The future of work in our 40s, 50s: The “Educate – Work – Retire” model is dead.

 Dreaming of retiring from a job you don't love?  Imagine loving what you do so much you can't imagine stopping.

Dreaming of retiring from a job you don't love?  Imagine loving what you do so much you can't imagine stopping.

I worked in the same industry for just shy of 20 years.  Like many professionals who have invested a couple of decades in their career, I figured I was destined to stay in the same industry for the rest of my career.  But what happens when you start to feel stuck and that feeling won’t disappear even after a few years? 

Back then, I didn’t know I’d be working in a completely different industry, using some completely different skills and interacting with totally different people.  I didn’t know any of this until I made the decision to “not be in the same industry next year”.   I wish I had come across the attached report years ago and I might have understood how to begin to alleviate my “stuck” feelings more quickly and at very least I would not have felt like the only lonely lemon in the world of oranges.

The report is called “Shift – the Commission on Work, Workers and Technology” where leaders from the worlds of Technology, Business and Culture were asked to forecast what the world of work would look like in 10-20 years. Whilst it is US-centric, it has real implications globally.

Here is the over-riding message that you need to know from the report: The “Educate – Work – Retire” model is not yet dead but it’s certainly dying.  The linear career path that has been prevalent until now simply isn’t useful or relevant for the over 40s/50s any longer.  A more dynamic work/life path is forecast for over 40s/50s.   Not only are there other ways to work in your 40s and 50s, those other ways are definitely more flexible, can be more fun if designed well and are more likely to keep our demographic earning for as long as we want to.

 Here are some of the specific forecasts from the “Shift” report for the next 10-20 years:

1.      Education-work-then-retire model is very outdated.  

2.      Retirement to a yacht isn’t that fulfilling or possible for most individuals

3.      Many 50+ will delay retirement and/or work part-time as funding retirements (in the old sense of 20-30years with a fixed income) become risky and uncertain.

4.      Many over 50s will begin a second career for both financial and social reasons

5.      Older workers will represent a larger part of the part-time work-force – independent contracting, freelancing and consulting etc.

6.      Volunteering or working part-time for not-for-profit businesses (high level team leadership included) will be viewed more highly in status than net worth.

7.      As adults, we will be in and out of school, in and out of work, in and out of volunteering jobs, multiple sabbaticals and gap periods more often than ever before.

By God this excites me…but it would have frightened me 3 years ago staring down the barrel of one career in one industry for the rest of my working days.  The thought of retirement also doesn't excite me as I get so much satisfaction, self-esteem and self-worth from working – like many people.  

Whilst I do know a couple of individuals of my generation who are holding out for retirement, the majority have tapped into society’s feeling that “life is too short to keep your head down and bum up until we are 65 to start enjoying life”.   The sad truth is that many of us will have a serious illness before we are 65 so we need to somehow mix work with fun in a way that hasn’t been necessary/available before.  

SM Post We need to learn to mix work and pleasure more than ever before.png

 

I’ve made it my mission to try to mix work with fun by doing work that I mostly find fun but that isn’t the only way.  This report suggests that the money-making element of work will find us working until we are older than ever before BUT that those long work years may be inter-mingled with back-to-school gaps, career breaks and/or sabbaticals.  

Just on the street where I live I know one person who is on sabbatical for 6 months to invest time and energy into her husband’s fitness business, another who is ramping up artistic endeavours as she wants to reduce the physicality of her earlier career and yet another who has just launched his first photography business.  These individuals are in the experimental phases of their mid-life career changes but they definitely attempting to design work in a way that allows them to create their own financially secure, physically and emotionally free and fulfilling work.  In my opinion and the opinion of this report…the future workplace for 40 and 50 year olds on my street is exceedingly fluid…and exciting!   

 So if the "Educate - Work - Retire" model is dead or dying...what does the future workplace for individuals in their 40s and 50s on your street look like?

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