How older workers are defining new terms of 'retirement'

In many organizations where there had been a mandatory retirement age (65), there was an option for early retirement (55) which was encouraged by employers and seen as desirable by employees. However simply having reached a specific chronological age no longer seems a valid reason for leaving the labor force given improved levels of health and longevity, as well as shortages of skilled workers. While increased longevity may be good news for aging people and their loved ones, it has also been cause for alarm regarding the provision of aged pensions and aged services. If people over 65 were unwilling to consider remaining in paid employment and preferred to take a well-earned rest, reliant on superannuation, savings and investments, or a pension, it could be difficult to persuade them otherwise. This problem may not need to be addressed if many older workers choose to stay in paid work after 55 and after 65. The findings described in this paper are drawn from interviews collected between 2008-2011, covering both future dreams of an ideal week without full-time work, as well as experiences of working after 'retirement', and suggest ways organizations may attract and retain valued talent of all ages.