Commentary: Want to enjoy your retirement? Consider delaying it

RETIREMENT MAY NOT MEAN STOPPING WORK COMPLETELY

Work may look very different as we age. I encourage my parents (in their 70s and still working) to work less by phasing out, if possible, the aspects of work they find most aggravating. Both are self-employed, so they have that flexibility.

But technology is now offering a similar option in many jobs. Older people tend to have higher rates of self-employment – much of which is assumed to be gig work, from driving an Uber to white-collar consulting.

In the future, retirement may not mean stopping work completely. Instead people will just work fewer hours with a more flexible arrangement, perhaps as consultants rather than employees. This can also help address age discrimination, because it would allow employers to hire elderly people without committing to a high regular salary or benefits.

At any rate, if America’s current labour shortage continues, employers may have no choice but to get over their resistance to older workers.

Public policy can also make older labour more appealing. If the government subsidised Medicare Part B premiums for those over 65 who use Medicare but are still employed, for example, employers would not have to provide health care for people over 65 – making their overall compensation more competitive.

Another possibility is offering tax incentives for hiring older workers, even on a part-time basis.

The larger question, though, is how long people will want or need to work. Now they retire in their 60s, but the new norm needs to be the 70s. Scott sees us living to 100 and staying vital for decades into our old age. That would be nice.

But then the question becomes one not of personal preference, but of personal health. As one retirement expert recently said to me: 70 may be the new 50, but 80 is still 80.