A New Look at Retirement

by Lisa Taylor

News outlets across Canada covered the recent release of a new Statistics Canada report that focused on the trend of delayed retirement.  Much of the coverage assumed that this trend is a result of the recent financial crisis. However, the report looks historically at retirement trends and statistics and finds that “the expected length of retirement expressed as a percentage of total life expectancy after age 50 was about the same in 2008 as in 1977.”

At the turn of the last century, the average lifespan as 45 years. It is now approaching and entering the 80s.  While people are working longer, they are also living longer.

Delayed retirement is a trend that can be traced to the early 90s, well before the latest economic downturn. While it is true that many Canadians over the age of 50 have been impacted financially, it does not necessarily follow that they are postponing retirement strictly out of financial need.

The report also examines working hours and conditions for Canadians 50+ and finds that the average number of hours per week one works declines with age. People at any age can re-evaluate their needs and harness their talents to do something different.  The trend demonstrates that it is possible to change how, when, or where you work, even in your 50s.

Later life careers may need to fit into a more leisurely lifestyle. Or, perhaps, they must accommodate renewed family obligations as you help care for grandchildren. Whatever your situation, there is a right combination of meaningful work and leisure for you.

The real freedom that comes with being 55+ (or any age, really) is the opportunity to work as you wish.

Changing careers or starting new jobs right when society seems to think you should be staying home and relaxing, may not feel natural. I sometimes encounter people who are convinced that employers are not interested in hiring anyone over 50 and, we agree, that there are certain challenges to overcome while society gets used to new, 21st century approaches to retirement.

However, entrepreneurship among this group is on the rise and most industry groups have the “pending labour shortage” on its short list of hot strategic topics. It is only a matter of time before attitudes towards retirement change to match the needs of both the retiree and companies.

Canadian-based Challenge Factory is founded on the principle that 25 years is truly too long to be on vacation. It is not good for the individual, for businesses or for society.  But finding something new to do when all you have known is your previous career path is not an easy task. 

Our clients overcome this challenge by experiencing unique one day career test-drives which address preconceived notions and obstacles head-on in a risk-free way. Then, they transition into the job they know that they want to do for the next 2-3 decades.  It is a unique and new response to the trends we are seeing across the country in how Boomers are approaching work.

Accountants do become Book Reviewers. Marketing Managers do open boutiques. Sales Executives do become Professional Fundraisers. And CFOs make fantastic Corporate Intrapreneurs. Many clients opt to start new businesses.

Stanford economist Jon Shoven declares the way we look at old-age to be old-fashioned. He suggests that, rather than considering everyone over a certain age as being “old,” we should work from end-of-life backwards. Basically, we should reserve the term old-age for those who are facing mobility, health, cognitive, and other challenges that impair their ability to be active and contributing members of society. 

What a great way to think about aging. According to this model, you aren’t old until you are, well, old.

We recognize the changes in workplace demographics and trends and see enormous opportunity for career-minded professionals at any age in Canada.  Let’s redefine what it means to be “old,” first by challenging old assumptions and models and then by adopting new ways of thinking about retirement and work that make contribution and achievement the norm for people in their 50s, 60s, 70s, and beyond.  

Image courtesy of Microsoft Office.