As the world’s population ages and people live longer, the concept of retirement is undergoing a pivotal transformation. Traditionally, retirement meant the end of one’s working years, a time to step away from the hustle, rest, and pursue leisure activities. In the twenty-first century, though, with life expectancy climbing (despite a slight dip in life expectancy caused by the casualties of the COVID pandemic), and the average retiree living decades beyond the traditional retirement age, it’s time for us to rethink what retirement really means.
Should it be a time of withdrawal, or could it become an opportunity for continued engagement, growth, and purpose?
Rising life expectancies and shifting demographics are reshaping our concept of retirement. Around the globe, the proportion of older adults is swelling, and people are living well into their eighties and nineties. The demographic shift raises both economic and human questions. On the financial front, longer retirement periods place pressure on pension systems, healthcare resources, and the broader economy. If a person retires at 65 and lives until 90, that’s twenty-five years potentially spent out of the workforce. For policymakers, this means reconsidering the sustainability of the retirement age, as well as funding models and support systems to address this longer period.
On a human level, how we approach these years can have a profound impact on our well-being. Research shows that remaining physically, mentally, and socially active is essential to maintaining health and happiness as we grow older. Idleness, on the other hand, can lead to feelings of isolation, cognitive decline, and a loss of purpose. Retirement, therefore, should not be an invitation to sit back and watch ducks in a pond, but instead, it should be a time to reinvent yourself.
The benefits of an active retirement are many. Physically, regular movement helps prevent chronic diseases, improves mobility, and boosts energy. Mentally, learning new skills, volunteering, or even part-time work can sharpen the mind and combat age-related cognitive decline. Socially, staying involved in community activities or mentoring younger generations fosters connection and combats loneliness. It’s clear that those who remain active in their ‘retirement years’ enjoy better health and greater satisfaction.
There are tons of examples of retirees who have redefined what the so-called retirement years should look like. I, for example, ‘retired’ in 2012, after a 50-year government career. After trying to enjoy helping my wife tend her herb garden for a week, I was climbing up the walls. Fortunately, I had a friend who was doing consulting, who introduced me to his company, and I began consulting for two to three weeks a month, which included travel both domestically and internationally. During my time in government, I’d been writing and publishing my work independently as well as having a few pieces published by others. No longer bound by government restrictions, I increased my writing, which eventually led to a writing contract with a pulp fiction publisher that has resulted in over 400 books, fiction and nonfiction. The writing and consulting brought me to the attention of a few academic institutions, which led to job offers as contract faculty. I taught writing at one university for 8 years, and then, a few years ago, was hired to teach three online graduate courses in geopolitics at another.
My ‘retirement’ experience has taught me a few things that I’d like to pass on. Retirement can be a time when we do the things we’ve often dreamed about, like starting businesses or new careers, or pursuing the creative passions we never had time for during our working years. This should be a time of flexibility and choice. Not everyone wants to work or consult, but the option should always be there. Policymakers should be flexible in considering how to support flexible work arrangements and lifelong learning opportunities for older adults.
It’s not just for the individual’s benefit, although, as I’ve already mentioned, the benefits are many. Working elderly people are contributing to the community and the economy rather than being a drain on society and a burden on younger workers.
As you look to the future, challenge yourself to redefine retirement. Let’s all commit to creating a culture where growing older means growing bolder, where every stage in life is filled with meaning, and where idleness is replaced by engagement. The world is constantly changing. Our vision for retirement should change along with it. | NWI
