Research shows a clear trend of people working beyond the traditional retirement years, including still being on the job into one’s 70s.
Writing for the UK’s Telegraph, Sam Meadows profiles one such employee who holds a position that didn’t even exist when she first left the workforce 25 years ago. The employee, 70, is a social media manager, a job some might connect with younger workers.
She “wasn’t forced to carry on working to make ends meet, although she said she was glad of the extra income.” With the decline of company pensions “and the rise in the state pension age as longevity improves, many other seventy-somethings will find themselves still in the workplace,” he writes.
Although the employee faced a learning curve, she and other older workers bring something to the work environment younger workers don’t: life experience with applicable job relevance.
“Soaring life expectancy is forcing all of us to view retirement differently. Squeezed savings rates have diminished pension returns, putting additional pressures on our years in work, and highlighting the importance of changing careers and retraining,” continues Meadows.
“If it continues to rise at the current rate, babies born this century will have a greater than 50 (per cent) chance of living to 105. This means someone wanting to retire in their mid-60s would have to fund a 40-year retirement.”
More: Employers continue to favour younger workers.
ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapensions