Photo by Goran Ivos on Unsplash
A few years ago, the government sponsored a radio ad with the lyrics “I’m gonna work til I die”. The intention was to horrify people near retirement age and prompt them to think seriously about their retirement savings. Not being completely sorted for retirement myself, I sarcastically sang along.
However, the more I think about it, the more I realise that for the current over 50s, the switch to being ‘retired’ is not going to be as clear cut as in the past, and maybe working until you die (or near to it) is exactly what some people will both be highly capable of and enjoy doing.
People who entered the workforce at 20 in 2016 can currently expect to retire at 65 in most OECD countries, including Canada, Chile, Estonia, Germany, Poland, Spain, Sweden, New Zealand, Japan and Latvia. They would retire at 67 in Australia and Iceland. In Finland, Ireland, Portugal and the United Kingdom, it would be 68. In Netherlands and Italy it would be 71 and in Denmark, 74.
The pressure of an aging population
Baby Boomers are changing the definition of retirement. Their sheer number will create change in how long and in what manner we stay in paid employment.
With the advent of the inverted population pyramid there are fewer young workers paying the taxes that support government superannuation schemes. There is pressure to raise the retirement age, and with increased good health that also enables us to work for longer, we are all heading in the Denmark direction.
Here are some great examples of those excelling in their profession well into their golden years.
- Frank Gehry became world famous for his Guggenheim Museum in Bilbao that he designed in 1997 at the age of 68, and was still designing commercially into his 80s.
- These hugely talented British female actors are still rocking it on screen and in the theatre – Dame Judi Dench (85), Helen Mirren (74) and Dame Maggie Smith (85).
- Age doesn’t seem to be a barrier if you want to be President of the US. At the date of inauguration – Donald Trump (70), Ronald Reagan (69), George Bush senior (64).
- Queen Elizabeth, at age 94, is still doing a fabulous job.
Just for fun I googled the ‘oldest people still working’ which turned up an article from 2017 citing Australian biologIst David Goodall at 103, Anthony Mancinelli of New York — barber, 106 years old, Mastanamma of India — YouTuber (thanks to her great-grandson) 106 years old, and Shigeaki Hinohara of Japan — doctor, 105 years old.
So in our 60s, 70s and beyond we are obviously still capable of delivering exceptional work, but employers seem to be playing catch up.
Working in ‘retirement’
There are a number of ways you might look at employment options as you approach the retirement age. Whether it is for necessity or interest, it will contribute to how you fund your retirement or supplement your retirement savings.
Stay in the career game
If you are in a good career and wanting to stay there, that’s great. But don’t take it for granted that that’s all you need to do. In an economic downturn companies are going to be looking at saving money, and if they need to lay off staff they will target the most expensive ones. That’s likely to be the older ones.
To stay in the career game you need to:
- Figure out what you do best. Find what is going to make your skills unique and indispensable to your employer.
- Keep learning and growing. Stay on top of the latest technology and developments in your area of work.
- Replenish your network. Nurture your relationships with people on an upward trajectory in their careers.
- Look after yourself. Maintain your energy levels, enthusiasm and curiosity. Stay fit and healthy.
Prioritise life in the work/life balance
When people talk about work/life balance, they are really talking about two things – working less and having more flexibility about when and where they work. This is the area where I think baby boomers will drive change the most.
Flexible work
You might say that Covid-19 has been an ally to more flexible work. Work from home (WFH, it even gets its own TLA so you know it’s trending), has been a necessity during lockdown all around the world, and employers have found that there is at least equal, if not greater, productivity during this time.
Once WFH is acceptable there is only a small jump to work from anywhere (WFA – my own TLA). Does it make any difference to your employer if you are at your holiday house working, so long as there is a good internet connection? I would say the only difference is perception.
The next extension is work whenever. So long as you deliver either the hours or the results does it matter when you do the work?
Flexibility in working hours and location has a great impact on lifestyle for everyone, not only those looking at retirement options, so let’s hope the recent changes in how we work stick around.
Part time work
The other way to improve your work/life balance is to look at part time work.
When searching the internet for ‘jobs for over 60s’ it turned up a depressing array of career options most of them relating to aged care. It seems like they think the best people to look after older people are older people. I don’t know about you, but it’s not what I had in mind for a semi-retired lifestyle.
A better option if you are already in paid employment that you enjoy is to discuss with your employer making it a part time role or job sharing with someone else.
Go it alone
The ultimate way to control how often and when you work is to run your own business, but be careful not to buy into a whole lot of stress that will impact on your health.
Consulting is a great way to pass your knowledge on in a way that you have more control over. Like staying in the career game, your network and knowledge base are essential to this path. Often people retire and consult back to the business they were in on a part time basis, but this work usually dries up as connections fade and the company finds there own new ways of doing things.
Starting your own online business is another option. The tools available to do this are very accessible and I don’t see why Millennials should be having all the fun. You don’t even need to be super tech-savvy, although that does help.
If you have financial skills or interest in learning them, becoming more active in managing your retirement fund is another option. This might mean leaving the heavy lifting to the financial experts but having some ‘play money’ that helps you become more knowledgeable about your investment strategies.
Find your ikigai and work or volunteer in that area
If your main priority is not the amount of money you earn, but finding your motivation to get out of bed, finding your ikigai could provide ongoing stimulation, social connection and income in retirement.
If you’ve found an ikigai that is connected to your current employment, maybe there is no reason to retire at all.
References
Susan Edmunds: New Zealand’s pension is one of the world’s most generous – will you be getting it at 65?
Luciana Grosso: The oldest people in the world who are still working
Consult Recruitment: Want To Be Employed In Your 50s And 60s? Do These 4 Things Now.
Heather Ogden-Handa
Good to meet you! I’m a marketer and writer interested in aging and longevity. I see lots of great information out there, so I’m keen to share topics that take my interest. Over time I hope the knowledge and community around this blog will have a positive impact on the healthy lifestyles of many individuals.