii a tfje|jisj|- G ne `ind tfnt G fnsj tnhjm tfj and ta

ojlaegm` n jtgjejmt rinmmgm` |rjlgnig|t) ojlnz|j gt fn|

ojjm sjw jpndgm`) oatf rj|amniiw nmd raj||gamniiw) tapah pgtf tfj ligjmt| a ew e a asj ?2 wjn|-

G |fnj tfj |taw a tfj kazmjw a ew raj||gamni djsji%

arejmt ojlnz|j G tfgmh gt g| geratnmt ta jla`mg{j tfnt

tfjj nj enmw `aad raj||gamni| azt tfjj- N| waz djlgdj

ta pah pgtf n mnmlgni raj||gamni) waz pgii mjjd ta djtj%

egmj pfnt tfj oj|t t g| a waz nmd waz negiw &eaj am

tfg| gm Lfnrtj :'-

 N| n jtgjejmt |rjlgnig|t) amj a tfj ea|t j~zjmtiw n|hjd 

~zj|tgam| ow tfa|j noazt ta jtgj g| ’Pfjm G jtgj) fap pgii G 

 `jt tfj gmlaej G pgii mjjd1― 

Tjj nj tpa dg|tgmlt rfn|j| a mnmlgni rinmmgm`- Tj

|t g| tfj nllzezintgam |tn`j- wrglniiw) dzgm` waz pah%

gm` wjn|) waz `ani g| ta nllzezintj tfj in`j|t jtgjejmt

mj|t j`` ra||goij |a tfnt waz enw fnsj tfj arratzmgtw ta

jtgj pgtf tfj igj|twij waz dj|gj- Fapjsj) pfjm waz |tnt

ta tnm|gtgam gmta jtgjejmt) waz map jmtj tfj dg|tgoztgam

|tn`j- Tg| |tn`j alz|j| am ra|gtgamgm` tfj rataiga |a tfnt

waz lnm `jmjntj tfj gmlaej waz mjjd gm tfj ea|t tnv%jc%

lgjmt enmmj a jtgjejmt map) nmd intj-

Gm nddgtgam ta tfg| lfnm`j a rj|rjltgsj) tfj lamsj|ntgam|lfnm`j n| pjii- Dzgm` tfj nllzezintgam |tn`j) tfj rgenw 

alz| g| am rzttgm` n| ezlf eamjw npnw n| ra||goij |a waz

lnm nlfgjsj tfj fg`fj|t snizj ra||goij- Tj targl a eamjw 

enmn`jejmt g| ajm tfj rgenw alz| a tfj lamsj|ntgam|

pgtf waz oahj- Amlj waz |tnt ta easj gmta tfj dg|tgoz%

tgam |tn`j) tfj g||zj a eamjw enmn`jejmt ojlaej| amiw 

amj a enmw geratnmt targl| ta oj dg|lz||jd pgtf waz

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 30/50

?:

jtgjejmt rinmmj- Gt g| tfj nogigtw ta laadgmntj nmd |wml zr

nii a tfj sngaz| g||zj|) gmlizdgm` ozt mat igegtjd ta gmlaej

`jmjntgam) j|tntj rinmmgm`) tnv jclgjmlgj|) rj|jsntgam a 

n||jt|) nmd eamjw enmn`jejmt) tfnt enhj tfj dg|tgoztgam|tn`j n eaj alz|jd nmd laerijv njn pgtfgm tfj paid a 

mnmlgni rinmmgm`-

\a G ojigjsj tfnt n| geratnmt n| gt pn| a ej ta md n

|fazidj |rjlgnig|t gm adj ta `jt tfj g`ft tjntejmt) gt g|

geratnmt a waz ta nig`m waz|ji pgtf n |rjlgnig|t pfa lnm

djni pgtf waz rntglzin mnmlgni g||zj|-

Ojmjclgnw Cae|

\jsjni wjn| n`a) G pn| tnihgm` ta n ra|rjltgsj ligjmt pfa

pn| noazt ta jtgj ae @J- Kaj pnihjd gmta ew aclj pgtf

nii a tfj rnrjpah pj fnd n|hjd fge ta ogm` gm a tfj

gmtjsgjp- Pj raljjdjd ta jsgjp fg| `ani| nmd aokjltgsj|

a fg| zrlaegm` jtgjejmt- Noazt <2 egmztj| gmta tfj gm%

tjsgjp) G taid Kaj tfnt jsjm g G lazid `jt fge tfj jtzm| fj

pn| iaahgm` a) fg| jmtgj jtgjejmt rinm pn| `agm` ta `a

zr gm |eahj-

Amj a fg| `ani| pn| ta ijnsj fg| jtgjejmt mj|t j`` ta fg|

tpa lfgidjm- Fapjsj) n| G jsgjpjd tfj dalzejmt|) G ma%

tgljd tfnt tfj ojmjlgnw a fg| 42>&h' rinm pn| fg| jv%pgj-Tj dgsalj fnd allzjd asj ?: wjn| n`a) wjt Kaj mjsj

pjmt onlh nmd zrdntjd tfj ojmjlgnw ae- G |jj tfg| eg|%

tnhj ajm) nmd gt g| n zmdnejmtni jn|am pfw |a enmw rinm|

nj `agm` ta ngi-

G lnmmat tjii waz fap enmw tgej| G fnsj |jjm n mnej

tfnt |fazid mat oj am tfj ojmjlgnw ae) jgtfj ojlnz|j

Nzmt Eaiiw rn||jd npnw >? wjn| n`a a ojlnz|j tfjj pn| n

 Waz lnm md n

ojmjlgnw jsgjp

pah|fjjt am

az pjo|gtj &|jj

gmtadzltgam a

djtngi|'-

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 31/50

?3

dgsalj- _j`ndij|| a tfj lnz|j) tfj aokjltgsj| a tfj rinm%

mgm` nj ma iam`j rarjiw jjltjd gm tfj dalzejmt| mjl%

j||nw ta dg|tgoztj tfj n||jt|- G ojigjsj gmlajlt ojmjlgnw

 ae| nj amj a tfj og``j|t jn|am| gmdgsgdzni| pgii mat nl%laerig|f tfjg asjnii jtgjejmt `ani|-

Ajmtgej| waz dam‗t jsjm hmap pfnt waz dam‗t hmap-

Gm tfg| ln|j) mat zmdj|tnmdgm` tfj gernlt a nm gmlajlt

ojmjlgnw dj|g`mntgam ae pgii oj tfj dapmnii ae n

rinmmgm` rj|rjltgsj- Zr%ta%dntj nmd nllzntj ojmjlgnw 

dj|g`mntgam ae| pgii fjir waz nsagd tfg| eg|tnhj) n| pjii n|

rzt gm rinlj tfj ratjmtgni a envgeg{gm` tfj snizj a nm G_N

tfaz`f pfnt g| lniijd n \tjtlf G_N dj|g`mntgam-

Tj G_\ niiap| waz ta dg|tgoztj gmlaej ta waz |zsgsgm`

|raz|j nmd tfj mjvt tpa `jmjntgam|- Pfjm damj rarjiw)

