Introduction:

Advancements in healthcare have increased the quality and longevity of life. Retirement is no longer considered a passive phase of life meant only for leisure. WisGen* want to be engaged in meaningful work even after retirement and live a fulfilled life in their golden years. They want to continue working and learning on their own terms while enjoying retirement. This article will highlight the reasons why retirees are choosing to remain in the workforce.     

1. Financial Stability

By the time they retire, WisGen usually have a comfortable nest egg saved for their retirement. But as the world is growing, so are inflation, cost of living, and healthcare costs rising. It is always better to have a side hustle that will add to the WisGen’s savings and keep them financially independent in their retirement.

2. Social Interaction And Networking: 

As life progresses, it is seen that one’s social circle shrinks considerably to include only some colleagues and a few friends and family. Post-retirement, the day-to-day interaction that used to happen with colleagues also disappears. This increases the chances of loneliness during retirement. Getting a job post-retirement and interacting with coworkers, clients, and vendors helps keep loneliness at bay. It helps WisGen stay engaged and connected to the world and keeps them anchored to the present. 

3. Better Physical and Mental Health: 

Being engaged in work keeps WisGen mentally and physically fit. When the brain is stimulated, it reduces the chances of diseases like Alzheimer’s and dementia. A new study shows the link between health, happiness, and social connection for older adults in India. “Older adults with health limitations in India are 1.85 times more likely to experience depression.”¹ Having a routine and something to look forward to every day also helps reduce risks of anxiety and depression. 

An encore career also helps keep WisGen physically active and moving. This can be through simple things like visiting the office sometimes, meeting with clients or colleagues, and getting work done. 

4. Sense of Purpose and Responsibility

Having a job after retirement helps reignite the sense of purpose that WisGen may have lost during their transition to this phase. It gives them a reason to get up in the morning every day and have a set list of tasks to be performed throughout the day. It also makes them feel useful as there are people dependent on them to get the work done. 

5. New Challenges/Learning

This new phase of life is meant for experimentation and growth. WisGen should pursue hobbies that they did not have time for earlier. They can learn new things through online courses that are at their disposal and apply these new skills at work. They can also venture out and work in new industries they always wanted to know about. Working in these varied industries gives them an in-depth understanding of that sector and how it operates. The gig economy has made it easier to experiment with their interests and pursue new things. 

6. Benefit Packages

Getting a job post-retirement may help with the skyrocketing cost of healthcare and insurance. WisGen can procure these and other benefits for themselves and their spouses as part of their compensation package.

7. Multigenerational Workforce: 

When going back to work post-retirement, WisGen may get the chance to work in a multigenerational workforce. This will be an incredible opportunity to mentor the younger generation of employees and learn things from them in return. The different age groups and backgrounds of people will ensure a multitude of perspectives on topics which will help WisGen think differently. 

Conclusion:

The pointers mentioned above are some of the main reasons why retirees are coming back to the workforce. Evidence of these changes and the dynamic lives that they lead can be seen through the Wisdom Stories series and accounts of WisGen like Mr. Govind Iyer, Ms. Chhavi Tandon, Mr. Vijay Chaddha, and many more. These are WisGen who are challenging the traditional norms of retirement and taking the reins of their life into their own hands. They are creating their own narrative post-retirement and encouraging others to do the same.

WisdomCircle is one of the best job portals in India that provides jobs for senior citizens. Recruiters can find a myriad of WisGen with different cultural, educational, and professional backgrounds who want to work post-retirement and help the company grow and flourish.

References:

1. https://www.linkedin.com/posts/wisdomcircle_wisdomcircle-impact-of-having-an-active-activity-7222173504127787008-uNss?utm_source=share&utm_medium=member_desktop 

*WisGen stands for the ‘Wisdom Generation’ – Senior professionals with a lifetime of experience, typically over the age of 50.