Exploring the Diversity of Retirement Goals

This article was originally published in the Spring 2024 issue of The Bridge.

What comes to mind when you think of the word retirement? Maybe pictures of sunshine, sandy beaches, and days, weeks, or months of travel? Maybe you see an RV cruising from coast to coast or a hammock in your backyard. But this vision often fails to capture the true, diverse nature of retirement, a reality that varies dramatically across cultures, communities, and individual experiences.

Through the lens of Diversity, Equity, Belonging, and Accessibility (DEBA), we can begin to appreciate these nuances and the richness of what a diverse retirement truly means for different people.

Retirement traditions and expectations are heavily influenced by cultural and family values and structures. In some U.S. immigrant cultures, taking care of elders is a deeply ingrained responsibility. Retirement often involves multigenerational living, with grandparents playing an active role in childcare and family life.

This contrasts with Western and some other cultures, where retirement is often seen as a time for personal freedom and pursuing solo interests. In Japan, the concept of "ikigai" – finding your life purpose – becomes even more prominent after retirement, leading many to pursue passions like traditional crafts or artistic activities.

Retirement can also be a time of rediscovering and strengthening one's cultural identity. For immigrants, it might be an opportunity to reconnect with their ancestors’ language, traditions, and community. LGBTQ+ retirees might finally feel the freedom to fully embrace their authentic selves and build chosen families that offer a sense of belonging.

Unfortunately, not all can dream about having a healthy and strong retirement goal – social and economic inequalities cast long shadows into retirement as well. BIPOC communities in the U.S., for example, face systemic disadvantages in terms of wealth accumulation and access to quality health care, leading to a higher risk of poverty and financial insecurity in retirement. Some might not be able to retire at all. 

Ensuring equitable access to financial planning resources and programs, like the ones Pension Fund offers, becomes crucial to dismantling these systemic barriers and building a future where everyone, regardless of background, can enjoy a secure and fulfilling retirement.

Prioritizing DEBA in our approach to supporting your roadmap to retirement readiness means we can move beyond the one-size-fits-all narrative and embrace the rich diversity of individual, cultural, and community experiences. This means acknowledging and celebrating the diverse ways people envision and live their retirement while simultaneously working to dismantle systemic barriers and creating a future where everyone can age with dignity, security, and joy.

Retirement is not a final destination, but rather a continuation of the beautiful journey of life.

As we move forward, let's keep the conversation going, celebrating the diversity of retirement experiences and working together to build a future where everyone can have a strong, smart, and secure retirement experience.