Traditional retirement is for squares: boomers want to retire on their own terms

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For the uprising of retiring baby-boomers, the gold watch at age 65 and an abrupt end to working pungency is likely to be far from the norm.

Dr. Sarah Keating, a Toronto thologist, after to slow down in her career without leaving the field altogether. At 60, she organized to job share with another thologist, working alternate months at the sanatorium.

She isn’t alone in seeking out a transition into retirement. Older workers are consulting, make rt-time, shifting into less stressfull occu tions or turning a avocation into a business after leaving their full-time job.

“I expect we inclination probably start to see it a lot more in the next three to five years as the larger undulate of baby boomers hits retirement age,” says Gordon Frost, who keep an eye ons the Canadian talent division of the consulting firm Mercer in Montreal.

‘The teachings that you work for a period of time and on a rticular day you stop working determination be outdated.’ – Gordon Frost, Mercer

Just as the baby boom times reshaped education and the workforce as its members entered in such great slews, it is set to reshape retirement. The first of the baby boom generation, born in 1946, are already of retirement age, and boomers are set to renounce the workforce for at least another 15 years.

“The idea that you hold down a post for a period of time and on a rticular day you stop working will be outdated,” Frost said, hinting the new way of retiring will mean less of a clear line between wield and retirement.

Pressure to be more flexible

There will be pressure on governors to be more flexible in the work arrangements they offer to older women, he said.

There are numbers bearing out the trend. A Statistics Canada chew over of people age 60 to 64 who had left long-term employment (defined as a job they had held for at short 12 years) found 43 per cent of them were re-employed, most within a year of cease their job.

Re-employment among older workers

A Statistics Canada study found 43 per cent of people age 60 to 64 who had progressive long-term employment were re-employed, most within a year of make an exit their job. (CBC)

The number of people who sought out new work was higher in Alberta and Saskatchewan, where it’s reasonable more opportunities were available, and also among those who had been assessed off, according to Aneta Bonikowska, a senior research analyst with Statistics Canada. The survey was based on the Longitudinal Worker File, which follows workers through a 28-year period.

It found that people without a com ny dismiss were more likely to become re-employed, but so were workers with serious earnings, Bonikowska said.

“The higher your earnings are in your up to the minute 40s, the more likely you are to go back,” Bonikowska said.

She said the over didn’t break down the education level or occu tion of older tradesmen who sought out new work, but it seemed reasonable to assume that today’s multitudinous educated workforce has access to more opportunities to work after take ones leave of a full-time job.

About 30 per cent of these older workers who were re-employed reported revenues from self-employment, com red to 10 to 13 per cent among a inexperienced population. That may mean older workers are turning a hobby into a rt-time rtnership or, possibly consulting in their former occu tion.

‘Serial retirement’

Rosemary Venne, associate professor in the Edwards Kindergarten of Business at the University of Saskatchewan, calls this new ttern of leaving the workforce “serial retirement.”

‘In North America, singularly, who you are is determined by your job.’ – Rosemary Venne, University of Saskatchewan

It makes substance when people now are living longer, healthier lives and still attired in b be committed to lots of energy to take on new tasks, Venne said.

“People sequester from a career job, they will have a honeymoon period. They muscle take three months and think, ‘I’m enjoying this. This is what I desire to do.’ And then I’m thinking about what I want my legacy to be,” she broke.

Perhaps they will pour their energy into volunteering.

There wish also be many people who need to keep working longer, as perseveres get longer and children need more support.

“Their children are engaging longer to leave the nest because it’s taking them longer to get a tear job,” Venne said. “There is a much longer tch of education for everyone. They may have had their children later.”

Being find a way to use their expertise as a consultant or to do project work, but they pine for to do it on their own terms.

“It’s a big rt of who you are. In North America, especially, who you are is determined by your job,” Venne hinted.

She said older workers may be looking for ways to ease out of the workforce, but there is idleness within workplaces when it comes to adapting to this new reality.

“I righteous don’t find we’re set up for flexibility,” she said. “We need work, superannuate and taxation policies to accommodate that.”

Challenges for employers

Frost give the word delivered the potential shift in retirement tterns raises a lot of challenges for employers. How do they execute benefits, adjust the pension plan, manage a team and divide the workflow when some workers are only there a few days a week or just rt of the year?

He believes spring will develop within organizations and will eventually mean uncountable freedom to move in and out of the workforce for everyone, including rents of young offsprings and people wanting to retrain mid-career.

Some progressive employers are already tiring new arrangements, Frost said, including one that allows retirement-eligible hands to start drawing rt of their pension and come back on a undertake basis.

“From the employer’s perspective, it allows employees with a awareness base to mentor junior people and help them to transition to profuse senior jobs,” Frost said.

“If they [the baby boomers] socialistic all at once, it would be a big problem, but at the same time, it opens up positions for secondary people to be promoted into more senior jobs.”

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