The myth propagated by the retirement industry is that people over the age of 65 should retire.
Despite spending billions of dollars convincing us that our “golden years” should involve travel, golf, and
sitting around the pool, research actually shows that people who stop working and retire often suffer from depression, heart attacks,
and a general malaise of not having as much purpose in their lives.
Many people, particularly those who have enjoyed long and meaningful careers, do like to work. In the wise words of Stephen Hawking:
“Work gives you meaning and purpose, and life is empty without it.” It represents an opportunity to give value to others and the community;
it gives you a network of friends and associates to be with;
and it gives you something to do with your intellectual and physical energy. Why would we want to retire if we love our work?
Countless individuals in their 60s and 70s are actively engaged with their careers, and certain to avoid retirement. At 89, Warren Buffett is still regarded as one of the most brilliant brains in the world of finance, and Charlie Munger, his right hand man, is 95.
At 61, Madonna is the undisputed queen of pop. At 81, Jane Fonda is as prolific as ever in her careers as an actress and activist. In addition, the most important job in the U.S. goes to people who would generally be considered “too old” to be productive in most offices.
Only two presidents ended their tenure under the age of 50 (and one of them was JFK). The other 43 were 50 or older, including 22 of them aged 60 or older.
All this suggests that age does correspond with workplace wisdom, and research proves it. Contrary to popular belief, older, more tenured people are more successful entrepreneurs.
Those over the age of 40 are three times more likely to create successful companies as a result of their patient, collaborative natures, and their lack of a “need to prove myself” attitude that tends to accompany youth.
Advantages of Elderly Workforce
1. OLDER WORKERS ARE SKILLED AND EXPERIENCED
2. THEY STAY IN JOBS LONGER AND TAKE FEWER DAYS OFF
3. THEY HAVE A STRONG WORK ETHIC
4. THEY RETAIN A BUSINESS’S KNOWLEDGE AND NETWORKS
5. THE PERCEIVED TECHNOLOGY GAP CAN BE OVERCOME
6. OLDER WORKERS PROVE THAT THE BEST TEAMS ARE MULTIGENERATIONAL
7. OLDER WORKERS PLAY A CRITICAL ROLE IN TRAINING THE NEXT GENERATION OF WORKERS
8. THEY PROVIDE CUSTOMERS WITH CONSISTENCY AND PERSONAL ATTENTION
9. OLDER WORKERS ARE PART OF THE BUSINESS BRAND