A study on retirement trends from Voya Financial shows that 59% of baby boomers expect to keep working into retirement. For Generation X, it’s 60% and for millennials, 49%. Overall, 54% of all workers are likely to retain their jobs, or remain in some form of employment, during their retirement years. According to the Kelly Global Workforce Index, older workers are the most entrepreneurial of all age groups, and 35% of baby boomers receive income from independent or freelance work.
Whether retirees continue to work in a traditional work environment, or decide it’s high time to start their own businesses, their hard-won knowledge, people skills, and life and leadership experience, serve them well, as does a good balance between confidence and wisdom. Elderly people also tend to have established networks and contacts, which can be useful, and access to funds from investments, retirement packages or inheritances that can serve as seed money for new ventures.
Furthermore, the MPC has previously pointed out that the full impact of prior interest rate reductions has yet to be felt – typically it takes between 12 and 18 months to feed through the economy – and that a further 25-basis-point rate cut would be unlikely to add any meaningful stimulus. The percentage of businesses started by people over 55 is rising rapidly and believed to be two to three times more likely to succeed than those founded by individuals under the age of 30. This trend of older people launching businesses is even more prominent in less developed countries, possibly because there are fewer resources available to support an ageing population.
In South Africa, there are various services offered by residents of Evergreen Lifestyle’s retirement communities across the country, including upholstery, law, remedial teaching, medicine, irrigation, writing and baking. Says managing director of Evergreen Lifestyle Villages Garry Reed, “Our estates are designed to encourage interaction, so we support working residents wherever possible – whether by advertising their products and services or assisting with admin. Our advanced technological facilities – which include fibre to the home and free Wi-Fi within our clubhouses – also make staying connected with customers and clients easier.”