Older adults over the age of 55 make up a significant portion of the workforce. However, as many Baby Boomers approach the typical retirement age, many are leaving the workforce, creating a shrinking labour force. The global pandemic has had an impact on the economy and many countries are considering slowly raising the retirement age to help with recovery efforts by keeping older workers employed for longer. But is staying in the workforce longer a positive experience for older adults?
Many older adults face stereotypes, prejudices, and discrimination because of their age, creating negative work environments that can negatively impact their overall health and well-being. Even though older workers have a lot to contribute to businesses and society in terms of their productivity and knowledge, their positive contributions can often be overlooked. It is important that employers foster non-discriminatory, inclusive work environments by offering career development opportunities in an equitable manner to all employees and put in place accommodations to address aging-related issues to protect the mental health and wellbeing of older adults in the workforce.
Asking for adjustments that will allow you to continue working, sharing your knowledge, and making meaningful connections while having time for other responsibilities as parents, grandparents and caregivers can allow your career and personal life to work more harmoniously together. Making suitable accommodations can help older workers stay in the workforce longer and positively impact their physical, psychological, and social life.
If you are thinking about transitioning to retirement, there are a few things you may want to consider. Take time to meet with a financial advisor to discuss your budget and the ideal age you can retire without financial stress. Think about what meaningful roles you can play in your new life as a retiree and what you want to achieve during this time. To read more about what the research says about retirement, we’ve compiled some helpful resources below.
