RE-THINKING RETIREMENT
It's time to retire retirement
Professional feathers were ruffled recently when Indeed published an infogram saying that from age 45 you are `late career' and 55+ in `decline'.
“I'm sorry but was this written 50 years ago to speak to over 70s then? Can it be more patronizing?” writes Lyndsey Simpson, founder of 55Redefined Group, on Linkedin. “We have added 30 years to life expectancy since the old retirement of 65 was invented! Economies, businesses and us as individuals need to be adding at least 10 years to working careers… plus 56 per cent of over 50s want to work over the age of 65 and 25 per cent never want to retire at all!”
Time to retire retirement? Ditch the outdated concept that age defines our worth, our ambitions and our potential! “The old model of a hard stop at 65 no longer makes sense in a world where many of us can expect to live into our 80s or beyond,” says author Carl Honore, of carlhonore.com. “The time has come to replace the traditional three stage road map of life – learning, working, resting – with something more fluid. That means choosing the blend of work, rest, caring, volunteering, learning and leisure that suits us best at every stage of life.”
Whether older workers want to work or need to, staying active and engaged is a win-win for them, companies and the economy, says Honore, author of Bolder: Making the Most of Our Longer Lives. “Older people can also bring a lot to the workplace. Aging tends to boost our social skills. We tend to get better at reading people, leading, collaborating and resolving conflicts. That's why productivity usually rises with age in jobs that rely on social smarts.”
With age, we also get better at seeing the big picture and weighing multiple points of view, he says. “We understand more how the world works and get better at spotting the patterns and details that lead to breakthrough solutions. That's why companies with suggestion boxes report that older staff generate more good ideas, with the best ones often coming from the over-55s.”
Retirement coach Brian Lambier says times have changed and we are a more diverse country, people are living longer and no longer have lives that are linear like the outdated infogram model supposes. “People want to continue to grow, contribute, and have rich relationships, experiences and activities that resonate with their values and needs.”
It's a myth that we slow down and as we get older, says Lambier, of careervitality.ca. Many people want to continue to make contributions in their work or in their communities through volunteering. It is important for each of us to determine if we still receive benefit or value in working longer. “It is up to us whether we decide to work fulltime in the same career, pursue something different, work part-time or contractually like consultant or a journalist may work is up to us.”
Seventy-four per cent of Canadians between the ages of 24 and 44 say that the conventional retirement age is an outdated concept, according to Wealthsimple. Other research reports that two thirds of us view retirement as a new chapter in life, with plenty of room for fresh ambitions and renewed purpose. Their sophisticated skills, vast experience and social intelligence can fill many talent gaps in struggling businesses and new ones.
Contrary to what conventional wisdom tells us, older people also have real entrepreneurial chops, says Honore. “Statistics show that you're more likely to launch a successful startup in middle age or beyond. In a world in thrall to youth, aging is a superpower,” adds Honore.
In addition, intergenerational collaboration is a win-win too: “Diversity is a secret sauce in the workplace. Multigenerational teams perform better on every metric. Having a range of age backgrounds broadens horizons, enriches debate and helps avoid groupthink. Older workers also have a special knack for bringing out the best in their younger colleagues. Older workers tend to be more loyal, too.”
Honore offers up these five tips for older workers to keep vital, valuable and working:
1. Keep on learning and experimenting. The adage that you can't teach an old dog new tricks isn't even true of dogs. Novelty keeps you energized and engaged.
2. Find a purpose that puts meaning in your life and fire in your belly.
3. If you think growing older will be bad, it will be bad. Be positive and focus on the upsides of aging: feeling more at ease in your own skin, deeper relationships, and more altruism, creativity, knowledge and experience.
4. Cultivate strong relationships, at home, at work and at play.
5. Draw inspiration from older role models. Think Helen Mirren, David Attenborough or even Michelangelo, who rebuilt St Peter's Basilica in his 80s.
The time has come to replace the traditional three stage road map of life – learning, working, resting – with something more fluid.
Author Carl Honore