Economics & Finance
- Retirement in Japan is framed as continued societal contribution, while in the U.S., it often signals personal freedom.
- Japanese retirees remain more socially integrated post-retirement through board and advisory roles.
- U.S. retirees experience retirement as a release from pressure but struggle with loss of identity.
- In both countries, Big Four partners face challenges separating their identity from their profession.
- Retirement transitions are emotional and cultural, not just logistical.
Why did you focus on Japan and the U.S. to highlight different retiree experiences?
Japan and the U.S. have the world’s first and third-largest economies. They are both aging rapidly but represent vastly different cultural contexts. Japan is often considered a collectivist society, while the U.S. is individualistic.
These contrasts create fertile ground for understanding how culture influences the retirement experience. It’s not just about leaving a job - it's about what that transition means in your society.
What did you learn from former Big Four accounting partners about retirement?
These individuals were among the elite in their profession. In both countries, they told me that retirement was emotionally challenging. Many had difficulty separating their identity from their professional title.
Even those who had planned financially for retirement said they were surprised by the psychological weight of stepping away from a long-held role. They didn’t always feel prepared for the shift in how others - and they themselves - perceived their value.
How do cultural expectations affect post-retirement life?
In the U.S., retirement is often imagined as reward and relief. People look forward to hobbies, travel, and freedom from work obligations.
In Japan, however, there's a stronger emphasis on social contribution after retirement. Many retirees continue working in advisory roles or on boards. The idea of ikigai - a reason for being - is very influential. There’s less of a sharp break between work life and retired life.
What should organizations or governments take away from your findings?
Retirement policy often assumes a one-size-fits-all model, but culture plays a massive role. Policies should be designed to account for local expectations about aging, work, and social contribution.
Organizations can support retirees by helping them plan not just financially but socially and psychologically. In both Japan and the U.S., people benefit from clear pathways to remain connected and valued after leaving full-time work.
What comes next for this line of research?
I’m expanding this work to include more countries and a broader range of industries. Retirement is a universal phenomenon, but it’s experienced in culturally specific ways. I want to understand how different professional communities - not just auditors - adapt to this life transition.
The goal is to better inform not only academic theory but also workplace practices and public policy for aging populations globally.
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Sources
The research is drawn from "‘Unbecoming’ a Professional: The Role of Memory during Field Transitions in Japan and the USA", forthcoming in the Journal of Management Studies, by Lisa Baudot, with R. Azambuja, S. Matsubara, T. Endo, D. Wallace.
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