People approaching retirement should consider staying in employment longer to age more healthily.
That is according to Cognitive Neuroscientist and Business Improvement Strategist, Dr Lynda Shaw.
With much talk in the media about an ageing population, the effect on pensions and a strain on the economy, Shaw says staying in work can make you healthier because it instils self-worth and value, versus possible depression and a sedentary lifestyle that can be associated with retirement.
Dr. Shaw said “Depression is on the increase and so is stress and anxiety coming from loneliness, isolation and lack of self-worth after leaving employment. Many retirees I have talked with have said they don’t know how to fill their day and feel older since quitting work.
“You can actually age more healthily by staying in work as long as your work is fulfilling and not drudgery. We know staying sharp on the job can help you stay mentally fit and healthy. Those who retire earlier often become sedentary sooner and develop health issues. Physical work though of course is another matter altogether”.
Certainly the GFC has caused a lot of people to delay their retirement while they tried to rebuild their retirement funds. In fact many retirees have gone back to work for the same reason.
There are certainly some benefits for both employers and employees if older people stay on after the traditional retirement age. Not only do employees improve their financial position and enjoy the challenges and friendships that work can bring, their employers benefit from older workers who have accrued a wealth of knowledge and experience.
Retaining older workers is also a creative way for Australian employers to reduce the severity of the skills shortage that we hear so much about. For this idea to work well, it will require some flexibility on both sides. If organisations can offer good employees approaching retirement age a package whereby they can transition to retirement over a 1, 2 or 3 year period, during which they work a shorter week, accept less responsible and stressful positions and spend some of their time mentoring and assisting their eventual replacements, and then everyone’s a winner.
Current superannuation legislation encourages the idea of a transition to retirement and it is possible for people in this scheme to access some of their superannuation while still working part time.
Paul McKeon
