Dual-career couples: Who retires when?.
From a financial viewpoint, a staggered retirement works best, experts say.
from the September 10, 2007 edition
Page 3 of 4
"I never thought this would happen this soon," says a woman in Charlotte, N.C., whose husband just retired. She asks that her name not be used because she does not want her employer to know she is thinking of retiring. "Now the question is, what about me? We are just waiting to see how this works out for him. I work such long hours that if he doesn't have something to occupy his time it would be a very long day for him. Right now I am looking to continue to work at least through the end of the year." She likes the "hustle and bustle" of work and is concerned about losing her paycheck.
"Sometimes women are reluctant to give up their identities as professional people and turn into essentially housewives," says Ms. Morgillo, "Many women see that as a less important role, and less respected in the community than their roles as professionals had been."
Attitudinal differences can also affect the timing of a couple's retirements. "One might be more of a risk-taker and really want to do other things and not wait any longer," Manheimer says. "The other might be more cautious and want to accumulate more money."
Retirement, he adds, "brings up long-simmering issues that have been held in abeyance by the fact that both partners have been very busy with work. If they suddenly have a lot more time together, these issues come to the surface."
What helps in these situations is if the retired spouse takes a part-time job or is involved in volunteering, which keeps people busy and gives them obligations, says Moen.
About 30 percent of men who retire go back to work and about 12 percent of women, Manheimer says.
Moen knows a retired lawyer who filled bags at a checkout counter for four hours a day. "He wanted a mindless thing," she says. An engineer was happy selling hot dogs at a ballpark.
Some people who like to work start their own business. Their spouse may then get involved. That's one possible scenario Gerriann Fagan and her husband, Gene Beatty, envision if he eventually leaves his position as an attorney in Birmingham, Ala. She owns a career and human resources counseling firm. He is nine years older than she is.
"It's possible he could get more involved in my practice," she says. Adds Mr. Beatty, "We like to spend time together. I don't think we'll ever stop doing something productive. We're 'new retirement' thinkers."
Whatever a couple's situation, Morgillo says, "It's a hard decision for people to make as to when to pull the plug. Sometimes the reasons are as emotional and psychological as they are financial."
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