Retired - And Still Working

The first boomers are hitting 65 this year and it looks like many of them are not going to stop working anytime soon.

            First, many just don’t want to stop working. Boomers, more than any other generation, identify themselves according to their working roles. If that role has brought satisfaction and joy, why stop now? Studies show more than half of them want to continue their social and business relationships right into their golden years. And now they can. Mandatory retirement was eliminated in BC on January 1st, 2008 when the government recognized older people who wanted to continue to working.

            The ministry of Attorney General's website states, "The amendment ensures people over 65 have protection from age discrimination and will potentially help employers to retain the corporate memory and experience mature workers possess by enabling them to remain in the workplace past 65."

            Or, as former MLA Katherine Whittred more eloquently put it, "Sixty-five is just a number. People are not like a quart of milk. There is no best-before date."

The second reason boomers keep working is because they are on average healthier, more active and more involved in living than any previous segment of 65 year olds in history. Those who DO ‘retire’ from their careers find themselves, after a much deserved hiatus, with the energy and drive to continue contributing to society in a meaningful way.

And so, some will go back to work for an employer, as long as that employer lets them work on their own terms. That often means working part time so they can spend time with grandkids, travel, or to pursue a passion they put aside earlier in their lives due to work and child raising.

Some increase the amount of volunteerism. Pru Cunningham was a local legend in volunteer circles. In her late 70s, she saw a real need among shut-ins - people with a disability or illness that prevented them from going out and shopping. She approached Thrifty Foods and elicited their help to spearhead the "Sendial" program. She organized other volunteers to call shut-ins, take their grocery order and have them delivered. The "Sendial" program continues to this day.

And some start their own companies. The number of small business start-ups is exploding and the latest government figures indicate boomers and seniors are leading the way. Franchising World says that "while start up activity was once dominated by young, highly-driven, technology-oriented entrepreneurs, it is quickly being taken over by individuals who, while still driven and tech-savvy, happen to be in their 50s, 60s and 70s."

There is a third, thornier reality facing boomers who have begun to draw from the till, be it governmental or otherwise. The depressing reality is a great number of retiring boomers are not financially prepared, and the till is leaving them shortchanged. Many don’t have pensions, didn’t save and they now face a marginal existence at a lower income level if they stop working at 65.

“I've almost had to morph into a money management magician to allow us to even stay within sight of our working living norm,” says Roger Koskela, author of an article called Life After Work. “But, we seem to be able to do what we have to do to somewhat maintain our way of life.”

 “Probably only half are fully prepared for retirement, based on what I’ve seen this past year,” says Chuck Palmer of Investors Group. “For example, I met a 65 year old gentleman who was making two hundred and fifty thousand dollars a year but has little in savings and no real estate holding. He didn't make any retirement plans. He wasn't really even clear on what an RRSP is.”

But that is not a typical Boomer. They are quite savvy and they have great ingenuity in figuring out how to make their lives work. They are not about to settle for less after a lifetime of questioning authority, demanding changes such as expanded health care coverage, increased security benefits and the abolition of mandatory retirement. Boomers are trail blazers. They will without a doubt redefine the definition of the "golden years.”

Besides, being ‘ready for retirement’ really doesn’t mean the same thing today. When their parents retired, they were given a gold watch and 'put out to pasture'. That's not the fate Boomers face. Perhaps many boomers realized long ago they were never going to fully retire in the classical sense. But then, when have they EVER done anything in the classical sense?

CanadaLife stats. “Close to 50 per cent are not ready for retirement”

Koskela, Roger, lifeafterwork@usa.net.

Palmer, Chuck, Investors Group

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