<p>Just as the baby boomers had an impact on parenting in the Fifties and college life in the Sixties, they are expected to have an equally strong effect on the health and stability of the workforce when they approach retirement age in the 21st century. As health and life expectancy improve, the concept of retirement-and the impact of an extended retirement on retirement benefits-becomes more challenging. Organizations will find that more people will choose to work beyond the traditional retirement age, while others will opt out of the workforce, leaving a potential vacuum in management, the general workforce, in institutional memory, and mentoring resources.</p>
<p>According to a recent United Nations survey, the average age of the workforce in the industrialized world is increasing. In the United States, nearly 17 percent of the workforce will be age 65 or older by 2020. In Canada, the figure is about 18 percent, and over 26 percent of Japanese workers will be over 65 by 2020.</p>
<p><b>What is Reinventing Retirement?</b></p>
<p>A 1970s Canadian life insurance marketing campaign painted drifting off into retirement as "Freedom 55." It implied that, after 55, a couple could retire, jump in their van, and hit the road. That may have been true in the Seventies, but many of today´s workers in the 50 age bracket are not ready to ride off into the sunset-they´re busy paying college tuition, caring for an aging parent, or seeing themselves as "too young" for retirement. These people need or want to keep working well beyond 55. They are reinterpreting "Freedom 55" as the freedom to do what they want within the framework of a career. Those who do choose to retire are reinventing retirement as a time to work part time in a new field, launch a business, or continue with their expertise on a contract basis.</p>
<p>Career professionals can work with organizations to help transition retiring workers as well as help older employees pre-plan for different options. For example, workplaces can adjust their policies to accommodate older workers by offering more flexibility and project driven opportunities. Those who view recruitment and retention of the best talent as a top priority may need to look no further than their current workforce, and offer a new career to a retiring worker. Members of the Association of Career Professionals International (ACP International) can help companies make the necessary adjustments to workforce strategies to handle the flow of older workers who may be retiring or otherwise transitioning within the next decade, as well as develop a plan to meet the costs of supporting the aging population.</p>
<p>Older workers who choose to stay on board have much to offer their employers, but increasingly report that they feel marginalized or stereotyped. Career professionals can help employers get the most from all their employees, including those working past their expected retirement, by designing professional development courses and providing additional training that can level the playing field between older workers with on-the-job experience and younger coworkers with skills in new areas.</p>
<p>ACP International offers training and professional certification to its members, who are bound by a defined set of ethical standards and qualified to lead workshops and provide individualized programs to employers and employees alike. As workers retire, they take with them institutional memory, mentoring opportunities, and years of talent. This talent pool can continue to be utilized by pairing older and younger workers together to improve relations across the generations and pass on knowledge.</p>
<p><b>But I´m Not Ready!</b></p>
<p>The fact is, many workers are just not ready to retire. Employees over 50 feel younger and healthier than their counterparts 50 years ago. They wonder what they will do with all the free time, and how, in a world where nothing is free, they are going to pay for it. Many enjoy their job, career, coworkers, and the sense of purpose that successful fulltime employment offers.</p>
<p>Career professionals can help older workers reinvent retirement so that the transition is not a "here today, gone tomorrow" experience. At the same time, they can help employers get the most out of their employees who are bridging to retirement. Strategies include adjusting the pace of work by reducing hours, offering telecommuting, and encouraging older workers to take on assignments outside their current position´s responsibilities. Workers should help bridge themselves to retirement by developing other interests within and outside the organization; joining or becoming more active within a professional association; or volunteering in an area that interests them.</p>
<p>For those workers who choose to retire, or reach a point in their career where it is expected, self employment may be a more practical and economical bridge. ACP International career professionals offer self-employment training and career options programs that are an important part of pre-retirement planning.</p>
<p>As for anything in life, planning is the key. The workforce is getting older, some workers will retire, others will not. There could be a labor shortage if older workers retire in droves before younger workers are ready to move into new positions. And the sheer number of baby boomers, compared with the smaller demographics of the immediately succeeding generations, could in itself precipitate a labor shortage. Employers need to be ready to address retirement issues before the demographic shift takes place.</p>
<p><!--Mark Venning--></p>
