The new retirement may, in fact, mean no retirement. According to Statistics Canada, more than 300,000 Canadians 65 or older worked in 2001. Of these 57 per cent were 65-69; 26 per cent were 70-74; and 17 per cent were 75 or older.
And these numbers may be on the rise.
Current trends indicate that early retirement just isn’t happening. The explanation, according to a CBC report, has mostly to do with money, but not entirely. A recent TD Waterhouse study found that two-thirds of people polled who have not retired experience financial stress due to uncertainty or lack of money.
But the remaining third did not cite financial concerns as a reason for staying in the workforce past the traditional retirement age of 65 — but choice.
In fact, as North America ages, we’ll likely see more and more leaders in their 70s, 80s, and perhaps beyond still on the job. To name just a few well-known aging business giants: media moguls Rupert Murdoch, 74, Chairman and CEO of News Corp. and Sumner Redstone, 82, Executive Chairman of the board and founder of Viacom, Inc.
And let’s not forget 75-year-old super-investor Warren Buffet and 79-year-old footbl coach Joe Paterno, both of whom could teach younger colleagues a thing or two.
Okay, so baby boomers are not a generation of people who want to lie around all day in a hammock.
Whether because of financial necessity or a need to remain engaged, the redefinition of retirement by the baby boom generation can only be good news for an economy facing a shrinking workforce with fewer younger workers to fill the gap.
“As Canada’s workforce continues to shrink, the talent pool of mature workers is a huge untapped resource, waiting to fill the skills and talent gap across all industries,” says Eric Vengroff, President, Fifty-Plus.net International, Inc.
In response, CARP – Canada’s strongest voice for the 50-plus population – has sponsored a new online employment services resource. TheSkillsMatch.ca provides employers with unique and targeted access to the mature workforce. For the first time, employers can quickly and easily access the talent they need – experienced, trained and mature – all in one location.
With TheSkillsMatch.ca, an employer can:
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