Iowa Business Leaders Redefine Retirement: From Full Stop to Gradual Transition

Every day, 10,000 baby boomers turn 65 — according to the Georgetown University Center for Retirement Initiatives — but retirement isn't what it used to be. Instead of immediate gold watches and farewell parties, many are choosing gradual transitions, part-time roles, or encore careers. Two Eastern Iowa business leaders exemplify this shift, trading corner offices not for golf courses, but for travel adventures and selective consulting work.

More people are now choosing to stay in the workforce past the age of 65 — 11.5 million, according to the U.S. Bureau of Labor Statistics.

A 2023 survey by the Transamerica Center for Retirement Studies found:

• More than four in 10 of age 50+ workers (44%) envision transitioning into retirement by reducing work hours with more leisure time to enjoy life (28%) or by working in a different capacity that is less demanding and/or brings greater personal satisfaction (16%).
•  Fewer than one in four (23%) plan to immediately stop working when they reach a certain age (16%).
• Eight percent of age 50+ workers have unretired by retiring then coming out of retirement and reentering the workforce.

For Kim Augspurger, the former owner of Des Moines-based commercial interiors company Saxton, retirement came upon her faster than she anticipated.

She sold her company to competitor Pigott at the end of 2021. The move was spurred by national furniture manufacturer Herman Miller acquiring Knoll — Saxton was aligned with Knoll while Pigott was aligned with Herman Miller, according to Ms. Augspurger.

“I needed an exit strategy and didn’t have a great one in place,” Ms. Augspurger said. “We had a few options, but none were super far along. It was very important to me that the company wound up in good hands.”

When the MillerKnoll acquisition happened, Ms. Augspurger reached out to the owner of Pigott. At the time, Pig-ott was larger, with more locations and employees. But after Pigott’s owner promised Ms. Augspurger he’d find a place for all of her employees at a combined company, she felt comfortable stepping down.

“It’s never easy putting two companies together, but both companies had good cultures, good people so our teams fit together pretty easily,” she said. “That was important to me. I didn’t want to step away and leave some big mess for our clients or my staff.”

After the sale, Ms. Augspurger stayed on as a contract employee for about a year and a half to help guide the transition. But as the merger became more settled, her role began to diminish.

“By the time I was done I wasn’t super in-volved,” she said. “The first few months were really strange, but I tried to be very gracious. I wasn’t in charge any more – my role was to help make the transition, to fold my company into Pigott. But it’s different because you’re not in charge or making decisions.”

Today, Ms. Augspurger is still involved on various boards, including the Iowa Association of Business and Industry.

“It’s a nice way to stay involved without having to deal with payroll,” she said.

After working at Hubbell Realty Company since 1984 and serving as president and CEO since 2004, Rick Tollakson will be retiring in March 2026. The Des Moines-based company provides commercial construction, development services, property management and home building throughout Iowa and Nebraska.

“I planned to be here for a few years to build a high rise,” he said. “Well I’ve spent 41 years at Hubbell.”

As the company continued to grow, new opportunities kept presenting themselves to Mr. Tollakson, which kept him at Hubbell Realty. When Mr. Tollakson started in the mid-1980s, the company had between 60 and 70 associates, he said. Today there’s more than 900.

While at the helm of Hubbell Realty, Mr. Tollakson is most proud of the “extreme builds” his company accomplished. These homes, development centers and other buildings for Iowa nonprofits were built on incredibly expedited timelines, with all labor and supplies donated to those benefiting.

“Hubbell has a long legacy of substantial growth,” Mr. Tollakson said. “I hope that continues, and that I can help.” After he retires, Mr. Tollakson will continue to serve on Hubbell’s board.

Even with retirement on the horizon, Mr. Tollakson isn’t slowing down. His book, "Think Bigger, Lead Better: Eight to Great Principles for Organizational Success" comes out in November.

Both Ms. Augspurger and Mr. Tollakson have used this next phase of their lives to travel with their partners. A Transamerica Institute for Research study found that travel and activities associated with travel encourage healthy aging through encouraging physical activity, social engagement and cognitive stimulation. Regular travel has been shown to reduce mortality risk by 36.6% and lower Alzheimer’s risk by up to 47%.

Mr. Tollakson recently traveled to South Africa for a three-week trip, which included two different safaris.

“There’s things I want to do and see,” he said. “As people age, they start slowing down and can’t travel as much.”

Ms. Augspurger and her husband have been all over Europe, Canada, Mexico, Australia and New Zealand.

“I told myself I would travel while I had my health,” she said. “One person keeps trying to get me to do some consulting, but I can’t commit to the schedule.”