Planning for Old Age

For many individuals, planning for old age is somewhat analogous to generals’ propensity to fight the last war. What is to be planned for, and when, depends on how typical experiences of old age are perceived, whether an individual expects to fit within the typical mold, and which goals for later life seem to have been attainable in the recent past. The looming “silver tsunami” of Baby Boomer retirees, who transitioned to adulthood during expansive educational opportunities, maturing welfare states and booming economies, reflects a challenge for aging societies now confronting very different contemporary socioeconomic conditions. From the mid to late twentieth century (the Baby Boomers’ temporal frame of reference for what to expect in old age) most individuals’ eventual retirement in developed countries was taken for granted and pension systems appeared relatively stable. However, both prospects – universal retirement and secure pensions – are far less certain for cohorts contemplating old age at the outset of the twenty-first century.