Retirement Was Not Invented For Old People

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The Retirement Myth: How a Political Fix Became a Cultural Ideal

From the moment we enter the world, we unknowingly step onto a path leading to retirement. Assigned a Social Security number at birth, we’re ushered into a system that promises a grand finale of leisure, relaxation, and fulfillment after decades of work. Whether it’s strolling along a beach, golfing on a sunny course, or traveling the world, the ideal retirement has been marketed as the pinnacle of a life well-lived. But is it really? And, more importantly, was retirement always intended to be a period of rest?

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Historically, the answer is no. For millennia, human beings worked until they physically couldn’t anymore. The idea of deliberately stopping work as one aged didn’t exist. Work itself was essential to survival, and many people continued their efforts until the end of their lives. The concept of retirement, as we know it today, emerged only recently—and it was less about enhancing people’s lives and more about addressing political and economic problems.

In the 1880s, Otto von Bismarck, the chancellor of Germany, was wrestling with a political conundrum. Faced with an expanding Socialist Party advocating for workers’ rights and better conditions, Bismarck devised an unprecedented strategy. He wanted to weaken the socialists’ influence among younger workers while also providing a solution to the job shortage for this demographic. Instead of creating new jobs—a challenging and costly endeavor—Bismarck introduced the world’s first government-backed retirement program. He offered financial support to older citizens who chose to stop working, thereby freeing up jobs for the younger generation and weakening the appeal of socialism. Retirement, born out of political necessity, became an instrument for stability rather than a reward for aging workers.

This idea took root, spreading across the Atlantic to the United States. During the Great Depression, Americans were desperate for employment. With unemployment rates skyrocketing, millions of young people couldn’t find work. Meanwhile, older workers, driven by necessity, continued holding onto their jobs. Inspired by Bismarck’s model, President Franklin D. Roosevelt enacted the Social Security Act in 1935, establishing a federal retirement program in the United States. Funded by contributions from current workers, Social Security provided basic financial support to those aged 65 and older. Yet, unlike a personal savings plan, Social Security was structured as a pay-as-you-go system, relying on contributions from younger workers to pay for retirees. In the 1940s, this seemed sustainable—there were 42 workers for each retiree. Today, however, there are only three.

This shift brought about an unexpected challenge. While Social Security was initially presented as a safety net, people began to view it as a right, expecting it to guarantee their retirement. Consequently, an entire industry evolved around helping people plan for this new life stage. Today, the retirement industry generates over $36 trillion in assets and nearly $1 trillion in revenue annually, encompassing everything from financial planning to sprawling retirement communities. The idea of retirement as a rewarding “final act” became deeply embedded in American culture, bolstered by ads featuring smiling older couples on cruises, luxury golf courses, and beachfront getaways.

But this carefully constructed dream is beginning to show cracks. Between 1991 and 2016, bankruptcy filings by older Americans rose by a staggering 200%, and the Social Security trust fund, long relied upon as a cornerstone of retirement, is projected to deplete by the 2030s. Alarmingly, nearly 90% of low-income workers nearing retirement age haven’t managed to save any money at all. Retirement has become less of a “grand reward” and more of an economic pitfall for many. The staggering costs associated with healthcare and assisted living, combined with rising life expectancies, have rendered the traditional retirement model financially unsustainable for millions of people.

Beyond the economic strain, there’s a psychological toll that comes with retirement. For decades, individuals devote their lives to building careers, fostering communities, and contributing to society. Stopping this activity can feel jarring, leading to a sense of purposelessness and even depression. A Facebook group of retirees reveals that many aren’t living the carefree lives they anticipated. The lack of routine and community once provided by a job can lead to loneliness. In fact, many retirees find themselves asking, “What now?” Retirement, once seen as the “happily ever after” of adulthood, has left some struggling to redefine their purpose.

In response to this disillusionment, a notable trend has emerged: older adults are returning to the workforce. The Bureau of Labor Statistics projects that by 2032, nearly 30% of Americans aged 65 to 74 will still be working—a significant increase from previous decades. Rather than an anomaly, this shift reflects a deeper change in attitudes toward retirement. Many older adults are realizing that they don’t want a life of leisure as much as they want a life of purpose. For some, this means working part-time; for others, it involves pursuing passion projects, volunteering, or starting new businesses. The desire to contribute, create, and remain engaged is as powerful as ever, challenging the traditional notion that retirement means the end of one’s productive years.

This resurgence of older workers represents more than a financial necessity; it speaks to a fundamental human truth. After years of being told to prepare for an exit from the workforce, many are recognizing that “retirement” is not a one-size-fits-all milestone. Rather than an endpoint, it can be a new beginning, a chance to explore what truly matters to them—whether it’s through continued work, hobbies, travel, or volunteerism.

The idea of retirement may have been designed as a political solution to unemployment and a way to weaken socialist ideals. Yet today, individuals are taking back control, choosing purpose over passivity, engagement over exclusion. Perhaps retirement isn’t the goal after all. Instead, it’s merely another stage of life, one that we should feel empowered to shape according to our own values, interests, and goals.

So as you envision your future, consider this: retirement doesn’t have to be about slowing down. It can be about finding new meaning, exploring fresh opportunities, and redefining what it means to live a fulfilling life. In the end, retirement is not an obligation but a choice—and one that you should feel free to make on your own terms.