Retirement as We Knew It Is Over: Why Experts Say Work Until Death Is the New Norm

The idyllic notion of retirement defined by decades of leisure, golf, and fishing has largely unraveled, according to Lawrence Samuel, a cultural historian and author of “The Rise and Fall of Retirement in the United States: A Social History.” Samuel contends that the modern era of retirement has ended and predicts that Social Security will eventually disappear, replaced by a system where Americans work significantly longer into their elder years.

“It’s a very powerful myth. It’s almost like the American dream — it’s a myth. But a lot of people think it’s an entitlement: ‘Where’s my American dream?’ But most Americans don’t realize their American dream. The odds are against you,” Samuel told MarketWatch.

Samuel described retirement as a relatively recent invention of the 20th century, sustained by industries ranging from travel and housing to financial services and marketing. Prior to this shift, working until death was the standard norm. He noted that cracks in the retirement narrative began appearing as early as the 1950s, revealing flaws in a model that promised contented leisure.

The Health and Financial Costs of Inactivity

Many older Americans face significant challenges post-retirement, including loneliness, isolation, and a lack of purpose. Data from consultancy AgeWave indicates that the average retiree spends 47 hours per week watching television. The health implications are severe; in 2023, the U.S. Surgeon General declared loneliness an epidemic comparable to smoking 15 cigarettes a day, linking it to higher risks of cardiovascular disease, dementia, stroke, depression, and premature death.

Financially, the picture is equally stark. As traditional pensions have vanished, individuals have been forced to rely on personal savings, with mixed results. The National Institute of Retirement Security reports that the median retirement savings for American workers is just $955, a figure dragged down by those with no savings at all. For those who do have savings, the median rises to $40,000. Meanwhile, asset-management firm Schroders found that Americans believe they need $1.2 million to retire comfortably.

Social Security’s Future

Social Security, which currently supports more than 68 million older adults, faces insolvency by 2032. Without congressional intervention, benefits would be cut by 22%. According to AARP, 40% of Americans aged 65 and older rely on Social Security for half or more of their income, while 14% depend on it for 90% or more.

Samuel expects the program, originally conceived in the 1930s as “old-age insurance” for the “Greatest Generation,” to eventually fade away. He argued that the system is ill-suited for the gig economy and the reality of older workers remaining in the workforce.

When Social Security was established, life expectancy was roughly 60 for men and 64 for women, often lower than the retirement age of 65 due to high infant mortality. Today, average life expectancy in the U.S. is 79, meaning people have more years in retirement but also greater risk of depleting their funds and struggling with a lack of purpose.

A Return to Purpose

Samuel highlighted a growing divide between those who have the resources to pursue meaning after work and those focused merely on survival. He believes the solution lies in connecting employers with workers over 55, noting that 19% of Americans aged 65 and older were in the labor force in 2025, according to the Bureau of Labor Statistics.

“Retirement — it’s not the right word anymore. Purpose is the right word. Human beings need a reason to wake up and get out of bed every morning,” Samuel said. He suggested that staying employed, even in less-than-ideal conditions, provides essential health insurance and structure.

“Don’t quit. Keep your job — keep it despite having an annoying boss or colleagues. Keep the health insurance coming as long as you can,” Samuel advised. “Keep your job and try to pursue your passions.”