In many parts of the world, people still work after retirement. Some argue that continuing to work, and therefore not being a financial burden on family members or society, is good. In contrast, others believe it would be better for the elderly to enjoy their golden years and make way for younger workers.
Longer working lives bring benefits for both individuals and wider society. For the workers themselves, the most obvious benefit is that they stay physically and mentally active while, at the same time, earning money that makes them financially stable or at least much less of a burden on their family or the government. Besides that, their accumulated knowledge, skills and experience can be shared with younger colleagues. A third point in favour concerns countries with falling birth rates, leading to potential labour shortages. In Japan, for example, a sizeable proportion of the workforce is aged over 65. If this age group is employed, productivity levels can be maintained.
Among the drawbacks, old workers’ diminishing enthusiasm is often viewed warily by employers. To that, we could add their potential lack of ability to successfully keep up with the pace of technological change. However, it could be argued that sharing different skill sets with younger workers must negate that disadvantage. There is also the danger that an older workforce will hinder the development of young talent if they are not allowed sufficient work opportunities. Nevertheless, any organisation with a view of the future should be able to prevent that from happening.
People are living longer, and increasing numbers remain employed well beyond retirement age. Although there are downsides to this trend, I believe that they are outweighed by the advantages to both the individual and society.