Retirement decisions are always complex and rarely easy. As a veteran retirement researcher who has written books on the subject, I find myself sympathetic to President Biden’s reluctance to “step aside” and retire. While this is a unique situation, his response is in fact quite normal.
It makes perfect sense that President Biden is “defiant,” as many have called him. Most people in his situation would be. Given the psychological and social factors involved here, President Biden would have to be extraordinary to give into pressure and voluntarily give up working, despite being well beyond the traditional retirement age – most people don’t work past 70.
President Biden and his wife are among the minority of older workers who are still on the job but able to retire in financial comfort (about one-third of older workers are in that fortunate position.) These voluntary older workers are more likely to have high job satisfaction and a strong sense of professional identity because they have relatively more authority, status, and control over their work (especially if you are president of the United States). Older individuals in positions of power are much less likely to retire. Being boss, especially at older ages, is fun.
Many world leaders, notably President Ronald Reagan and UK Prime Minister Winston Churchill, stayed on the job despite their infirmities. Bosses are more likely to get microbursts of serotonin throughout the day with genuine or sycophantic “atta Boys” and other sources of praise that produce a sense of satisfaction. When President Biden told George Stephanopoulos last Friday that he has a cognitive test every day on the job, I interpreted what he said through my research findings — that people frequently tell him he is correct and smart and that makes him feel good.
Feeling good is another reason why older workers who are promoted at work are less likely to retire voluntarily — being promoted gives us validation and rewards. For someone like President Biden, the prospect of retirement seems wrong because he has been promoted to the very tip-top of the hierarchy. He told Stephanopoulos, “I’m running the world.”
Spouses’ labor force participation matters, too. Older workers are less likely to retire if their spouse is still working. Dr. Jill Biden’s active career as a college professor could be another factor contributing to President Biden’s decision to continue working.
An enduring finding in retirement research is that being forced to retire is one of the worst things that can happen to you. Sadly, more than half of Americans (52%) are forced to retire before they planned on it, and are thus more likely to report being more depressed and anxious. No wonder President Biden says repeatedly he is not leaving.
In the private sector, CEOs are often subject to mandatory retirement — which has a sweet side in removing the negative social stigma of having to step aside. What others your age are doing plays a crucial role in the retirement decision.
President Biden is surrounded by elder peers who are still active in their careers, making him less likely to view retirement as an appealing or dignified option. Biden’s contemporaries — such as Senate Minority Leader Mitch McConnell, Representative Nancy Pelosi, and Treasury Secretary Janet Yellen, and especially his most relevant peer, his rival former President Donald Trump – are not retiring, either. This only makes it tougher for Biden to leave when peers in his age group are staying on.
Pointing to peers who have retired, like President George Washington, ameliorates the peer effect somewhat. However, Washington’s and Pope Benedict’s retirements – a precedent set after 600 years — were vastly different. Their decisions to step down were driven by a desire to set a precedent for leadership transitions and they were voluntary decisions; they had complete control. They both retired voluntarily and with a sense of accomplishment and being at their peak.
President Biden’s reluctance is understandable — but retirement decisions can shift quickly. A click of insight that your retirement can be generative — “making way for someone younger” is often on the lips of the retiree — can change one’s mind. As can the insight that past presidents contribute mightily — just look at Jimmy Carter.
Finding meaning in retirement will be the secret sauce for Biden to move quickly from this current job to President Emeritus. Everyone deserves a dignified retirement. And choice is key, since being pushed out is hard on a heart, soul, and body.