Column: Martha Harris Myron On Retirement
[Column written by Martha Harris Myron]
I don’t believe in retirement. I didn’t years ago, and I still don’t. Nor should you – and the big reason is right here today. Factual confirmation!
It was incredibly distressing for me to read the Narrative Research paper issued today that one out of 10 Bermuda islanders in retirement have returned to the workforce because of economic conditions.
This is not new news, but simply reinforcing a fact that has been known anecdotally for a very long time. And my observation is that number is far higher having worked as a Bermudian/ international financial planner for more than 25 years.
When my spouse, Paul Myron, Registered Pharmacist, was employed at the now closed Somerset Pharmacy for 15 years, he encountered numerous elderly people [of course if you are working how can you be claimed to be elderly] who were still working. They had to!
Saddest fact. The oldest individual was still working at age 84 – even with health problems – cleaning in local hotels. Can you even begin to imagine how exhausting that job was; it is hard enough for younger, fitter people. When he asked her why she was still working, she said, “I have to, don’t have near enough money to get by.”
Government and local pensions back then [20 years ago] were not near enough to cover living expenses, let alone health care and medicine. They still aren’t.
Regretfully, too, at that time, most of these individuals were not able to benefit from the National Pension Scheme [Occupational Pensions] Act 1998 as amended [the Act] became operative on 1st January 2000.
The Act imposes an obligation on employers of Bermudians [or husbands or wives of Bermudians] to establish and maintain pension plans for the benefit of such persons in their employment. It was too late for them, way too late to accumulate much in the way of the contributory pension.
Governments across the globe and those all-knowers across the spectrum for many years have touted [more likely pushed] the “benefits” of retiring: enjoy your retirement, the golden handshake, traveling and cruising to places you’ve always wanted to visit, and on and on – in order to make way for a younger smarter workforce.
The most ludicrous of all media ads pushing retirement was the vision of two people, champagne glasses in hand, watching the golden sunset. Dream on, this was never reality for most people.
Not only were we not pleased to be dismissed, but increasingly, economists and people themselves are demonstrating that they will [and want] to work until they die, or close to it! I’m one of them, now a Goldsta-Oldsta at 80-plus.
Experience counts.
On another factual level, what has emerged is this. Gee! Older people have huge experience quotients stored and remembrances. Instead, they are portrayed as obsolete, unwilling or unable to learn new concepts while your people are more malleable, etc. This simply not true; my take is older workers cost more, so move them out for those bright young people.
It used to be called wisdom. It used to be revered. It used to be relied upon.
Elders can and are amazingly willing to learn; they are reliable, optimistic, less problematic, consistently prepared, handle chaos better since they’ve seen it all before and for so many, they love what they do. They are the backbone of many industries.
Governments and businesses are now paying the price for pushing [dumping] elders out of the workforce.
- Increased strains on public social services
- Increased health and care facilities needed
- Unfilled experienced job positions
- Outsourcing to less experienced companies and countries
Government is encouraging individuals over 65 to remain in the workforce as retaining the valuable skills and experience of older adults is crucial.
But, for those already out, when is the Government retraining and upgrading of skills going to take place? A respected employed individual is healthier individual, overall. Life must have meaning and purpose and for most, that criteria is enhanced by having a job.
I hope that it is not too late for our people who are returning to the workforce [or working on an independent basis at hustle jobs] to improve their economic circumstances.
My best wishes and hopes for you all.
And for those not yet, or close to, retiring, stay tuned for more opinions on why you should not retire. There is much more, but we’ll leave that for another article.
- Martha Harris Myron
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I totally agree with MM. I wanted to keep working but was made to retire. Employers need to be more creative in their thinking; there’s part time work, job sharing or however the company needs it to work. Plus, you don’t have the deductions! Just an hourly rate!