For years, it has been our view that retirement should go the way of the dodo bird i.e. become extinct. The idea of eliminating or revising the retirement age has gained much traction in recent years. You’ve Earned It/YEI looks at some key reasons as to why we believe that the retirement age should be “retired”. We also speak to YEI members to get their view. Let us hear your views in the comments below…
Longevity/Increased Life Expectancy
Longevity is real. People are living longer, healthier lives, which means that many people are capable of working well beyond traditional retirement ages. The retirement concept, which came to life in the mid-20th century, no longer reflects the reality of modern life expectancy and overall health. Many people in the 55+ demographic are more than able to contribute productively to the workforce into their 70s, even 80s and many way beyond. This brings reality to the fact that specific retirement ages are totally outdated and restrictive.
Changing Work Environments
The world of work has changed. The modern workforce has evolved. There are many jobs out there that allow for flexible hours, remote and nomadic work, and part-time opportunities. This allows older workers to remain in the workforce for much longer, provided they are physically and mentally able to cope with the work load, rather than exit the world of work when they hit an arbitrary age. In South Africa, it makes perfect sense for organisations to ‘use’ the knowledge, skills, and experience of skilled 55plussers to help mentor and train the younger generation, ensuring they benefit from the invaluable expertise and wisdom of seasoned professionals. This approach not only fosters intergenerational collaboration but also helps bridge the skills gap, empowering the next wave of talent to thrive in an ever-evolving workforce. In addition, the rise of the gig economy and freelance work means people can scale back their hours or choose the type of work they do without needing to fully retire. In this way, older people can continue to contribute to the economy and to society.
Advancements in technology
With advancements in technology and a big shift toward more flexible, remote, nomadic and part-time and job-sharing work options, there is absolutely no need for 55plussers to be confined to a “retirement age” based on physically demanding jobs of the past. By removing this arbitrary age, society is in a position to allow workers to make choices that best suit their personal circumstances, be it staying employed longer or transitioning gradually into the world of “no work”. This flexibility will reduce the financial strain on both individuals and the government pension systems. Using older individuals as mentors and trainers also promotes a more inclusive, diverse workforce that values experience and longevity. Ultimately, eliminating the retirement age would empower individuals to decide when it’s the right time for them to step back from full-time work, creating a more adaptive and resilient labour market.
Conclusion:
In conclusion, YEI advocates for the elimination of the traditional retirement age. This will empower 55plussers to decide when it’s the right time for them to step back from the workforce. This shift will foster a more adaptable and resilient labour market. It will allow people to continue contributing their expertise and adding value to the economy on their own terms. Moreover, this approach benefits younger generations as well, creating a more dynamic and inclusive workforce that supports growth and innovation for all.
You’ve Earned It/YEI members weighed in on the conversation:
Suraya: Retirement is a very controversial word.. for me it’s very important to stay relevant and be in control of your life, it’s doing the things you can do, now that you have me time. It’s ensuring that you maintain your dignity and not allow others to control your life. If the need is that you still have to work, this opportunity should be available to you. We have years of knowledge that unfortunately go wasted because the younger generation describe us as old!
Anton: Simple if politicians can work till in their 80s so to should the ordinary citizens be allowed
Bette: Just because one gets to a certain age, doesn’t mean they’ve suddenly lost all their marbles! If you can still do the job to the standard that’s required, carry on but be gracious enough to accept the time may come when you can no longer do that. Then retire with good grace.
Jean: Hmmm this is a difficult one. If we don’t move out of positions how will there be places for younger people to move into. Of course, we should not be forced out of positions before we have financial stability and enough to carry us into our final resting place.
Phyllis: The criteria for retiring should not be your age. I worked till I was 74 and I decided to retire due to 2 bouts of covid & the lingering effects I was left with. Still mentally very active at 77 and although health a bit troublesome I certainly do not agree with mandatory retirement. One of course, as mentioned previously, must accept if one is failing to maintain level of competence and retire when it is necessary.
Jane: I think the idea that everyone should retire at 65 is totally ridiculous. Every single one of us Ages. Acts, Feels differently. Our level of health differs so one should retire when the time is right for you and not because you’ve reached the age of 65
