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What Is the Right Age to Think About Retirement?

Abhijeet Ganguly is a certified Human Resource professional from HRCI. He has around 9 years of experience in all gamut of HR domain.

As per a new study by Institute of Employment Studies( IES) .respondents who are in their early 30s and 40s have a clear plan mapped out for their future in terms of their working life and employment, while others, particularly those in their late 50s, seem to have done very little about forward planning of their careers. When considering retirement, there are various perspectives frame employees’ thinking that can alter the retirement planning. There is a link between the retirement age and physical as well mental ageing, which further depends on health and family interests, financial and work situation etc.

The study found recession has altered the retirement landscape significantly and it has led to higher levels of unemployment among older workers. The older workers are potentially an easy target for companies looking to cut costs, however , this has been the first recession in which employees have been able to raise claims of unlawful age discrimination.

The qualitative research, based on interviews, also revealed older employees are comfortable dealing with the uncertainty and complexity inherent in the later life planning, however a greater number are rather indecisive about whether to plan or not, moreover, many of them are unaware about the process.

There is a general lack of conversation about later life planning among employees. These conversations are awkward and sometimes difficult to start off with. However, many older employees wished they had discussed later life planning throughout their career on an informal and non-binding basis, supported by their immediate supervisors. Line managers or immediate bosses who can play a key role in supporting older employees’ planning are however constrained by the business needs. They some times have to sideline the older employees in order to bring in younger employees. The financial markets being more volatile along with the confusion and frustration of the complexities of the pension system, older employees appeared to have lost the sense of control over their financial position. Older employees wished for a recognised forum to share their experiences and have informal chats with a chance to have a voice their concerns in order to eradicate the stigma of early retirement.


Employers provide later life planning support on a case-by-case basis. However, they are in a dilemma to whether encourage people to stay, and thus failing to retain much needed valuable skills that older workers have.

Post recessionary pressure will have an adverse and disproportionate impact on older workers due to negative attitudes and stereotypes in the workplace which is also called Ageist stereotyping. However, given that ‘old age’ comes eventually to every living person, it is potentially the most common form of prejudice experienced by individuals and which is yet coexisting with the age discrimination laws. Hence If employers want to foster a culture where early retirement and prolonged working lives co-exist, then a tremendous shift in deep-seated stereotypical attitudes to ageing and work is required, which can only be achieved with an open and continuous dialogue between line managers and individuals and through support by HR policies and practices.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2010 Abhijeet Ganguly

Comments

Abhijeet Ganguly (author) from Brampton, Ontario, Canada on February 13, 2012:

Thank you @kort... The lingo that I have used is more or less industry specific and yes a little difficult to understand. I shall rewrite the same in a lucid manner.

Abhijeet Ganguly (author) from Brampton, Ontario, Canada on February 13, 2012:

Thank you @dame ...for your comment..companies do have retirement packages..in India most of the manufacturing firms gives superannuation benefit to their employees...

Kort on February 12, 2012:

This article is good.. But I think if you want people to understand it more better don't use a high level language. And certainly don't use and dictionary's to find out better vocab. It looks like you are excepting the language of this tone, which I get, but I think you could do a bit higher seeing your previous results. And some other of your previous results was not a job well done because you rushed and didn't do your job properly. Thank you for listening and I hope you listen to my comments so you know that you could do exemplary essay.

Dame Scribe from Canada on July 05, 2010:

I think the article is done quite well and rings true for many aging employees. :) We should have a idea of a retirement package and plans.

Abhijeet Ganguly (author) from Brampton, Ontario, Canada on July 05, 2010:

guys ..do write in your comments to come up with better articles...