Although older Canadians are growing in number (there are now more retired Canadians than kids), the notion that they could be a drain on the economy couldn’t be further from the truth.
Over 2.8 million Canadians aged 60+ are working. The number of Canadians aged 70 and older who are still working has grown by almost 35% in just the last four years.
Retired Canadians are making considerable contributions to the economy and their reasons for working are as diverse as the jobs that they do.
To stay healthy – physically and mentally
Studies show that, in general, work keeps us physically healthier. Obesity, for example, is far less common among people who work.
Being at work also helps keep us mentally fit and can help alleviate mental health symptoms. Studies reveal that unemployed people are up to 10 times more likely to suffer from depression and anxiety.
Maintaining a healthy social life
Leaving a long-held job can have a big effect on your social life. All of a sudden, you have less opportunities to go out with people.
A new job, even a part-time one, allows you to meet new people and opens up a whole new social life.
Self-esteem and a sense of purpose
For many people, a job gives them an identity that they lose when they retire. They can also lose the sense of purpose that comes with it.
Getting a new job in retirement often brings back that sense of identity and self-esteem, as well as a reason for getting up in the morning.
Maintaining a routine
The routine of a job can be comforting and bring much-needed structure. Losing this sense of order can be bewildering and lead to unease and agitation. Returning to work provides that sense of routine that many need to really enjoy their retirement.
They enjoy work
Many people absolutely love their job and see no reason to quit just because they’re in their 60s or older.
People with professional, white-collar jobs and those in management are much more likely to continue working than manual workers. This is especially true in the business and finance, education, law and agriculture industries.
They need the money
The reduction in company and state pensions, plus a lack of retirement savings, often combine to force more Canadians to work long after the average retirement age.
Employment income is the main source of income for over 70% of retirees who work full-time. Over 40% of retirees aged 65-69 with no company pension plan are working.
Resources for retirees who need to work
There are lots of online resources for retirement-age job-seekers.
On LinkedIn.com, there is a very effective search option that allows you to directly contact relevant human resources professionals. You can also post your resume to be viewed by interested employers and the site matches job vacancies to your profile.
Many industries have dedicated sites where you can search for specialist jobs or post your resume. These include Jeff Gaulin for journalists and writers, Charity Village for public sector and charity positions and IT Jobs for computer specialists. Search your field of expertise and “job postings” for job boards that suit your skills.
General job sites like Indeed, Monster and Workopolis allow you to set up alerts for jobs that you are interested in. You can search jobs based on full or part-time positions, location and salary. There are also jobs specifically aimed at retirees.
An alternative to working in retirement
If your reasons for working past retirement age are based on financial necessity rather than the love of working, there is another way to go about it.
By taking out a reverse mortgage you could boost your retirement income to the point where you no longer need to work. Call us at 1-866-522-2447 to find out how you can finally relax and enjoy the kind of retirement you deserve.