There’s more evidence of growth in the number of those returning to the workforce after retirement. Research shows that up to a quarter of retired Britons are ‘unretiring’ (their word) and going back into the workforce.
Lynda Gratton and Andrew Scott don’t call it crazy, but compared to what we have now the retirement they see coming seems at least strange. Gratton and Scott are both professors at the London Business School and, in their book The 100-Year Life, they suggest that we need to prepare for exactly that—a 100-year-long life.
Joe Bartley of Devon (UK) was retired, but found himself ‘dying of boredom’. Aged 89, he had been fine until his wife died a couple of years back. He decided to look for a job.
Individuals who voluntarily change jobs between the ages of 50 and 60 are more likely to be still working at 65 and 67 than those who stay in the job they have at 50. And, says the report, it doesn’t matter if the job they changed to was better or worse than the one they left. They still worked longer.
Work plays a huge role in our daily life, and the loss of the ‘substance and challenge of work’; the relationship with colleagues; the place to go to work; and the daily routines can ‘leave a gaping hole, causing people to wonder, with so much new-found spare time, whether they matter anymore’.
Entrepreneurship isn’t new. We hear and read about it a lot. And it isn’t just a younger demographic. Older entrepreneurs are hitting the headlines, too.
Many senior Australians want to continue working beyond their Age Pension age. Being active in the paid workforce beyond this point can be good for both your financial position and your mental health.
There’s evidence that a change of job in late career—in your 50s—may extend your career. However, there are risks involved. Research from the Center for Retirement Research, Boston College, US, has found that there has been an increase in employees making a career change toward the end of their working life.
In the past couple of years, 87-year-old Brenda Palmer has had a private meeting with Australia’s Prime Minister; rung the bell at the Sydney Stock Exchange (SSX); and spoken at a Coles Annual General Meeting (AGM). That’s quite a resume for someone who works at the checkout at the Coles supermarket in Malvern—a suburb of Melbourne.