tfjj g| tfj ratjmtgni a tzmgm` n $>22)222 G_N gmta n $> egi%

igam |tjne a gmlaej ta waz fjg|- Ozt pgtfazt dj|g`mntgm`

tfj rarj ojmjlgngj|) waz pgii mat oj noij ta ztgig{j tfj

\tjtlf G_N lamljrt amlj waz nj `amj-

Ow rarjiw laadgmntgm` waz gmsj|tejmt |tntj`gj| pgtf

waz j|tntj rinmmgm` dj|gj|) tfj \tjtlf G_N lnm ojlaej amj

a tfj ea|t rapjzi taai| pfjm gm|tgtztgm` waz _jtgjejmt

_andenr-

G_N _aiiasj Eg|tnhj|

Gm ew ?: wjn| a jvrjgjmlj) amj a tfj rinmmgm` njn|

pfjj G fnsj |jjm enmw eg|tnhj| endj) nmd enmw a tfje

 sjw la|tiw) g| pgtf tfj aiiasj a nm G_N- Fjj g| kz|t amj

jvnerij a fap la|tiw n eg|tnhj lazid oj g tfj rinmmgm` g|

damj gmlajltiw-

Mam%|raz|ni G_N aiiasj|) djmjd n| aiiasj| ta amj pfa

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 32/50

?0

g| mat n |raz|j) fnsj ojlaej n engm |azlj a lamz|gam a

oatf gmdgsgdzni| nmd |aej a tfjg mnmlgni ndsg|a|- \jsjni

wjn| n`a) n ra|rjltgsj ligjmt lnej ta ej nj fnsgm` j%

ljgsjd ndsglj ae n ialni onmh‗| mnmlgni rinmmgm` dgsg|gam-Catzmntjiw a tfg| rj|am) |fj dgd mat laerijtjiw tz|t tfj

gmaentgam tfnt |fj fnd kz|t jljgsjd nmd djlgdjd ta laej

ta ej a n |jlamd argmgam- Tg| |jlamd argmgam jmdjd zr

|nsgm` fj niea|t $?:2)222-

Tj |gtzntgam gmsaisjd nm G_N |fj fnd gmfjgtjd ae fj

ntfj) pfa fnd jljmtiw rn||jd npnw- Tj G_N pn| patf

niea|t $322)222) nmd |fj pn| tfj |aij ojmjlgnw a tfj nl%

lazmt- Tj ndsglj tfnt |fj fnd jljgsjd ae tfj onmh‗| nd%

 sg|a pn| ta |jt zr n aiiasj G_N nllazmt gm fj mnej) nmd

fnsj n lfjlh ae tfj aid nllazmt oj |jmt dgjltiw ta fj |a

tfnt |fj lazid ogm` tfj lfjlh gmta tfj onmh ta djra|gt gm tfj

mjp G_N-

Tjj pjj tpa `ingm` eg|tnhj| tfnt tfj onmh‗| ndsg|a

fnd endj- Cg|t) n mam%|raz|ni aiiasj lnm amiw oj tnm|%

nltjd pgtf n tz|tjj%ta%tz|tjj tnm|j- G tfg| gmdgsgdzni fnd

nltzniiw jvjlztjd tfj j~zj|t a tfj ’lfjlh)― tfj tnm|nltgam

pazid fnsj gm|tnmtiw nmd gjlamlginoiw ojjm djjejd n zii

dg|tgoztgam ae tfj G_N nmd tfjjaj ziiw tnvnoij- Tj

amiw pnw ta enhj n ’tnm|j― a n mam%|raz|ni G_N aii%

asj g| pgtf n tz|tjj%ta%tz|tjj tnm|j) pfglf ow djmgtgamejnm| ma ’lfjlh― g| mjjdjd- Gt g| nltzniiw kz|t n pgj tnm|j

ae amj nllazmt ta tfj atfj-

Tj |jlamd ja endj ow tfj onmh ndsg|a pn| tfnt |fj

pn| gm|tzltjd ta arjm fj apm G_N aiiasj nllazmt- Gt g|

geratnmt pfjm dagm` aiiasj| ta tgtij tfj nllazmt rar%

jiw) nmd gm tfg| gm|tnmlj tfj mjp nllazmt fnd ta oj dj|g`%

mntjd n| n ojmjlgnw a ODN aiiasj- Pgtfazt tfj rarj

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 33/50

?6

dj|g`mntgam) tfj aiiasj) ow G_\ j`zintgam|) g| mat lajlt

nmd lazid oj |zokjlt ta |zo|tnmtgni tnvj|-

Nmatfj ja tfnt g| endj pgtf mam%|raz|ni aiiasj| g|

tfj inlh a zmdj|tnmdgm` tfnt tfj ojmjlgnw) gm tfg| ln|jtfj jlgrgjmt a tfj G_N) ez|t gmgtgntj j~zgjd dg|tgoztgam|

nlladgm` ta tfj G_\ nltzngni tnoij| &a jvfnz|t tfj oninmlj

pgtfgm : wjn|'- a enhj enttj| eaj lamz|gm`) tfj ijsji a 

dg|tgoztgam| pgii oj dgjjmt djrjmdgm` zram tfj djljdjmt‗|

n`j nt rn||gm` nmd pfjtfj fj!|fj fnd nijndw oj`zm ta tnhj

azt tfjg j~zgjd egmgeze dg|tgoztgam|-

Tj ij||am fjj g| tfnt waz |fazid oj dazoij%lfjlhgm` tfj

ndsglj waz jljgsj j`ndgm` aiiasj| pgtf n |rjlgnig|t- N eg|%

tnhj gm rinmmgm` lazid ratjmtgniiw la|t waz n iat a eamjw-

Fnsgm` Taa Enmw Nllazmt|

Taz`fazt igj‗| kazmjw) pj tjmd ta nllzezintj tfgm`|) nmd

tfg| faid| tzj pfjm gt laej| ta nllzezintgm` eamjw- G fnd

n ligjmt jljmtiw pfa lnej gm pgtf ma jpj tfnm >: dgj%

jmt nllazmt|- Fj fnd kagmt nllazmt| gm tfjj dgjjmt onmh|)

tnvnoij gmsj|tejmt nllazmt| pgtf tpa dgjjmt gmsj|tejmt

laernmgj|) nmmzgtgj| pgtf tfjj dgjjmt gm|znmlj laern%

mgj|) nmd tfjj dgjjmt G_N| pgtf tpa dgjjmt mnmlgni

ndsg|a|-Tjj nj |jsjni g||zj|) ae n rinmmgm` rj|rjltgsj) pgtf

fnsgm` taa enmw nllazmt|- Tj |t g||zj g| tfnt tfjj nj |a

enmw |tntjejmt| pgtf |a ezlf rnrjpah laegm` gm |a j%

~zjmtiw tfnt) eaj ajm tfnm mat) waz mjsj tziw hmap pfnt

jvnltiw gt g| tfnt waz apm- Pgtf |a ezlf rnrjpah) enmw 

rjarij nltzniiw jji azt a lamtai- Tjw |at a ozw tfjg

fjnd| gm tfj |nmd nmd farj gt pgii nii en`glniiw `jt damj-

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 34/50

?7

Tj |jlamd g||zj g| g waz dam‗t jniiw hmap jsjwtfgm` tfnt

waz apm) fap lnm waz rarjiw rzt ta`jtfj nm gmsj|tejmt

rataiga tfnt g| pjii dgsj|gjd1 Pfjm pj |tntjd ta laergij

nmd laadgmntj nii a tfj dgjjmt nllazmt|) tfj ligjmt hjrtlaegm` zr pgtf eaj rnrjpah a eaj nllazmt|) jsjni%

gm` eaj nmd eaj zmd| tfnt tfjw apmjd nmd fnd mat nl%

lazmtjd a ag`gmniiw- Gt pn| niea|t gera||goij ta rzt ta%

`jtfj n laadgmntjd nmd pjii%oninmljd gmsj|tejmt rataiga-

Tj tfgd g||zj g| tnv jclgjmlw- G waz lnmmat `jt n fnmdij

am jvnltiw fap tfj gmlaej g| laegm` gm) ojlnz|j waz dam‗t

hmap nii a tfj nllazmt| tfnt waz fnsj) fap da waz tnhj lam%

tai a tfj ’gmlaej nzljt1― Amlj waz jmtj gmta jtgjejmt)

