Unretirement pushes the limits of age, experience, and expectations, ushering in a new era of possibilities for both individuals and organisations.
This is according to the head of wealth management strategy, private and wealth plus business management at consult for Momentum, Sonja Steyn.
Steyn went on to say that unretirement is a relatively new idea in which a person who has previously retired from their primary career or the employment re-enters the labour or engages in new professional interests, generally in a different role or on a more flexible basis.
Part-time employment, freelancing work, launching a new business, or following alternative interests and passions in a more structured manner are all examples of this novel concept.
“It signifies a departure from the traditional idea of retirement as a permanent exit from work and emphasises the choice to remain professionally active, whether for financial, personal fulfilment, or other reasons, typically during the later stages of one’s life.
Unretirement is also born of necessity. The reality is that – thanks to advances in modern medicine and lifestyle interventions – people are living longer. Unfortunately, the not-so-good news is that in many cases, they’re now outliving their retirement savings. Unretirement extends one’s working life and thus earnings," she explained.
According to Bowmans Law, while there is no legal job retirement age in South Africa, many businesses have established retirement ages for their employees.
"An employee’s retirement age may be agreed upon in the employee’s employment contract or contained in a policy document or retirement fund rules.
“However, whether it be for financial reasons, the desire to remain productive, or the ease with which employees can now work remotely, it has become increasingly common for employees to work beyond retirement age," explained the law firm.
Here is what unretirement can bring to the boardroom table, according to Steyn:
For employers, unretirement bring the benefit of experience
It harnesses the significant knowledge and skills of seasoned experts.
Unretirees contribute a plethora of information, experience, and learning to the workforce. Their decades of professional insight can also be invaluable in mentoring younger employees.
Diversity of perspective
Unretirement stimulates inventiveness. When retirees return to the workforce or start their own businesses, they frequently bring new perspectives, a wealth of experience, and a desire to make a lasting difference.
This variety and cross-generational collaboration have the potential to catapult creativity and innovation to new heights.
Unretirement as a driver for flexibility
The emphasis of unretirement is on flexibility. Many retirees are dissatisfied with regular jobs. They are looking for part-time, remote, or project-based employment that will allow them to balance their professional and personal interests.
Companies that are thinking forward are changing their work arrangements to suit this transformation.
For the individual, unretirement bring continued growth and renewed purpose
It allows people to keep learning, improving, and setting new goals. It allows you to follow your hobbies, learn new skills, and explore unexplored territory, which leads to personal contentment and a sense of purpose.
Financial security
Extended working years can improve financial stability, allowing retirees to continue their preferred lifestyle while still supporting long-term aspirations like travel, charity, or investing.
Social connection
Staying employed or launching new businesses keeps people socially connected. It reduces loneliness, encourages networking, and builds a sense of belonging in a community of like-minded people.
IOL