55. At about what age do you plan to retire?
| Before I’m 45 |
| 0% |
| 45-54 |
| 2% |
| 55-59 |
| 5% |
| 60-64 |
| 11% |
| 65-69 |
| 23% |
| 70-75 |
| 23% |
| After 75 |
| 9% |
| Never |
| 26% |
Despite much talk in recent years about boomers being forced to keep working well past the normal retirement age, jewelers appear happy to do so, something that hasn’t changed in more than a decade. In 2010, one-third of jewelers (33%) told the Big Survey they didn’t plan to retire until they were at least 75, if ever. This year, that portion was 35%.
56. What is the fate of most of the jewelry stores in your local market when their owners retire?
| They are able to find buyers |
| 4% |
| They generally sell to insiders (family or employees) |
| 10% |
| They just hold GOB sales and close up |
| 64% |
| Don’t know |
| 22% |
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57. What is your exit strategy?
58. What’s the current state of your retirement/pension plan?
| It’s badly underfunded |
| 17% |
| It needs a modest boost |
| 21% |
| On track |
| 27% |
| I could retire today |
| 22% |
| I don’t plan to retire |
| 13% |
Note that more than one-third of the jewelers who said their retirement plan was underfunded also reported having “no exit plan.” While many said they enjoyed their work, many also said they had “no option” but to keep on working.
59. When you think about retiring, does it make you …
| Excited |
| 17% |
| Contemplative |
| 18% |
| Apprehensive |
| 13% |
| Anxious |
| 14% |
| Doesn’t make me feel much at all |
| 28% |
| Other (please specify) |
| 10% |
*Most of the “Others” could be classified as sad, mixed, ambivalent, or “I don’t know what to think. I love this.” Note we excluded the answers of people who are not planning to fully retire.
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60. Once you retire, will you …
| Cut all ties with the jewelry industry |
| 14% |
| Try to keep your hand in with some small commercial efforts |
| 36% |
| Try to keep your hand in but in a voluntary way, like offering to be a mentor or serving on boards |
| 34% |
| Drop by occasionally to help out the kids, grandchildren, talk to old customers, etc. |
| 4% |
| NA |
| 6% |
| Other |
| 6% |
*Most “Other” responses had to do with continuing to design jewelry as art, “not sure,” or a mix of all.
61. What do you imagine will be the best thing about retirement?
| The good life: travel and leisure |
| 41% |
| The chance to spend more time with family |
| 21% |
| The time to spend on a hobby or other pastime |
| 15% |
| The chance to slow down |
| 12% |
| The opportunity to learn something new |
| 6% |
| Other |
| 6% |
*Most of the “Others” couldn’t decide or wanted to do “all of the above.” One jeweler noted “No watch batteries” would be the thing he most looked forward to.