Back to school for retirees

In the classic 1986 comedy movie, “Back to School,” the late Rodney Dangerfield’s character, Thornton Melon, an uneducated self-made millionaire, enrolls in college to support and encourage his son who has doubts about whether or not he can succeed in college. Thornton’s year in college quickly turns into a raucous, party-filled experience that causes tension between him and his son.

Little did we know 30-plus years ago that Thornton was ahead of his time. When he made the film, Dangerfield was 65, an age not generally associated with college matriculation. Today, however, colleges and universities collaborate to attract baby boomers (individuals born between 1946 and 1964) and retirees by offering special programs, events and other stimulating activities. Life sometimes imitates art.

Higher education is tapping into a growing trend encouraging workers to think about the nonfinancial aspects of retirement. As financial advisors, we rightly focus on the economics of retirement: Do I have enough money saved? Am I saving enough early on? Will I be able to maintain my current standard of living after I retire? Most pre-retirees do not give any thought to what postwork life will be like or the emotional and psychological impact of not working may have on their psyches. Will Rogers drolly commented about the eagerness to retire he observed among many of his contempo

raries. “Half our life is spent trying to find something to do with the time we have rushed through life trying to save,” insisted the humorist and social commentator.

“People really fail to think about retirement,” says Jill Steinberg, a California-based clinical psychologist who focuses on the psychology of retirement. “They don’t actually think about what they’re going to do and what retirement will look like. So people fail to plan or ask themselves, ‘What am I going to do with my time?’”

Based on her research and extensive interviews with retirees, Steinberg launched myretirementworks.com, which houses a wealth of information and resources to help people chart a path to a happy retirement. It’s a good site to explore. Features include fascinating human interest stories about retirees’ second acts, adventures and more.

Medical professionals and research have told us for years that among the most important factors required for retirees to maintain good health are diet and exercise, as well as enjoying interests to keep our minds sharp. Plus, being fit pays off financially. Active individuals have much less chronic disease — such as diabetes, heart disease and joint problems — and, they are more mentally healthy than unfit individuals. This correlates to less money being paid to the health care system.

Returning to campus life can help retirees access all of the activities needed to maintain a physically, mentally and socially active lifestyle. According to Andrew Carle, the executive-in-residence in the Senior Housing Administration Department at George Mason University, “roughly 100 university-based retirement communities, or UBRCs, have established relationships with colleges to offer baby boomers and retirees access to campus facilities, programs, classes, events, concerts and other pursuits.” As the ranks of baby boomers heading into retirement swell, Carle, who coined the university-based retirement community term in 2006, expects the number of UBRCs to double over the next decade.

Each university-based retirement community is as different as the individuals who live there. Carle suggests five criteria that make a UBRC successful. These benchmarks are proximity to campus, formalized intergenerational programming between the university and the community, full senior housing services from independent to assisted living, a strong alumni base and sound financial planning.

The best URBCs provide a student ID, which qualifies the holder for campus discounts. They can use their card to register for classes, dine at campus eateries and as admission to athletic facilities. Some of the best examples of URBCs are the Kendal Retirement Community located close small, private Oberlin College in Ohio, Oak Hammock at the University of Florida, and Meadowood Retirement Community near Indiana University. All are within five miles of campus. Additionally, if there’s space available, seniors in Ohio can audit classes for no charge as part of Kent State University’s Senior Guest Program. Locally, in the Philadelphia area, the University of Pennsylvania, though not associated with any UBRCs, charges seniors $500 to sit in on selected undergraduate courses.

Being an alumnus, important, is never a URBC requirement, and most URBC residents’ ties to the college might not be strong at all. A major benefit is universityaffiliated centers are usually no more costly than other retirement communities.

Many retirees experience dramatic emotional changes after they stop working at a job or career they held for decades. Those who come to a hard stop are especially affected. Making the transition to a UBRC can alleviate much of that anxiety. Having access to physical activity, intellectual stimulation and social outlets, in fact, can be both rewarding and exhilarating. Countless retirees are discovering it can be a very youthful experience.