Self-employment
Boomers working past retirement -- and loving itGeneration ZoomerThough Barbara Gibson retired five years ago, she's still putting in 10- to 12-hour workdays. LISA FATTORI -- Special to the Toronto Sun |
|
|
To find out, take this test by eCareerFit, the career assessment experts.
Gibson: Started a business after retiring.
The 60-year-old mother of six and grandmother of 10 owns and runs BryBar Properties, a property management and exterior/interior painting company in London, Ont.
Gibson spent 20 years operating a 2,500-acre farm with her husband and another 15 years as a pharmaceutical technician. Upon retiring, she turned her love of painting into the new business, which earns her approximately $40,000 per year.
"I've worked all my life and am not content to just putter around the house," Gibson says. "The job can be physically demanding, but I absolutely love it."
Gibson is typical of the generation Moses Znaimer has coined Zoomers, or "boomers with zip." Studies of workers aged 55 to 64 reveal that less than 40% of this demographic is continuing to work past retirement age because of financial reasons alone.
According to an August 2007 Statistics Canada survey, the number of people in this age group working or seeking employment has doubled in the last 30 years. In its annual comprehensive survey of older workers, Toronto-based Retired Worker reported in November 2007 that more than 35% of respondents were looking for permanent, full-time work -- an increase of 24% over the year before.
The desire to work past retirement age is attributed to a number of factors, including early retirement packages, the abolishment of mandatory retirement and improved health and longevity amongst boomers.
"Psychologically, retirement is a signal that you're getting older -- and people still want to be engaged," says Catherine Swift, president and CEO of the Canadian Federation of Independent Business (CFIB). "Those who can retire decently may opt to work only a few days a week. Also, the volunteer sector will benefit tremendously by drawing from a large labour pool of very competent people."
While some boomers shudder at the cliche of pruning roses by day and scouting out early bird specials by night (or, more accurately, later in the day), there are those who have no choice but to work past retirement.
"What about the 55-year-old guy who is downsized out of a job and he still has two kids in university?" says Shelley Worth, president of Toronto-based Worth Personnel Group. "It's very difficult for someone in that position to make a lateral move, and if he gets hired for a lot less simply because of his age, isn't that the equivalent to child labour?"
While attitudes towards hiring boomers are changing, companies will have to step up their progressiveness, if only to solve the labour shortages within their own organizations.
"Population projections," according to Statistics Canada, "show that in about 10 years, Canada may have more people at the age where they can leave the labour force than at the age where they can begin working." Labour shortage is a worldwide phenomenon that is expected to worsen, and businesses are encouraged to drop ageism prejudices and to welcome the talent, work ethic and loyalty that is available to them in the boomer generation.
"Companies are already backing away from defined pension plans because people are living until they're 80 or 90, rather than 70," the CFIB's Swift says. "In the private sector, we need better tools from both government and industry for those who don't have the fat pensions. Labour regulations need to be more flexible and companies need to accommodate work-share positions and part-time employees. A smaller generation is coming up behind us, so labour shortages are going to be critical"
Until hiring practices are up to speed with the reality -- an aging demographic that is willing to work -- many boomers will discover the rewards of becoming a "seniorpreneur." This latest phenomenon among retiring boomers enables people to earn an income despite ageism in the workplace.
Just as Barbara Gibson has done, these boomers promote a healthy economy through hard work and creativity and have a joie de vivre that some argue is lacking in generations X, Y and Z.
"Ten years down the road, I plan to have my own rental properties," Gibson says. "I'll be retired but not quite retired. I'll always have to do something."
Do you have you a bad boss?