mat amiw da waz mjjd ta `jmjntj gmlaej ozt waz mjjd ta

`jmjntj gt tnv%jclgjmtiw- Tj ’gmlaej nzljt― jj| ta tfj

nogigtw ta tzm am nmd a tfj gmlaej pfjm waz mjjd gt- G 

waz nj zmnpnj a nii a tfj nllazmt| waz apm) nmd tfj amiw 

nllazmtgm` a tfj gmlaej g| pfjm waz ogm` nii a tfj rnrj%

pah ta waz nllazmtnmt) tfjm waz nj raonoiw rnwgm` eaj

tnvj| tfnm waz |fazid-

N aztf g||zj g| g tfj rnrjpah g| taa asjpfjiegm` nmd

waz da mat iaah nt laj|ramdjmlj gm n tgejiw n|fgam) waz

nj raonoiw zmnpnj a zrdntj| ta rataiga|) eamjw enm%

n`j zrdntj| nmd mjp radzlt jmfnmljejmt| tfnt lazid ra%

tjmtgniiw fjir waz nllaerig|f waz jtgjejmt `ani|-Cgmniiw) pfjm waz `jt ta tfj n`j pfjm waz nj j~zgjd ta

tnhj egmgeze dg|tgoztgam| ae waz G_N|) wjt waz nj

mat |zj pfjj nii a tfj G_N| nj) tfjm waz enw oj |zokjlt%

gm` waz|ji ta amj a tfj G_\‗| fjgj|t rjmnitgj|- Tj rjm%

nitw a mat tnhgm` azt jmaz`f pfjm waz nj ojwamd tfj n`j

a 02µ g| :2* a tfj neazmt tfnt |fazid fnsj ojjm tnhjm

azt- Jnlf lz|tadgnm a waz G_N g| enmdntjd ta |jmd waz

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 35/50

<2

laj|ramdjmlj gmdglntgm` fap ezlf eamjw |fazid oj dg|%

tgoztjd ae tfj G_N nllazmt jnlf wjn- G waz fnsj |gv a

jg`ft dgjjmt G_N nllazmt|) waz nj `agm` ta oj `jttgm` |gv

a jg`ft lz|tadgni ijttj| jsjw |gm`ij wjn- Pfw mat lam|aig%dntj tfg| |a waz dam‗t `jt eaj tfnm tpa a tfjj a tfj|j ijt%

tj|) jeasgm` |aej a tfj lamz|gam pgtf j`nd ta j~zgjd

egmgeze dg|tgoztgam|1

G ojigjsj gm tfj HG\\ tfjaw) pfjjow |gerij g| ojttj- Ow

lam|aigdntgm` nllazmt| pfjj ra||goij) waz `ngm eaj lamtai 

asj tfj gmsj|tejmt| nmd tfj gmaentgam ap) pfglf |fazid 

fjir waz `ngm eaj lamtai pgtf waz jtgjejmt rinmmgm`-

 Tfj Tnm|gtgam Gmta _jtgjejmt

Cae n rinmmgm` rj|rjltgsj) G tfgmh gt g| geratnmt ta nd%

dj|| pfnt waz pgii oj dagm` gm jtgjejmt- Pj fnsj tnihjd

|a n noazt pfnt waz eamjw pgii oj dagm` pfjm waz jtgj8

fapjsj) amj a tfj og``j|t eg|tnhj| G md rjarij enhj g|

mat tfgmhgm` tfaz`f pfnt tfjg jtgjejmt pgii iaah ighj-

Pj `a ta pah a enmw dgjjmt jn|am|- Gt g| mat kz|t tfj

rnwlfjlh- Pah rasgdj| z| pgtf n jn|am ta `jt zr gm tfj

eamgm`) n rinlj ta `a) gmtjnltgam pgtf atfj rjarij) n |jm|j

a nlfgjsjejmt a rzra|j) nmd ezlf eaj- \a pfjm waz

ijnsj tfj pahalj) waz pgii oj ijnsgm` enmw a waz gjmd|nmd n og` rnt a pfnt fnd djmjd waz a enmw wjn|- Gt g|

lzlgni ta tfj |zllj|| a waz kazmjw gmta jtgjejmt tfnt

waz |tjr onlh) ojaj waz jtgj) ta zmdj|tnmd pfnt waz j%

tgjejmt pgii iaah ighj-

Ajmtgej| pfjm pj tnih ta n fz|onmd noazt fg| jtgj%

ejmt) fg| pgj pgii `a a nmd `ngm jeriawejmt &g |fj pn|

mat nijndw jeriawjd' ojlnz|j |fj jniiw daj|m‗t pnmt ta |jj

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 36/50

<>

fge a tfa|j jvtn 42 ta :2 faz| jsjw pahpjjh- \gt dapm

pgtf waz |raz|j nmd!a negiw nmd fnsj n iam` lamsj|ntgam

noazt pfnt waz pg|f ta nllaerig|f amlj waz ijnsj tfj pah%

alj- Pfnt rn||gam| da waz fnsj1 Pfnt faoogj| pgii wazjvriaj1 Nj tfjj `nmdhgd| tfnt waz pgii oj onow|gttgm` a

&tfg| fnrrjm| ta oj tfj nsagtj faoow a amj a ew ligjmt|'1

Waz |fazid tnhj am tfg| tn|h nt ijn|t amj wjn ojaj waz jv%

rjlt ta jtgj- Aosgaz|iw) g waz fnsj ojjm jtgjd gmsaizmtn%

giw) waz pgii oj zmnoij ta zmdj`a tfg| tn|h ojaj jtgjejmt8

fapjsj) gt g| |tgii geratnmt ta rarjiw rinm jtgjejmt kz|t

n| waz pazid fnsj g waz fnd tfj artgam ta jtgj saizmtngiw-

Tj jtgjejmt kazmjw g| dgsjm ow enmw nlta|) mat tfj

ijn|t a pfglf g| tfj jlamaegl|- Fapjsj) enmw a ew ligjmt|

djmj n |zllj||zi jtgjejmt pgtf tfj aiiapgm` |tntjejmt;

’G dam‗t hmap fap G fnd jmaz`f tgej ta pah ojaj.― Tjw 

nj |a oz|w dzgm` tfj pahgm` wjn| tfnt tfj |zllj||zi j%

tgjejmt g| djmjd ow pfnt tfjw nj dagm`) mat pfnt tfjg

eamjw g| dagm` a tfje- Ljtngmiw tfj|j tpa pgii `a fnmd%

gm%fnmd pfjm djmgm` n |zllj||zi jtgjejmt) nmd waz ez|t

|rjmd tfj rarj tgej dagm` tfj mjlj||nw rinmmgm`-

Mat Zmdj|tnmdgm` Tgej Cnej|

Tj kazmjw tapnd| jtgjejmt lnm oj sjw laerijv- Amjg||zj G md enmw rjarij dam‗t zmdj|tnmd g| tfj g||zj a tgej

nej|- G ejmtgamjd rjsgaz|iw gm tfg| lfnrtj tfj gmdgsgdzni

pfa pn| `agm` ta jtgj ae Pnm`-

Lijniw) fj dgd mat zmdj|tnmd rinmmgm` a tfj rarj

tgej nej8 g fj fnd) fj pazid mat fnsj tnhjm tfj g|h n||a%

lgntjd pgtf fnsgm` >22* a fg| jtgjejmt |nsgm`| gm laern%

mw |talh |a lia|j ta tfj dntj a jtgjejmt &farjziiw tfg| g| n

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 37/50

<?

eg|tnhj waz pgii mjsj enhj) j`ndij|| a tfj a`nmg{ntgam

waz nj pahgm` a'- Pfjm waz `jt lia|j ta jtgjejmt) gt g|

geratnmt ta zmdj|tnmd fap ta ojmlfenh waz jtgjejmt

`ani| &ni|a dg|lz||jd jnigj gm tfg| lfnrtj'-wrglniiw) pj md rjarij tnhj n |jgaz| iaah nt jtgjejmt

pfjm tfjw nj noazt sj ta |jsjm wjn| npnw ae tfjg rj%

ljgsjd jtgjejmt dntj- Amlj tfjw |jt zr tfjg _jtgjejmt

_andenr) tfjw pgii zmdj|tnmd pfnt tfjg ojmlfenh mze%

oj| nj nmd) tfjjaj) pfnt ta da pgtf tfjg gmsj|tejmt|-

Tj lia|j waz `jt ta waz jtgjejmt dntj) g waz fnsj nl%

laerig|fjd waz ojmlfenh mzeoj) tfj eaj geratnmt gt

g| tfnt waz `a gmta n lam|jsntgsj gmsj|tejmt eadj ntfj

tfnm engmtngmgm` n ̀ aptf eadj- G tfj enhjt dar| |g̀ mg%

glnmtiw nmd waz dam‗t fnsj jmaz`f tgej ta enhj zr a gt) waz

enw mjsj oj noij ta nllaerig|f waz jtgjejmt ojmlfenh 

mzeoj n`ngm g waz nj taa lia|j ta waz jtgjejmt dntj-

G ne mat |z``j|tgm` tfnt pfjm waz jtgj) tfj enmn`j%

ejmt a waz eamjw |fazid jtgj- Waz |fazid oj nig`mgm`

tfj enmn`jejmt a waz eamjw pgtf waz jtgjejmt `ani|)

pfglf pgii oj dg|lz||jd gm n ztzj lfnrtj- G ne |z``j|tgm`)

fapjsj) tfnt waz |fazid oj npnj a pfjj waz nj am tfj

  kazmjw ta jtgjejmt nmd enhgm` tfj nrrargntj gmsj|t%

ejmt djlg|gam| n| n j|zit-

Tg| g| ma dgjjmt tfnm g waz pjj iaahgm` nt waz gm%  sj|tejmt rataiga n| gt jintjd ta waz lfgidjm nmd zmd%

gm` tfjg laiij`j jdzlntgam|- Pfjm tfa|j hgd| `jt lia|j ta

tfj n`j a >6) tfj enmn`jejmt nrranlf a tfj laiij`j eam%

gj| |fazid oj `jttgm` eaj nmd eaj lam|jsntgsj- G waz

hgd| nj tfjj nmd sj) waz lnm nad ta tnhj am |g`mglnmt

g|h ojlnz|j waz fnsj |g`mglnmt tgej nfjnd a waz ta enhj

zr a enhjt djligmj|- Tj rfgia|arfw g| tfj |nej pfjm gt

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 38/50

<<

laej| ta waz jtgjejmt rinmmgm`-

Pgtfazt n _jtgjejmt _andenr nmd pgtfazt rarj ojmlf%

enhgm`) waz pgii mjsj oj noij ta `jt n fnmdij am pfjm ta

easj tfj |pgtlf ae `aptf ta lam|jsntgsj pgtfgm wazrataiga) ma zmdj|tnmd fap pjii tfnt eamjw g| ojgm` enm%

n`jd n`ngm|t waz jtgjejmt `ani|- Tj andenr ojlaej| n

lzlgni rnt a tfj rinmmgm` a waz jtgjejmt) nmd pgtfazt

gt) ew|tjw pgii lamtgmzj ta |fazd enmw a waz gmsj|tejmt

djlg|gam|-

Gmsj|tejmt Eg|tnhj|

 Tfj Djcmgtgam a Gm|nmgtw

Tj djmgtgam a gm|nmgtw g| dagm` tfj |nej tfgm` asj nmd

asj n`ngm nmd jvrjltgm` dgjjmt j|zit|- Gm ew ?: wjn| a 

oz|gmj||) G fnsj |rahjm ta enmw rjarij pfa nii gmta tfg| lnt%

j`aw- Eaj ajm tfnm

mat) tfj |ljmnga rinw|

azt ighj tfg|; tfj enhjt|

`a zr) nmd waz rzt eaj

eamjw gmta tfje- Tj

enhjt| `a dapm) nmdwaz rnmgl nmd tnhj eam%

jw azt- Nmd |aejfap

pfjm tfj enhjt `aj| zr

n`ngm) waz rzt eaj eamjw gmta tfje) jrjntgm` tfj |ljmnga

asj nmd asj n`ngm nmd mjsj tziw ijnmgm` ae tfj rjsg%

az| eg|tnhj|-

Tj enhjt| tfnt pj nj jvrjgjmlgm` g`ft map nj

GMSJ\TEJMT EG\TNHJ\

° Fnsgm` Nii Waz J``| gm Amj On|hjt

 ° N||jt Niialntgam

° Mat _joninmlgm`

 ° Mat Dgsj|gwgm` Rarjiw

 ° Mat Zmdj|tnmdgm` _g|h 

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 39/50

<4

dgjjmt tfnm enhjt| pj jvrjgjmljd gm tfj ‗62| nmd ‗72|)

nmd g tfjj g| mat nm zmdj|tnmdgm` a pfnt tfj dgjjmlj g|)

waz pgii lamtgmzj ta enhj tfj |nej eg|tnhj| asj nmd asj

n`ngm-Gt g| geratnmt ta zmdj|tnmd tfnt pfjm G jjjmlj ’en%

hjt|)― G ne jjgm` ta iam`%tje tjmd|- Ca tfj rzra|j a 

tfg| dg|lz||gam) G ne mat lamljmjd noazt tfj dngiw) pjjhiw 

a jsjm nmmzni jtzm| a tfj enhjt- Zmatzmntjiw) pfjm

gmdgsgdzni gmsj|ta| nmd!a oahj| nj jsgjpgm` enhjt

rjaenmlj) tfjw da tjmd ta iaah nt gt pgtf n |at a n tzmmji

 sg|gam) zmnoij ta |jj tfj og` rgltzj ae <2)222 jjt-

Dzgm` tfj ‗62| nmd ‗72| tfj iam`%tje tjmd) pfglf jmdjd

zr ojgm` amj a tfj `jntj|t ozii enhjt| gm fg|taw) pn| tfnt

tfj enhjt| lazid |z|tngm zrpnd eaejmtze- Fapjsj)

|gmlj ?222) pj fnsj ojjm zmnoij ta |z|tngm zrpnd easj%

ejmt nmd fnsj ojjm gm n nt enhjt a tfj rn|t >2 wjn|- G 

waz nj iaahgm` nt waz ~zntjiw |tntjejmt| nmd z|gm` tfa|j

|tntjejmt| nmd!a tfj ea|t jljmt fjndigmj| a mjp| jsjmt|

ta djtjegmj waz mjvt easj pgtf waz gmsj|tejmt|) tfjm

waz nj oazmd ta lamtgmzj ta enhj eg|tnhj|-

Gt g| gmtjj|tgm` ta matj tfj dgjjmlj| gm jvrjltntgam| a 

gmdgsgdzni gmsj|ta| dzgm` tfj|j tpa dgjjmt tgej nej|-

G sgsgdiw jlnii n lamsj|ntgam G fnd pgtf n ra|rjltgsj ligjmt

gm tfj intj >762| pfjm tfg| gmdgsgdzni lnej gm jvrjltgm` j%tzm| asj tfj aiiapgm` >2 wjn| a |aejpfjj ojtpjjm >6*

