Retirement – an unaffordable luxury

Abstract

Purpose

To show that retirement is no longer a given, but that not being able to retire may not be a bad thing. Remaining in the workforce might end up being a win‐win situation.

Design/methodology/approach

The reader is given an introduction of some of the issues related to retirement, such as demographic, economic, and legal factors. The article discusses how these and other factors affect our ability to retire at 65. Some of the positive aspects of not retiring, including better physical and mental health for the individual and a stronger society, are also introduced.

Findings

Retirement as we know it is very likely to soon be a thing of the past. Changes in demographic, economic, and legal factors are forcing us to look at retirement from a different point of view. Studies have shown that people who remain in the workforce at an older age are better off, both physically and mentally. In addition to improved health, being an active contributor to the community will serve the society as a whole.

Practical implications

The article can serve as an eye‐opener to some people who take retirement for granted. It can also help people that fear not being able to retire, to look more favorably upon the fact that they may have to work additional years before retiring.

Originality/value

Instead of only discussing the negative aspects of an aging population, the authors take a different approach and present no retirement as an opportunity, not a problem. Don't fear it, prepare for it.

Citation

McManus, T., Anderberg, J. and Lazarus, H. (2007), "Retirement – an unaffordable luxury", Journal of Management Development, Vol. 26 No. 5, pp. 484-492. https://doi.org/10.1108/02621710710748310