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Your Career

Freedom 55?  Think again.

careerIn a study completed by Sunlife Financial, only three in ten of working Canadians expect that they will be fully retired by the age of 66.  With the recent economic recession, poor financial investment performance and the mounting consumer debt, this finding really shouldn’t be too surprising.

Adding to the financial challenges for retirement is the fact that expected lifespan for the average baby boomer has also increased.  The average life expectancy for a Canadian is now 81 years old.  This is significantly higher than compared to 1950 when life expectancy was around 67 years of age.  So with all these extra years to support compounded with the current economic conditions, the reality is that working longer may be a financial necessity.

The initial thought of delaying retirement could be disappointing to some people however there are actually some benefits to continuing to work.  In a study published in 2010 in the Journal of Economic Perspectives“Mental Retirement,”  they discovered that early retirement appears to have a significant and causal negative impact on the cognitive ability of people in their early 60s.  As well, working can give people a sense of purpose and continued physical and mental health – especially if they enjoy their job and are mentally stimulated.

Even though there is an expectation that Canadians will be working longer, how they will define and manage their lives during this period is in a state of transition.  For example, based on a study completed by TD Canada, 54% of the boomers polled stated that they were considering starting a business.  As well, the proportion of baby boomers working part time has doubled since 1990.

The career landscape is changing for Canadian baby boomers.  From wanting to do valuable, part time work to launching their own business, boomers are not ready nor planning to quietly settle into rocking chairs on a porch anytime soon and given the sheer population size of this demographic, it is expected that along with the changing expectations of their work, there may be pressure on employers to respond and change their working conditions as well.

So what are your future career plans?  Do you want to work part time / start your own business / do something completely different?

We have consolidated articles, resources and tools to help you start to think about your Booming Encore career – whatever that may be!

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