Close to 3 out of 5 retirees commit to a new line of work after retirement according to a new study by Merrill Lynch. The study also points out that working retirees are 3 times more likely to be business-oriented than pre-retirees. Also, firms nowadays are more willing to retain workers than before. Over past decades, workforce growth was facilitated by the entry of youth workers. However, this trend has changed considerably over the last 7 years as workers aged 55 and above occupy the larger labour pool. Here are the main incentives that make people continue working long after their retirement.
It is a transition, not a full stop
“Retirement today is a fluid and dynamic process where individuals reinvent themselves and undergo phases of transition”, noted Richard Wald, a managing director at Merrill Lynch. He went on to explain that retirement is no longer a distinct moment where someone toils for a firm for 40 years, is blessed with a retirement dinner, gets a Rolex and then gradually disappears into the sunset. A good example is Hal Spielman who owns SuddenlySolo.org and the associated book. He boasts a lucrative retirement career helping seniors who have been left alone. His story goes that after he retired, his wife died and after a lifetime of working surrounded by people in the army and in college, he felt a certain emptiness. While trying to adapt, he researched and studied the challenges of senior and single men, which was the pathway to what he is today.
Is it all about the money?
There are a lot of reasons why you should keep working as a retiree. Staying mentally sound and active is equally as important as the returns, according to the case study. Spielman says that he has always been a builder and despite the fact that he had built a successful career before retirement, what he does after retirement is more satisfying and fulfilling. In fact, he refers to his new role as a ‘career without a paycheck’. He further advises that if one is not into entrepreneurship, they should contemplate starting a consultancy so as to stay relevant in their field and bring their expertise to the table. Such involvements and acquainting yourself with technological advancements could actually culminate into a healthier and longer life as proven by a study done by Oregon State University.
“With workers staying in their jobs longer, employers have to adjust their hiring requirements but they also reap big from the vast experience of those workers,” Rosemary Haefner, Chief HR at CareerBuilder told HR Watchdog. The retirees too enjoy a whole lot of benefits when they decide to keep working. For instance, there is the extra income and free exercise from commuting to work. So the next time you sit and think that you are too old for work, give it a second thought and chances are that you will get back on the road.
By Guest Blogger Jennifer Dawson