nmd ?2* rj wjn- Ew j|ram|j ta fge nt tfj tgej pn| tfnt

G tfaz`ft fg| jvrjltntgam ijsji| pjj taa fg`f nmd fj pn|

`agm` ta oj tnhgm` am taa ezlf g|h) nmd G pn| zmpgiigm` ta

tnhj am tfj tn|h a fjirgm` fge enmn`j fg| eamjw g tfa|j

pjj fg| jvrjltntgam|-

Gm |tnh lamtn|t ta tfnt lamsj|ntgam g| tfj lamsj|ntgam| G

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 40/50

<:

fnsj am nm am`agm` on|g| pgtf gmdgsgdzni| tadnw- Jvrjltntgam|

a tfj iam` tje fnsj darrjd ta mzeoj| lia|j ta :* a

0*) nmd jsjm tfa|j mzeoj| |jje nt tgej| ta oj zmjnig|tg%

lniiw fg`f- Tj jnigtw g| tfnt tfj nltzni mzeoj g| raonoiw |aejpfjj ojtpjjm jnlf a tfj|j tpa lamsj|ntgam|-

Cae <2)222 jjt) gt g| lijn tfnt tfj iam`%tje tjmd| fnsj

lfnm`jd) tfnt tfjw enw lamtgmzj ta easj gm tfg| dgjltgam

a nmatfj jp wjn| ta laej) nmd waz gmsj|tejmt djlg|gam|

mjjd ta oj dgsjm ow tfg| rnndg`e |fg &G pgii djtngi tfg|

eaj gm Lfnrtj ?'-

Tjj nj ljtngmiw ma `znnmtjj| pfjm gt laej| ta gmsj|t%

gm`) ozt pgtfazt dagm` rarj dzj dgig`jmlj ojajfnmd) waz

raonogigtw a nlfgjsgm` waz gmsj|tejmt `ani| lazid djligmj-

Fnsgm` Nii Waz J``| gm Amj On|hjt

Tg| g| n eg|tnhj dgsjm ow mat amiw nm ja gm kzd`ejmt

pgtf waz gmsj|tejmt|) ozt ni|a n ni|j |jm|j a |jlzgtw g 

waz pah a amj in`j a`nmg{ntgam- G |jj tfg| fnrrjm ajm)

nmd gt| jjlt| lnm oj dg|n|taz|-

G fnsj nijndw jjjmljd tfj |ljmnga pgtf tfj Pnm` je%

riawjj- Fj fnd pahjd nt Pnm` fg| jmtgj lnjj) nmd fg|

  kzd`ejmt pgtf j`nd ta gmsj|tejmt djlg|gam| pn| liazdjd

nt oj|t- Fj aosgaz|iw jit tfnt |gmlj fj fnd pahjd nt Pnm`a enmw wjn|) ’tfjw― pazid tnhj lnj a fge pfjm fj j%

tgjd- Fj fnd ojmjtjd `jntiw ae tfj `aptf a tfj |talh 

a enmw wjn| nmd) n| n iawni jeriawjj) pn| |zj tfnt tfg|

`aptf pazid lamtgmzj- Tg| ’oigmd ngtf― gm amj‗| laernmw

lnm ratjmtgniiw oj tfj |gm`ij ea|t la|tiw eg|tnhj amj lazid 

enhj fjndgm` gmta jtgjejmt-

G waz pah) a pahjd) a Rainagd) Jmam) @jmjni

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 41/50

<3

Jijltgl) @aidenm \nlf|) OR a nmw atfj in`j a`nmg{n%

tgam pfa|j |talh jii rjlgrgtaz|iw nt kz|t tfj pam` tgej)

waz lijniw zmdj|tnmd tfj g|h- Ma enttj fap iam` waz

fnsj pahjd a nm a`nmg{ntgam nmd ma enttj fap pjii waztfgmh waz hmap tfj oz|gmj|| eadji nmd fap tfj |talh rj%

ae|) gt g| mjsj n rzdjmt lfaglj ta gmsj|t fjnsgiw gm tfnt

amj |talh-

_jlniigm` enmw lamsj|ntgam| G fnsj fnd pgtf gmdgsgdz%

ni| pfa fnd zr ta >22* a tfjg jeriawj |talh pgtfgm tfjg

42>&h' ra`ne) gt g| gmtjj|tgm` ta fjn rjarij tnih noazt

tfjg gmsj|tejmt rfgia|arfw- Enmw tgej| tfjw pgii tjii ej

tfnt tfjw nj lam|jsntgsj pfjm gt laej| ta tfjg gmsj|tejmt

rfgia|arfw) nmd gt g| geratnmt ta zmdj|tnmd pfnt g| ejnmt

pfjm tfjw |nw tfg|-

’Lam|jsntgsj― fjj ejnm| tfnt tfjw nj sjw negign

pgtf) a jji sjw laeatnoij pgtf) tfjg apm a`nmg{ntgam-

Tjw fnsj ojjm iawni jeriawjj| nmd jji tfnt ma enttj pfnt

fnrrjm|) tfj laernmw pgii tnhj lnj a tfje-

Pfjm G ~zj|tgam |aejamj pfa fn| >22* a tfjg gmsj|t%

ejmt rataiga gm tfjg jeriawj‗| |talh) G `jt n mzeoj a 

dgjjmt j|ram|j|- Cg|t) tfjj g| tfj j|ram|j tfnt gmdglntj|

tfnt tfjw nj pjii npnj a tfj g|h tfnt tfjw nj tnhgm` ozt

tfnt tfj laernmw‗| `aptf g| |tgii tn`jtjd ta oj azt|tnmdgm`

a tfj mjvt |jsjni wjn|) nmd tfjw dam‗t pnmt ta eg|| azt amtfnt-

Mjvt tfjj g| tfj gmdgsgdzni pfa fn| ojjm pgtf nm a`nmg%

{ntgam) |zlf n| @jmjni Jijltgl) pfjj tfj |talh z|jd ta oj

nt $32) darrjd ta $<2 nmd tfjm ta $?2) nmd tfnt gmdgsgdzni g|

pngtgm` a tfj |talh snizj ta `a onlh zr ta tfj rjsgaz| sni%

zntgam| ojaj tfjw lam|gdj |jiigm`- Tg| n||zej| tfj |talh 

g| `agm` ta `a onlh zr- N`ngm) tfjj pn| n ’oigmd ngtf― tfnt

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 42/50

<0

tfj |talh pn| `agm` ta tnhj lnj a tfje nmd ljtngmiw pazid

oj `agm` zr) mat dapm-

Tjm tfjj g| tfj j|ram|j ae tfj |aam%ta%oj jtgjj tfnt

tfjw jla`mg{j tfjw nj asjpjg`ft gm tfj rataiga) lae%rijtjiw djrjmdjmt zram tfj snizj a tfnt |talh gm adj ta

nllaerig|f tfjg jtgjejmt `ani|) nmd pazid mat fnsj gt nmw 

atfj pnw-

a tfj|j aih|) G lazid `jt am tfj tar a tfj eazmtngm nmd

djlinj tfnt G fnsj tfj lzj a nii tfnt ngi| tfje) nmd |tgii mat

oj fjnd- Tjj g| igttij G lnm da ta |pnw |aejamj jeatgam%

niiw pfa fn| ojjm jeriawjd n| iam` n| enmw fnsj ojjm pgtf

amj laernmw- Ma enttj fap gmtjiig`jmt tfj|j rjarij nj gm

atfj njn| a igj) tfjw nj rzttgm` tfje|jisj| gm fne‗| pnw)

