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The anomaly is that people in America are living 30 years longer than people in the 20^th century but only working two years longer.  In 2000, the average retirement age was 62, and the average retirement age in 2010 was 64.  Many of the recent retirements were involuntary: the massive lay-offs between 2008-2012 because of the Great Recession, corporate mergers and consolidations, work being outsourced to other countries, increased automation, and other factors.  Many were also voluntary as employees accepted attractive severance packages or just wanted to get off the corporate treadmill.

Here are the seven principal reasons why many people 55 and older (55+) want to continue working after retirement: 

• The need for additional income to maintain a standard of living or the desire to have additional income for discretionary spending
• Recognition that, with knowledge of their increased longevity and vulnerability of their financial resources through market fluctuations, it may be necessary or desirable to generate additional income through a career after retirement
• The desire for continued interesting/stimulating/challenging work to maintain cognitive skills and abilities
• The desire to maintain self-esteem and self-fulfillment by continuing in productive activities that add value
• The desire to maintain relationships with the outside world and to remain socially connected
• The attraction of continued part-time work, without the responsibility and stress of a full-time job, to enhance the satisfaction with life and overall feeling of well being
• The opportunity for flexible workplace options that offer greater choices than full-time work plus an attractive benefits package that desirably includes healthcare coverage

My consulting firm, Human Resource Services, Inc. (HRS) organized a “Survey on the Strategic Involvement of HR in Fortune 1000 Companies” that was completed in November 2011 and conducted by Harris Interactive, with 25 major companies as sponsors.  Only 24% of the HR heads stated that their companies provided flexible workplace options.  The options include:

• Reduced working hours
• Reduced working days
• Flexible working times that may be variable
• Seasonal work
• Job sharing
• Telecommuting (i.e., working from home with telecommunications connections)
• Different work assignments (e.g., mentoring or training younger workers, a new functional or business area)
• Project assignments

As the economy improves and companies face the reality of an aging and shrinking workforce, many more will be required to develop flexible workplace options.  In a recent AARP survey, 80% of Baby Boomers indicated their intent to continue working, more than half on a part-time basis. Companies will be required to tap this large and growing talent pool of workers 55+ because of their experience, expertise, seasoned judgment and proven performance (we call that EESP).  And recent surveys conducted among Generation Y and Millennials indicate that many of them want more flexibility to spend time with their families and engage in other activities.

Companies would also be well advised to maintain databases of retired workers who may want to continue working on a part-time basis because it is substantially more efficient and cost effective to hire former employees who know the company and can continue to add value.   The alternative is to pay a fee to a staffing company for part-time help who don’t know the company, the people and the way it functions. 

HRS has created a nonprofit, the Center for Productive Longevity, with this mission:

To stimulate the substantially increased engagement of people 55 and older in productive activities, paid and volunteer, where they are qualified and ready to continue adding value.

In furtherance of this mission, CPL will be working closely with the HR heads of major companies around the country to increase their focus on flexible workplace options, as well as reaching out to mid-size and smaller companies. For more information, please visit www.ctrpl.org/.

As people continue to live longer and retire earlier, the term “Third-Stage Adulthood” has more relevance than ever before. Referring to people 62-85 years old, this stage of life is chock-full of senior workers who are qualified and ready to continue working after the traditional retirement age of 65 or sooner. This means that there is a large and growing talent pool with experience, expertise, seasoned judgment, and proven performance (referred to by CPL as EESP), to meet the workforce needs of the 21st century.

The concept of “Third-Stage Adulthood” was first conceived in a paper, “The Evolution of Adulthood: A New Stage” co-authored in 2000 by Dr. Elliott Jaques, who conceived the mid-life crisis in 1965, and CPL Founder and CEO William Zinke. Zinke created CPL, which is based in Boulder, Colorado, to stimulate the substantially increased engagement of people 55 and older in productive activities, paid and volunteer, where they are qualified and ready to continue adding value.

Now in 2012, the concept of Third-Stage Adulthood is even more important than when the term was coined. CPL urges everyone to recalibrate their thinking for this new reality because the results could be dire if action isn’t taken. If Baby Boomers are pushed to the sidelines, the nation’s entitlement programs (e.g. Social Security and Medicare) will become unsustainable even sooner than projected. To prevent this crisis, the country should tap the talent pool of retired workers in Third-Stage Adulthood and put their knowledge, skills and abilities to use.

“Embracing ‘Third-Stage Adulthood’ can be a positive life-changer as people enter this next phase,” says William Zinke, 85. “The concept urges society to recognize that older people can continue to add value for significantly longer periods of time and that they should be viewed as individuals, instead of all being lumped under the clichés of being ‘over the hill’ and ‘out of the game.’  The result will be that millions of older people with EESP can continue contributing to, instead of drawing from, the national economy and society.”

CPL subscribes to a concept of adulthood that falls into three stages, described as follows:

First stage of early adulthood (18-40) – the time to build experience and expertise; to decide whether to work in the private, public, or non-profit sectors and perhaps even gain some cross-sector experience; to decide whether to develop a career in a company or to become an entrepreneur; to focus on the development of particular skills and abilities; to build a solid foundation for the next two adult stages.

Second stage of mid-adulthood (40-62) – the time when experience and expertise produce problem- solving capabilities and sound judgment (CPL likes the saying that good judgment comes from experience and experience comes from bad judgment) and perhaps even the beginnings of wisdom. Any mid-life crises have been traversed and assurance and self-confidence have become more firmly established as a result of learning how to function more effectively. There is also continuing growth and development during this stage.

New-stage of mature adulthood (62-85) – the time when many individuals, although not all (e.g. people who have been engaged primarily in physical labor, who have not maintained a commitment to physical fitness, or who have debilities or disabilities), can continue to be significant contributors. They have had about 40 years to gain experience and expertise, to develop seasoned judgment and proven records of performance and to build their intellectual and social capital. While documented research indicates that cognitive capability may have plateaued for some, the intellectual growth curve continues to move upward for people who have continued to remain productively engaged.

CPL launched the Later-Life Story Contest on June 1 to solicit empowering stories from people 55 and older. The competition has two separate categories: Entrepreneur Success Stories and Inspirational Later-Life Stories. A panel of three independent judges will select one winner from each category who will receive $1,000 and a specially designed trophy. CPL will post the best stories on its website (ctrpl.org) throughout the contest under “Success Stories.” The contest runs through August 31, and winners will be announced on October 1, 2012.

To submit a story, visit www.ctrpl.org/laterlifestorycontest and complete a submission form. Entrants must be at least 55, have a compelling story to share, and be willing to have it posted on the CPL website for viewing and for possible publication. Stories may also be emailed to James Hooks, CPL’s Director of Marketing and Technology, at jhooks@ctrpl.org.

For more information on CPL, the contest and Entrepreneur Success Stories, visit ctrpl.org or Facebook at facebook.com/CTRPL.