The whole idea of working your whole life just to do what you want when you’re over 65 has always seemed odd to me. Especially if you don’t enjoy doing all that work for all those years.
Retirement as we now think of it is a fairly recent invention. In fact, the entire concept, along with social security in the US, was devised in the 20th century to force older workers out of the job market to make room for younger, more “productive” employees.
In other words, not long ago people didn’t want to stop working at 65. Eventually an entire industry sprang up (think upscale retirement communities) to make the idea not only palatable, but desirable.
Personally, I see no value in retiring. That’s because I’ve designed the life I want through entrepreneurship. And given that I love creating new companies (on my own terms), why would I want to stop doing that if I’m still able to?
Not everyone thinks like me, and that’s a good thing. But given that only the top 20% of older households are likely to have enough savings to support a traditional retirement, quitting work may not be an option. Plus, 28% of recent retirees polled by Nationwide Retirement Institute last fall said that life was worse in retirement than it was when they were working.
Happy retirees have a strong sense of purpose without suffering from financial stress, and many fail to achieve either of those after leaving the world of work. So what if quitting wasn’t the goal?
I ask because the labor market is changing drastically, basically eliminating the original ageist motivation for the concept of retirement — moving out the old to make room for the young. Here’s the scoop from a new report from management consulting firm Bain & Co:
The main reason for the good news, according to the Bain experts, is that the abundance of labor seen since the 1970s — due to boomers and women entering the workforce — is winding down. Bain foresees labor-force growth in the U.S. slowing to 0.4% a year in the 2020s. With workers in shorter supply, the Bain analysts say, employers will be eager to hang on to the ones they have and entice applicants, including older ones, to join them.
The report goes on to paint a rosy picture for older entrepreneurs and investors thanks to automation technology. While automation and robotics will certainly eliminate jobs, it will also open up significant opportunities for those of us with the wisdom and experience that come with age.
So, is the goal to slog it out in a barely tolerable job until the day you can (maybe) quit working? Or is it smarter to begin designing the life you’d like to lead right now and into the future, and figure out ways to enjoyably fund it? I know my choice.
If You’re Over 40 and Work, You’re in for Some Big Surprises
Keep going-
Brian Clark
Further
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