nmd G lnm amiw pg|f tfje pjii-

Zmatzmntjiw) a tfj|j aih| pfa nj fargm` mat ta eg|| azt 

am ztzj `ngm|) tfjw da mat jnig{j tfnt tfj ratjmtgni ia||j|

lazid oj ezlf eaj djtgejmtni ta tfjg jtgjejmt tfnm nmw

 `ngm enw ojmjt tfje-

Ca tfa|j pfa jla`mg{j tfj rgtnii| a tnhgm` tfg| twrj a 

gmsj|tejmt g|h) rntglziniw n| amj nrranlfj| tfj sj% ta

|jsjm%wjn pgmdap ojaj tfjg jtgjejmt dntj) G lnm |fnj

pgtf tfje fap ta rarjiw dgsj|gw tfj rataiga) tnhj am

tfj nrrargntj g|h) nmd |wml zr tfjg gmsj|tejmt rfgia|a%

rfw pgtf tfjg jtgjejmt `ani|-_jljmtiw) G pn| tnihgm` pgtf |aejamj pfa pn| sj wjn|

ae fg| jtgjejmt dntj- Fj pah| a amj a tfj in`j|t

paidpgdj a`nmg{ntgam|) fn| ojjm tfjj a <: wjn|) nmd g|

nmvgaz|iw iaahgm` ta jtgj laeatnoiw- Fj) ighj enmw a fg|

rjj|) fnd zrpnd| a 7:* a fg| gmsj|tejmt| gm fg| 42>&h'

rinm gm fg| larantj |talh-

Pfjm pj |t taah am tfj tn|h a rzttgm` ta`jtfj fg|

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 43/50

<6

_jtgjejmt _andenr) G ejmtgamjd ta fge tfnt amj a tfj

g||zj| pj pjj `agm` ta fnsj ta djni pgtf pn| fg| lzjmt

gmsj|tejmt |tntj`w- Fj hmjp jvnltiw pfjj G pn| `agm`

pgtf tfg| laeejmt nmd endj gt lijn tfnt nt tfnt eaejmt fjpn| mat pgiigm` ta dg|lz|| tfj ra||gogigtw a dgsj|gwgm` fg|

faidgm`|-

Amlj pj laerijtjd fg| _jtgjejmt _andenr nmd tfjj

pn| nm zmdj|tnmdgm` tfnt fj lazid nllaerig|f fg| jtgj%

ejmt `ani|) jsjm pgtf eadj|t jtzm|) pj djlgdjd ta jsg|gt

tfj lamsj|ntgam noazt gmsj|tejmt|- \gmlj pj fnd tnhjm n

dgjjmt rntf ta zmdj|tnmdgm` fap ta jtgj) fj pn| eaj

npnj a pfnt fj mjjdjd ta da ta jtgj laeatnoiw- Gm fg|

ln|j) fj pn| atzmntj jmaz`f ta fnsj nijndw nllzezintjd

jmaz`f eamjw ta |zllj||ziiw jtgj-

Map tfnt pj fnd j|tnoig|fjd fj fnd nlfgjsjd fg| ’ojmlf%

enh― mzeoj a fg| dj|gjd jtgjejmt nmd tfnt gt pn| ma

iam`j mjlj||nw ta nlfgjsj ’azt|tnmdgm`― jtzm|) fj pn|

pgiigm` ta jsg|gt tfj asjnii niialntgam pgtfgm fg| 42>&h' rinm-

Ow tnhgm` n dgjjmt rj|rjltgsj nmd dagm` tfj _jtgjejmt

_andenr |t) ojaj pj taah n iaah nt fap ta dgsj|gw fg|

rataiga) fj pn| eaj jerapjjd nmd hmapijd`jnoij noazt

oatf tfj zr|gdj nmd dapm|gdj a tfj kazmjw gmta jtgjejmt-

Tg| ̀ aj| onlh ta |wmlfamg{gm` waz gmsj|tejmt rataiga

pgtf waz jtgjejmt `ani|- Dzgm` az pahgm` wjn|) pjnj iaahgm` ta nllzezintj n| ezlf eamjw n| ra||goij) wjt ma

amj fn| taid z| pfjm) a fap) ta enhj tfj mjlj||nw lfnm`j

amlj pj fnsj nllaerig|fjd az `ani|- Nmd tfnt g| n||ze%

gm` tfnt waz nltzniiw fnsj `ani|- Ijnm tfj ij||am| a fg|taw-

Dam‗t ijt fap waz jji noazt waz tjmzj nt waz a`nmg{ntgam

dgsj waz ta enhj raa gmsj|tejmt djlg|gam| tfnt lazid ratjm%

tgniiw djngi n |zllj||zi jtgjejmt-

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 44/50

<7

 N||jt Niialntgam

Pfjm G dgd jtgjejmt rinmmgm` |jegmn|) G pazid n|h tfj

nzdgjmlj tfj aiiapgm` ~zj|tgam; ’Pfnt g| tfj ea|t gera%tnmt lfnnltjg|tgl a rzttgm` ta`jtfj nm gmsj|tejmt rat%

aiga1― Tj nm|pj) gmsngnoiw) pn| tfnt tfj ea|t geratnmt

lam|gdjntgam ae tfj nzdgjmlj‗| rj|rjltgsj pn| tfj |j%

ijltgam a tfj ’oj|t― gmsj|tejmt a zmd enmn`j- Tg| pn|

twrglniiw tfj nm|pj ae tfj da%gt%waz|jij| gm tfj aae)

n| pjii n| tfa|j pfa pjj z|gm` mnmlgni rinmmj|-

Tj da%gt%waz|jij| pazid |rjmd |g`mglnmt neazmt| a 

tgej j|jnlfgm` |rjlgl gmsj|tejmt| nmd |jijltgm` tfj|j gm%

 sj|tejmt| on|jd am tfjg j|jnlf- Ta|j pfa z|jd mnmlgni

rinmmj| pjj ni|a lamsgmljd tfnt tfj |jijltgam ralj|| a 

gmsj|tejmt enmn`j| pn| tfj ea|t geratnmt lfnnltjg|tgl)

ojlnz|j tfnt pn| tfj jeoadgejmt a tfj enkagtw a tfj lam%

 sj|ntgam| tfjw fnd pgtf tfjg mnmlgni ndsg|a|-

a jgmalj az rjljrtgam a fap geratnmt gt g| ta |jijlt

tfj oj|t enmn`j| a gmsj|tejmt sjfglij|) tjijsg|gam |fap|)

tnihgm` fjnd| am ndga |fap| nmd raegmjmt en`n{gmj|

pazid nmmzniiw) g mat eaj j~zjmtiw) ig|t tfjg tar :2 rglh|-

Gmtjj|tgm`iw) enmw a tfj|j rglh| njiw endj gt ta tfj mjvt

|jt a tar rglh|) pfglf ejnmt tfnt tfj j|azlj tfnt waz pjj

z|gm` pn| n|hgm` waz ta lfzm waz rataiga ma ij|| tfnmjsjw wjn- Cae n rinmmgm` rj|rjltgsj) tfg| g| mjsj rz%

