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How are we going to address the issue of our aging workforce that are on the eve of their retirement if we do not have plans in place to identify potential successors? How are we going to deal with the loss of knowledge that they will take with them when they leave? What might be a possible solution? Have we developed a succession plan that has our experienced worker transitioning their knowledge before they leave the organization? Are we thinking they may come back under contract? What are their plans for the future?
Let's look at some of the recent statistics that are out there that may answer the question, "When should I retire?"
A study of more than 3,500 Shell Oil workers who retired between 1973 and 2003 found no increased death rate for those who retired at age 60 or 65, according to a report in the Oct. 22 issue of the British Medical Journal.
"There is a widespread perception that early retirement is associated with longer life expectancy, and that retiring later leads to early death," the researchers wrote. "The possible health benefits of retirement, such as reduced role demand and more relaxed lifestyle, have been postulated to improve longevity among people who retire early."
Not so, the study found. The death rate for workers who retired at 55 was 37 percent higher than for those who kept working until 65.
"Health has an inevitable effect on survival," says Colin Milner, chief executive officer of the International Council on Active Aging, in Vancouver, Canada. "But many people underestimate the importance of their job when they give it up, he added.
"We tend to build our lives around our work," Milner said. "When we are no longer working, we can lapse into lack of activity, and that can contribute to bad health."
"To be healthy, retirement must be active," Milner said. In his experience, retired people who plunged into new activities enjoyed their lives more, and were thus healthier. One study showed "that older adults who volunteer to help others can reduce their risk of dying prematurely by 60 percent," he said. So if you are getting to a retirement age, then you might want to start considering what the best course of action is. What are you going to do in your retirement? If you aren't sure just yet, then you can use totv here to give you a better idea of what you could be doing in the future.
An active retirement can help to keep the individual physically and mentally active. It can provide:
According to a new study in the Journal of Occupational Health Psychology published by the American Psychological Association, workers who began a part-time or temporary job or became self-employed after reaching retirement age suffered 17 percent fewer major diseases than those who ceased working entirely, and were generally less likely to experience physical decline.
Retirees who maintained part-time or temporary employment status were found to be less prone to high blood pressure, diabetes, cancer, lung disease, heart disease, stroke, psychiatric problems and arthritis. They were also less likely to undergo "functional decline," which refers to how sharp and capable they are in doing day-to-day activities.
"What the study does is reinforce a few things we already know," Colin Milner, CEO of the International Council on Active Aging, recently told HealthDay News. "If you are involved in society and have purpose in life, whether that's through a job or as a volunteer, your health and your mental outlook is much better than if you're not."
The research clearly shows that engaging in activities after your formal retirement has financial and health benefits. I know from my own experience that seeing people that stay active mentally and physically in the later stages of their life, their quality of life is better than a sedentary life style. This also gives them a chance to leave a legacy.
A key role for our aging workforce that is struggling with the question, "what am I going to do" is to think about mentoring our youth – our future leaders of tomorrow. Some organizations I have talked with are looking at bringing back their retired workers to assist in the mentoring of their younger workforce as part of their succession planning process. How awesome is that? To be able to help prepare someone on a personal and professional basis to lead us into the future – what better reward is there! Now when you add to that being able to pick when you want to work, how much better could it be!!!!!
One such program that assists in this great idea is a newly launched program called ThirdQuarter. This is a program that is slowly making its way across Canada and has recently launched in Saskatchewan. I am a huge fan of the program and have registered on their site and have posted a job opportunity for an experienced worker to help me out.
When should I retire? I would suggest that you shouldn't as we need you to assist with succession planning initiatives and help shape the future of our country by mentoring our future leaders of tomorrow!
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