The New Retirement

By Kerry Bell.

Baby boomers are the largest section of the population. Retirement for this large group of people is changing dramatically, and many workplaces are seeing the value in specifically targeting and hiring older workers. The movie “The Intern” is a great demonstration of the value older workers bring to the workplace.

Most people used to dream about stopping work completely, but many now realize that a full stop is not what they want and that it may not even be healthy.

What are the top 3 impacts of doing a full stop retirement?

1. Loss of identity: who am I and what do I do for a living? This can make the individual feel lost and can lead to depression and even early death.
2. Loss of purpose: a reason to get up in the morning and be productive, or contribute. Just like a muscle, the brain gets slow if it is not challenged, and work offers the ability to keep the brain young by presenting a range of problems or challenges to solve.
3. Loss of social involvement: possibly one of the most important aspects of work is as a setting to be socially engaged. Many studies have shown that seniors who remain socially active live longer than those who are isolated.

What is this population looking for?

1. Money is not the driving force; self-satisfaction is. Many baby boomers worked hard for 30+ years and sacrificed a lot for a paycheque. They looked after everyone else’s needs and worked on other people’s terms, so now they want a job or second career that is focused on bringing them joy.
2. Flexible work balanced with lifestyle. Baby boomers like the options of being able to work part of the year, part time, on contract, or on a self-employed basis. This can make them an attractive employee for businesses looking to maximize efficiency and reduce overhead.

Why target this section of the population?

1. They need a road map to help them envision what their new life will look like.
2. They need tax advice on how their income might be impacted, so creating a referral partnership with a skilled accountant is a good idea that could result in additional cross referral opportunities.
3. They need help with all aspects of the job search process, resumes, etc. Many of these folks have not created a resume or applied to a job in many years, so they will need full scale assistance when it comes to looking for a new career.  
4. They can afford our fees. This is the wealthiest part of the population, so fees are generally not an issue.

Supplementary Reading

• Semi-retirement the new normal in Canada: Survey
  
• Boom, Bust and Economic Headaches