djmt ndsglj-

Tjj pn| n |tzdw damj enmw wjn| n`a) nztfajd ow Fnw 

Enhapgt{- Enhapgt{ pn| famajd pgtf n Maoji Rg{j gm

jlamaegl| gm >772- Fj fnd ojjm |tzdwgm` enhjt| |gmlj tfj

intj >742| gm n |jnlf a pfnt pn| tfj ea|t geratnmt nl%

ta a tfj `aptf a n rataiga- Tg| |tzdw fn| ojlaej tfj

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 45/50

42

inmdenh |tzdw a az gmdz|tw nmd fap pj iaah nt rata%

iga lam|tzltgam-

Enhapgt{‗| |tzdw iaahjd nt |jsjni lamtgoztgm` nlta| ta

n rataiga‗| tatni jtzm) gmlizdgm` tfj gernlt a tgegm`) gm% sj|tejmt |jijltgam) tnvj|!jj| nmd n||jt niialntgam- Tj lam%

liz|gam ae tfg| |tzdw pn| tfnt asj 72* a tfj |zllj|| a nm

gmsj|tejmt rataiga pn| dgsjm ow n||jt niialntgam-

Ijt ej jrjnt tfnt n||jt niialntgam lamtgoztjd) nlladgm` ta

 Enhapgt{) ta asj 72* a tfj |zllj|| a enhjt| asj enmw

 wjn|- gegm`) |jijltgam a gmdgsgdzni enmn`j| a gmsj|tejmt 

sjfglij|) nmd tnvj|!jj| lamtgoztjd ta ij|| tfnm >2* a tfj

asjnii tatni jtzm a tfj rataiga- Aosgaz|iw) tfg| g| lamtnw 

ta tfj rjljrtgam| a gmdgsgdzni gmsj|ta| nmd enmw a ew 

rjj| gm tfj gmdz|tw-

Tj djlg|gam%enhgm` ralj|| noazt n||jt niialntgam dzgm`

iam`%tje |jlzin ojn enhjt|) enhjt| tfnt fnsj on|glniiw 

ma jtzm ae tfj oj`gmmgm` a tfj lwlij| ta tfj jmd a tfj

lwlij|) ighj tfj amj pj nj gm map) g| dgjjmt tfnm n||jt ni%

ialntgam djlg|gam| pj pazid enhj dzgm` iam` ozii enhjt|

ighj tfj amj| pj |np gm tfj ‗62| nmd ‗72|-

\zclj gt ta |nw tfnt tfj gmsj|tejmt laeezmgtw nmd enmw 

a ew rjj| mjjd ta oj jjdzlntjd noazt pfnt g| tfj ea|t

geratnmt laeramjmt pgtf j`nd ta rzttgm` gm rinlj n rar%

j gmsj|tejmt rataiga- Gt g| ezlf eaj geratnmt ta rzt gm rinlj tfj rarj n||jt niialntgam tfnm gt g| ta fnsj tfj ’oj|t― 

gmsj|tejmt sjfglij-

Mat _joninmlgm`

Lnm waz tfgmh onlh n jmaz`f nmd jejeoj tfj intj >772|

ae nm gmsj|tejmt rj|rjltgsj1 Tj tjlfmaia`w |jlta pn|

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 46/50

4>

`agm` ln{w8 pj hjrt fjngm` a tfg| ’mjp maeni― pfjj gt

pn| eaj geratnmt) gt |jjejd) ta ia|j eamjw tfnm gt pn| ta

|fap jnmgm`|- Enmw a tfj og`%mnej tjlf |talh| pjj |hw%

alhjtgm` gm snizj pgtf |jjegm`iw ma jmd gm |g`ft-Tj eg|tnhj endj pn| mat |a ezlf ojigjsgm` gm tfg| ng%

wtnij n| gt pn| mat `jttgm` onlh ta gmsj|tejmt on|gl|- Pgtfgm

waz rataiga gm tfj jniw ‗72|) waz enw fnsj |tntjd azt

pgtf `aptf a tjlfmaia`w zmd| tfnt jrj|jmtjd enwoj

?:* ta <:* a waz rataiga- Ow tfj jmd a tfj >772|) tfj

eamgj| gm tfg| |jlta) dzj ta jvtnadgmnw `aptf) fnd g|jm

ta 32*) 02* a jsjm 62* a waz rataiga-

Gm j||jmlj) pj jii gm iasj pgtf tfj tjlfmaia`w |jlta nmd

a`at noazt tfj gmsj|tejmt on|gl| pfglf gmdglntjd tfnt nt

|aej ragmt waz mjjdjd ta joninmlj- Tj gmsj|tejmt rat%

aiga| tfnt waz fnd pjj |a azt a oninmlj n| n j|zit a tfj

jvtnadgmnw `aptf a tfj tjlfmaia`w |jlta tfnt waz rzt

waz|ji gm fne‗| pnw- Tj n||zertgam fjj g| tfnt pj nltz%

niiw fnd nm gmsj|tejmt raiglw |tntjejmt ta `a ow-

Nm gmsj|tejmt raiglw |tntjejmt &GR\' pazid aztigmj nm nr%

rargntj oninmlgm` ralj|| a tfj rataiga- Tg| g| gera%

tnmt ojlnz|j) n| |jlta| g|j nmd nii) waz mjjd ta ozw a |jii

 sngaz| |jlta| ta ogm` tfj asjnii rataiga onlh ta rarj

oninmlj- Nt |aej ragmt) n| tfj tjlfmaia`w!`aptf |jlta|

|tntjd ta jrj|jmt asj :2* a waz rataiga) n |w|tjentglnrranlf ta |jiigm` pazid fnsj ojjm gmdglntjd ow tfj GR\- G 

waz fnd tfj rarj rnnejtj| nmd tfj dg|lgrigmj ta enhj

tfj mjlj||nw lfnm`j| n| waz ojlnej azt a oninmlj asj

tgej) waz pazid fnsj |nsjd waz|ji nmd waz rataiga tfj

dj`jj a ia|| enmw |zjjd- Ljtngmiw) tfjj nj ma ̀ znnm%

tjj| a nmw ztzj a rn|t rjaenmlj-

Gm |jlzin ojn enhjt|) |zlf n| tfj amj pj nj jvrjgjmlgm`

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 47/50

4?

g`ft map) gt g| eaj geratnmt tfnm jsj ta fnsj n rarj

GR\ gm rinlj- Dzj ta tfj saintgigtw a tfj|j enhjt|) gt g| ge%

 rjntgsj ta fnsj tfj ̀ zgdjigmj| mjlj||nw ta hmap fap waz gm%

sj|tejmt| |fazid oj |gtzntjd) nmd fap ta enhj tfj mjlj||nwndkz|tejmt| pfjm tfj enhjt| lfnm`j |pgiw) pfglf g| pfnt 

pj nj jvrjgjmlgm` lzjmtiw- 

Gt g| mat zmz|zni) n| G tnih pgtf rjarij) ta fjn tfje tjii a 

tfjg eg|tnhj| a ozwgm` fg`f nmd |jiigm` iap- Tjw z|zniiw 

lfzlhij pfjm tfjw tfgmh a fap tfjw `a noazt tfj gmsj|t%

ejmt ralj||- Tj gmtjj|tgm` tfgm` g| tfnt g waz fnd |w|tje%

ntgl lfnm`j| ra`neejd gmta waz gmsj|tejmt rataiga)

tfj ralj|| a ozwgm` fg`f nmd |jiigm` iap lazid oj nsagdjd

ojlnz|j waz pazid oj tnhgm` tfj jeatgam|) a rnmgl) azt a 

waz gmsj|tejmt djlg|gam|-

Gt g| geratnmt mat ta nii gm iasj pgtf waz gmsj|tejmt|-

Da tfj j|jnlf mjlj||nw ta ogm` gm rinlj tfj rarj n|%

|jt niialntgam nmd pjg`ftgm`| mjlj||nw ta nllaerig|f waz

jtgjejmt aokjltgsj|) nmd tfjm `a azt nmd md sjw `aad

enmn`j| pfa t gmta waz gmsj|tejmt nrranlf-

Mat Dgsj|gwgm` Rarjiw

Gt g| mat zmlaeeam) pfjm n ra|rjltgsj ligjmt laej| gmta

ew aclj nmd |fnj| pgtf ej pfnt tfjw apm pgtfgm tfjgrataiga|) ta |jj n sjw laeeam eg|tnhj; fj a |fj apm| taa

