The Latest Trend Among Retirees? It’s ‘UNretiring’
Remember when folks worked for the same company for decades, collected gold watches at age 65, moved to Florida and spent the rest of their lives playing shuffleboard? Call it your father’s — or, more accurately, your grandfather’s — retirement, since more and more older individuals are opting for a post-retirement return to the work force or skipping retirement altogether.
Anita Campbell, founder and editor of Small Business Trends (smallbiztrends.com), calls the concept “unretirement” and says that while baby boomers are the driving force toward a balance of work and leisure as we age, individuals in their 60s, 70s and beyond are also exploring new careers.
Motivation varies for remaining in the workplace. For individuals who need to supplement current retirement income or build a retirement nest egg, it’s an economic necessity. For others, it’s about the connection, satisfaction, mental stimulation and identity a job provides.
“Data on workforce trends and older adults shows that while people are leaving their regular careers at 50 or 55, they’re not retiring in the traditional sense,” Campbell says. “They’re continuing to work, just not in the 9-to-5 mode. Some are moving into new careers, some are getting fun part-time jobs, some are starting businesses and some are consulting. Whatever they decide, most are seeking interesting positions with more flexibility and less stress.”
In years past, job opportunities for older workers were often limited to minimum-wage positions at fast-food chains or big-box retail stores. Without the threat of age-discrimination lawsuits, older workers were more likely to experience exit interviews than welcome mats. But as corporations experience the brain drain of the boomers’ departure from the workplace, the attitude toward older employees is shifting.
