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The New Retirement - The New Reality – Ongoing Economic Activity in Retirement

Retirement - such an old fashioned word, with little meaning in today’s world.  What support do we offer our employees when they are retiring?  Do we assume those reaching a certain age and leaving with a pension are going to retire?  Do we assume those leaving at a certain age because of redundancy will retire?

A lot of assumptions are made, all age-based.

The problem with many people’s pensions is that, regardless of age; to stop earning is most often not an option.  People do not enquire about their pension or read the information sent to them until they are beginning to think about how much income and capital they will have when they stop working.   Often this is a real shock.  Our role as career consultants is to help fill the gap between what those entering retirement have and what they need.   For these people there are rich opportunities.  We help people broaden their options, including looking into how people can blend retirement with continued commercial activity.

Many retirees will take part-time work, and develop income from self-employment.  Some will downsize from a large family home and move to a less expensive area whilst they are young enough to make friends and explore a new environment.   Continued economic activity is often of a very different nature, is a good way of meeting people.

Volunteer work in Retirement

The most significant change is that many are looking to make a contribution to their community, volunteering locally, part-time or full-time, and sharing their skills for the benefit of their local community.  There is a marked increase post-retirement in concern for the young, the old, the unemployed, the sick, the disadvantaged and the environment.  The latter is now the key issue for many volunteers.  Organisations that help to place volunteers have never been busier.

We often help people make the transition from employee to volunteer.  Not an easy transfer, as it can be fraught with problems both for those anxious to volunteer and those with whom they will work.  When one is used to having to work as efficiently as possible to a planned approach, the world of volunteering can be a shock. Nevertheless, many have achieved a great deal, and all that commercially-focused employment offers is more of the same.  Volunteer work is rewarding in different ways.

The Grey Gap-Year

The issues facing developing nations come into our living rooms where we are sitting comfortably in front of our TV’s.  Retirees look and listen and for many they wonder what they can do to help.  The notion of just sending money does not seem enough.  This retirement-age group is fit, able, confident and increasingly very concerned.  A new development is the ‘grey haired gap year’.  ‘Retirement’ is just a word these gap-yearers do not have time for … that is for the future.

The grey haired gap year needs as much planning as any other gap year.  The finances need sorting to allow time far away where communications can be difficult and can take weeks.  Signatures and opinions on investments cannot be obtained.  Roles are sought where couples can go together.  One aspect this group knows well is the need to prepare and plan.  Many of the international volunteering agencies have recently shortened the length of assignments to attract more of this group.  Assignments are available from 2 years to a few months.

Able to pay their own way, this group is a very cost effective workforce.  They have travelled enough not to have rose tinted spectacles, and they know the problems they will face.  They also know what they can contribute and are willing to take time to understand the needs of those with whom they will work.

The ‘grey gappers’ have ideals, often they are the sixties generation and all that flower power now has money.  The have benefited from education and been given opportunities, and they want to make a difference.  Volunteering gives the chance, children are gone, money is sufficient, and they can now begin their own adventure. ‘Retirement?’ Not a word in their vocabulary.

All in all, retirement is not what it used to be, and post-retirement opportunities are rich.

More on HDA:

HDA’s range of consultancy services support organisations in all sectors (ranging from FTSE/Fortune 100 companies, to SME's, to public sector organisations), to manage the human aspects of business capability and organisational change.
Our work ranges from closely partnering with client organisations to manage large scale organisational change and restructuring processes, to facilitating behavioural change and development within teams and individuals; both in established and early-stage organisations.
HDA provides consultancy solutions in: organisational change consultancy, group facilitation, career management, outplacement and retirement, leadership development and executive coaching, employer branding and talent development, performance and productivity management, employee retention and motivation, stress management and employee counselling.

More on Tricia Dicks:

Tricia is CEO of HDA, and founded HDA in 1979. She holds directorships with HDA and with CNI, HDA’s international affiliate.

Prior to her time at HDA, she worked for Rank Xerox, Bowater Scott, Coopers & Lybrand and the P&O Group in Europe and North America. At P&O she initially held market research roles, and subsequently took on responsibility as the Group Development Advisor for mergers and acquisitions. In addition to her business leadership role, Tricia brings her training as a psychologist to HDA. She has had significant success delivering consultancy across all sectors and in most industries; both in the UK and internationally.

 

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