enmw zmd| dagm` tfj |nej tfgm`- wrglniiw pfjm G ragmt

tfg| azt) G ne taid ow tfg| gmdgsgdzni tfnt fj a |fj jniiw g|

 sjw pjii dgsj|gjd- G ragmt azt ta fge a fj tfnt jsjm g waz

fnd LD| gm jg`ft dgjjmt onmh|) waz pazid mat oj ogm`gm`

eaj dgsj|glntgam gm8 waz pazid kz|t fnsj jg`ft dgjjmt

LD|-

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 48/50

4<

Tjj nj |aejpfjj ojtpjjm >:)222 nmd ?2)222 eztzni

zmd| nsnginoij- Tjj nj enmw dgjjmt |jlta| tfnt nj a%

jjd tfaz`f tfj eztzni zmd|) nmd fzmdjd| a dgjjmt

zmd| ajgm` tfj |nej twrj a gmsj|tejmt |twij pgtfgm jnlflntj`aw- \a pfjm n ra|rjltgsj ligjmt laej| gm nmd g| razd

a tfj nlt tfnt fj a |fj fn| n pjii%oninmljd rataiga pgtf

>: eztzni zmd| gm gt) fj a |fj enw oj n ogt tnhjm nonlh g fj

a |fj pn| ta md azt tfnt a tfj >: eztzni zmd|) >2 a tfje

pjj gmsj|tgm` gm tfj |nej |rnlj-

Gt g| mat nipnw| ra||goij) kz|t ow iaahgm` nt tfj inoji a 

tfj eztzni zmd) ta nltzniiw md azt pfnt gt g| tfjw apm-

\aejtgej| waz jniiw fnsj ta dg` gmta tfj ra|rjltz| a tfj

nsnginoij j|jnlf ta md azt pfnt tfj enmn`j| lnm) nmd da)

gmsj|t gm- G waz fnsj >2 dgjjmt in`j%lnr `aptf daej|tgl

eztzni zmd|) tfjm waz da mat fnsj tfj twrj a dgsj|gln%

tgam nmd oninmlj tfnt waz enw fnsj jvrjltjd ag`gmniiw-

N`ngm) gt g| |at a ighj fnsgm` LD| gm jg`ft dgjjmt onmh|-

Mat nii a tfje pgii oj dagm` jvnltiw tfj |nej tfgm` n| tfj

atfj|) wjt tfjw pgii twrglniiw oj dnpgm` ae tfj |nej on|%

hjt a |talh| a oamd|) nmd tfj faidgm`| a tfj zmd| pazid

fnsj tjejmdaz| asjinr-

Tj `ani) tfjjaj) g| mat ta apm n iat a zmd| a |talh|8

ntfj) apm tfj lajlt neazmt a gmsj|tejmt sjfglij| tfnt la%

adgmntj pjii pgtf jnlf atfj gm adj ta oj oninmljd rarjiw-

Mat Zmdj|tnmdgm` _g|h

Ijt z| tnhj n eaejmt ta nddj|| tfj djmgtgam a g|h- Pfjm

G lamdzlt |rjnhgm` jm`n`jejmt| nmd n|h tfj nzdgjmlj noazt

gt| djmgtgam a g|h) twrglniiw tfj nm|pj laej| onlh tfnt

g|h g| noazt tfj ratjmtgni a ia|gm` eamjw- Nmd ea|t rjarij

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 49/50

44

pazid rjj mat ta ia|j eamjw8 tfjjaj) tfjw enhj djlg%

|gam| mat ta tnhj am ’g|h-―

\a ijt z| jdjmj a waz pfnt g|h g| jintgsj ta waz jtgj%

ejmt rinmmgm` nmd waz gmsj|tejmt rataiga- G waz tnhj ameaj g|h tfnm waz |fazid) waz zm tfj ’g|h― a ia|gm` eaj

eamjw tfnm waz |fazid- Tg| g| tfj |ljmnga pgtf ew ligjmt

pfa fnd $> egiigam) taah am eaj g|h tfnm |fj |fazid fnsj)

`gsjm fap lia|j |fj pn| ta jtgjejmt) nmd jmdjd zr ia|gm`

’taa ezlf eamjw-― Fapjsj) gt g| ni|a ra||goij mat ta tnhj am

’jmaz`f g|h-― Pfnt da G ejnm ow tfnt1

G waz _jtgjejmt _andenr gmdglntj| tfnt waz mjjd ta

`jmjntj gmlaej ae waz rataiga gm adj ta ejjt waz

jtgjejmt `ani|) tfjm waz mjjd ta tnhj am ’jmaz`f g|h― ta

`jmjntj tfnt gmlaej- Ca jvnerij) g waz fnd n $> egiigam

rataiga nmd mjjdjd ta `jmjntj $42)222 rj wjn ae gt)

ozt waz $> egiigam rataiga pn| gmsj|tjd gm jg`ft dgjjmt

LD| pgtf n laeogmjd wgjid a ?*) tfjm waz pazid mat oj

`jmjntgm` jmaz`f gmlaej ae tfj rataiga- Tj jnigtw gm

tfg| |ljmnga pazid oj tfnt waz pazid sjw |aam |tnt ta dgr

gmta rgmlgrni ojlnz|j waz pjj mat `jmjntgm` jmaz`f gm%

laej- Nmd pj da mat pnmt ta dgr gmta rgmlgrni-

Tj hjw ta zmdj|tnmdgm` fap ezlf ’g|h― waz |fazid

oj tnhgm` am pgii oj dgsjm ow tfj pah waz da pgtf waz

_jtgjejmt _andenr- Tj eaj gmlaej waz pgii mjjd aetfj rataiga) tfj eaj g|h waz pgii mjjd ta tnhj- G waz da

mat mjjd) map a a tfj aj|jjnoij ztzj) gmlaej ae tfj

rataiga) tfjm waz lnm nad ta tnhj am sjw igttij g|h pgtf

waz eamjw-

_g|h g| mat noazt ia|gm` eamjw- _g|h g| noazt zmdj|tnmd%

gm` fap waz rataiga mjjd| ta oj ra|gtgamjd |a tfnt waz

dam‗t zm azt a eamjw- Nmd g waz tnhj ’ma g|h― pgtf waz

8/2/2019 The Changing Landscape of Retirement Excerpt

http://slidepdf.com/reader/full/the-changing-landscape-of-retirement-excerpt 50/50

eamjw) djrjmdgm` zram waz lglze|tnmlj| nmd mjjd| gm

jtgjejmt) tfj jni g|h waz tnhj g| zmmgm` azt a eamjw-

Tj og` eg|tnhj rjarij enhj pfjm rzttgm` ta`jtfj gmsj|t%

ejmt rataiga| a jtgjejmt g| mat tnhgm` am tfj ’rarjg|h― ta ejjt tfjg jtgjejmt mjjd|- Tg| g| dgsjm eaj ow 

tfj rinmmgm` tfnm gt g| ow tfj gmsj|tejmt |jijltgam-

Pgtfazt tfj _jtgjejmt _andenr) waz pgii mat tziw zm%

dj|tnmd fap ezlf ’g|h― waz |fazid oj tnhgm`-