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I was reading an article on retirement in The Atlantic. The article discussed the earliest concept of retirement, dating back to Otto von Bismarck of Prussia in 1881.
The concept was to provide financial support to “older members” of society. The idea was radical because people did not retire: if you were alive you worked. At the time the majority of people were employed in agriculture to feed the masses.
The struggle for payment continued for 8 years and finally with pressure from the socialists, legislation was introduced for the state to take care of those disabled from work. Social security was later introduced for those over 70 years old; however, 70 was well above life expectancy at the time.
Soldiers were paid pensions for years prior to social security; however, virtually all worked after their military service. In the late 1800s pensions were paid to many public servants in major US cities and in 1875 American Express started to offer pensions, followed by major industrial companies that started paying pensions in the early 1900s.
US Social Security in 1935
All this culminated with the Social Security Act of 1935, with a retirement age of 65 and a life expectancy of 58. Research at the time suggested mental capacity started to decline at age 60 and it was time to pass work onto the younger generation. In Canada, the Old Age Security Act was passed in 1927.
It is interesting to see the history of retirement,which was designed to not pay or pay very little since no one was supposed to live past the age of qualification. In the 1960s people started to live past Social Security age and had the money/savings to actually retire. This led to the problem we see today, which is the strain to fund payouts from government pension plans.
This problem will need to be addressed before it becomes a problem for our children, but that is a discussion for another day. You might have seen this before on this blog, so here again financial and lifestyle planning are critical to ensuring that you enjoy retirement on your terms: expecting anyone else to take care of you, even the government, is not wise.
People are living longer and want to work longer
Our current reality is that people are living longer and want to work longer. You might say we are going back in time. In our book we have trumpeted the benefits of working longer: these benefits include mental stimulation, socialization, and extra income. All great benefits. The one caveat, unlike our ancestors today your goal should be to work on your terms. This may be working in a new career, or working part time, or starting your own business. We have the ability to create our own futures; the opportunities available to us today are unprecedented.
Ageism?
While opportunities are out there many of you may think “Sure I want to work but who is going to hire me, I’m too old.” This concern is fair and has been expressed by several people we have met at presentations. The question usually goes something like this: “Do people tell you they experience ageism when looking for work?”
The short answer is yes we have heard that. Just as there is sexism, racism and sadly many other “isms” in every facet of the world, you may experience ageism in your job search. Throughout our life we have faced challenges in our careers, not getting the promotion, not getting the sale, etc. and I am sure for the most part you have overcome that setback and moved forward.
“Success is sweet and always sweeter if long delayed and gotten through many struggles and defeats.” –Amos Bronson Alcott
If you think the reason you are not getting a job is your age, make sure you are not using this as an excuse crutch. After every interview, positive or negative, look at how you approached the interview process. This may be your first interview with a new company in years; the rules of engagement have changed. Were LinkedIn and Facebook around the last time you looked for work? Did the interviewer know what you looked like, where you lived, that you just back from a ski trip, from social media? Did they already have an opinion of you from your LinkedIn profile and activity?
The employment landscape has changed
Yes the landscape has changed so don’t be afraid to seek help in figuring it out. Ask friends, human resource professionals, transition counsellors, and educate yourself. The days of an interview starting with “Tell me a little about yourself” are over, as are the days of you not knowing about your potential interviewer and employer.
The rules may have changed but how you prepare and how you present yourself in the interview are still the keys to success. Ask yourself did you prepare for objections? Were you ready to deal with the elephant in the room: the fact that you are older than your competition? Find strength in your experience and your broad skillset, and have a positive attitude; if they don’t see how terrific you are move on!
At Victory Lap we hope people heading into retirement or “phase two” of your career, think about it in the context of what is in the “Art of the possible.” What opportunities are out there for you? If you enjoy your work and simply want to continue to work, wonderful. If your career does not end on your terms and you want to continue your career in the same industry with a different corporation then be prepared for the interview process described above.
Financial Independence makes Victory Lap possible
If, however you have planned for the possibility of leaving the corporate world, have financial independence, then why not shed your “corporate skin.” In Victory Lap look for opportunities that will bring you joy. You can leverage the skills that you have developed throughout your career, but it does not have to be in exactly the same way. Perhaps becoming a consultant for small business owners that can’t afford someone like you full time, maybe it is time to use the internet to create your own business or finally pursue an artistic passion. The opportunities are endless you just have to plan, experiment, and find the one that is right for you. Enjoy the journey.
Mike Drak is an author, blogger and speaker based in Toronto. He can be reached at michael.drak@yahoo.ca. Victory Lap Retirement, co-authored with Hub CFO Jonathan Chevreau, is a Globe & Mail bestseller available for orders online and on Kindle and Kobo ebooks. The paperback edition is available in Chapters Indigo and many independent bookstores, as well as Costco. This blog originally ran on Mike’s site on August 3rd and is reprinted here with permission.