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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