I don’t mean to speak disparagingly about the concept of “Freedom 55”, but the dream of working hard, sacrificing and saving for early retirement seems to have fallen by the wayside.
While the wish to retire at 55 might still exist, no longer do people look in the mirror and seriously envision their near future as a fun-loving young senior lounging on a beach or a loving couple cuddled together on the cottage deck. The reality is that more and more older, so called “mature” workers are continuing to stay in the workforce.
In fact, Statistics Canada suggests that the employment rate for individuals 55 and older has risen from a low of 22 per cent of the workforce in 1996 to 34 per cent in 2010. Today, a 50-year-old worker can expect to stay in the workforce 3.5 years longer.
Yet, I don’t believe the various financial crunches over the past few years are the only reasons older workers are staying in the workforce. I am aware of many older workers who have chosen to delay their retirement and stay in the workforce. As an executive coach who assists people in making the transition into new jobs and new lifestyles, I encounter many reasons that older workers are making for this decision.
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