Ready to Retire? by Lyndsay Green

Author:Lyndsay Green
Language: eng
Format: epub
Publisher: HarperCollins Canada
Published: 2015-11-08T16:00:00+00:00

Renegotiating Your Job

Rather than stopping work abruptly, some men transition into retirement by negotiating reduced work demands. Smart employers appreciate that their senior employees are an investment, and know that replacing their corporate knowledge and job expertise would be an expensive proposition. As discussed earlier, employers seem increasingly willing to modify workplace policies and conditions to accommodate their more experienced employees. When an older employee is willing to work reduced hours or adopt a flexible schedule at the end of his working life, there can be benefits for both parties.

When I interviewed Ben, who is currently working full-time, he talked about his goals for a reduced work week. He is 68 years old and when he reaches age 70 he anticipates cutting back to four days a week. “I work in financial advising,” he said, “and there’s no reason I won’t be able to perform at the same level. The way I see it, as you get older you don’t lose your wisdom and experience, and you still have your relationships. But you do lose energy. So barring a question of health or I start to lose my marbles, I’d like to keep doing what I’m doing and gradually reduce the pace.”

Even organizations with mandatory retirement policies find themselves making arrangements with people who have specialized knowledge or a unique expertise. At age 65 Leonard negotiated a new deal with his employer that includes reduced hours with reduced pay, and he finds the arrangement is working for both parties. “I was facing mandatory retirement from a partnership. But there was internal pressure from me to keep working because I like being busy. Changing mental or physical capacities won’t affect my ability to work for the foreseeable future. An older colleague told me that deciding when to retire was a question of energy, and I feel I still have enough to do my job. Money was a factor motivating me to keep working, but not a big one. I’m also doing some teaching and some consulting. Although I’m still doing some work, I feel I have retired. It’s a question of degree. I anticipate continuing to wind down and finding other non-work things to do.”

Gregory is 72 and instead of opting for reduced hours he took a different route with his employer. Several years ago he negotiated what is essentially a business development and marketing agreement. “My retirement savings are adequate, so I didn’t really need the money,” he said. “All I wanted from my employer was access to a secretary and a travel budget so I could give speeches and attend conferences. I’ve developed a unique area of expertise, and I have a knowledge base that few people have. I really enjoy my field, and I want to stay engaged. Plus I get a financial bonus when I bring in business. I’ve brought in a few major customers, so this is working well for me. There is really nothing much that would stop me from continuing on this path. I may try to keep it up until I’m 75.

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