In today’s dynamic and evolving business landscape, the concept of retirement is undergoing a profound transformation. The traditional notion of leaving the workforce at a certain age and entering a state of relaxation is being replaced by the exciting concept of ‘unretirement’. Unretirement challenges the boundaries of age, experience and expectations, ushering in a new era of possibilities for individuals and organisations alike.
What is unretirement?
Unretirement is a modern concept that sees an individual – who has previously retired from their primary career or the workforce – re-enter the workforce or engage in new professional endeavours, often in a different capacity or on a more flexible basis.
Unretirement can take different forms, such as part-time employment, freelance work, starting a new business, or pursuing different interests and passions in a more structured manner.
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 personal fulfilment, financial 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 earnings. What can unretirement bring to the boardroom table? Let’s look at what it offers both the employer as well as the unretiree.
For employers, unretirement brings…
– The benefit of experience
Unretirement leverages the invaluable experience and expertise of seasoned professionals. Unretirees bring a wealth of learning, knowledge and expertise to the workforce. Their decades of professional insight can also be invaluable in mentoring younger employees.
– Diversity of perspective
Unretirement is a catalyst for innovation. When retirees return to the workforce or pursue entrepreneurial endeavours, they often bring fresh perspectives, a wealth of knowledge, and a hunger to make a lasting impact. This diversity and cross-generational collaboration can drive creativity and innovation to new heights.
– Unretirement as a driver for flexibility
Unretirement emphasises flexibility. Many retirees are no longer interested in traditional nine-to-five roles. They seek part-time, remote, or project-based work that allows them to balance their professional pursuits with personal interests. Forward-thinking companies are adapting their work arrangements to accommodate this shift.
For the individual, unretirement brings…
– Continued growth and renewed purpose
Unretirement enable individuals to continue learning, growing and setting new goals. It provides an opportunity to pursue passions, acquire new skills, and explore uncharted territory, leading to personal fulfilment and a sense of purpose.
– Financial security
Extended working years can enhance financial security, allowing retirees to maintain their desired lifestyle and support their long-term goals, such as travel, charity or investments.
– Social connection
Staying engaged in the workforce or starting new ventures keep individuals socially connected. It combats isolation, promotes networking, and fosters a sense of belonging within a community of like-minded individuals.
My advice to businesses is to embrace diversity in age as a core value. Promote a culture that values the contributions of employees at all stages of their careers. Invest in ongoing training and development programs for employees of all ages. Encourage skill-sharing between generations to bridge knowledge gaps and promote a culture of continuous learning.
To attract a wealth of experience, consider offering flexible work arrangements, retirement plans, and healthcare options that cater to the diverse needs of your workforce, including those exploring unretirement. Unretirement is not merely a trend; it’s a paradigm shift. It’s a recognition that age does not diminish an individual’s capacity to contribute meaningfully to the workforce and society.
By embracing unretirement, both individuals and organisations can unlock a wealth of opportunities, drive innovation, and create a future where retirement is not the end but a new beginning – a chapter filled with purpose, growth and fulfilment.
It’s time to embrace the potential of unretirement and rewrite the rules for the better.
About Consult by Momentum
Established in 2014, Consult (formerly Momentum Consult) is a large and well-respected financial planning and advisory group. We are passionate about partnering with our clients to achieve their financial goals. Whatever your financial needs and aspirations, we can assist you in planning your unique journey. Over the years we have evolved the way people interact with financial advice so that they see it as an ongoing journey and not an end destination. With our roots proudly anchored in the Momentum Metropolitan Group, our growth journey has seen our national footprint exceed 355 financial advisers, 265 franchises and assets under advice go beyond R37 billion.
