Can I get a side of fries with that? What will be the effect of the Sandwich Generation’s delayed retirements…
A recent report stated that “…one-in-six Canadian workers are now over the age of 55 and are working longer hours and not planning on retiring anytime soon.” With many people waiting until later in life to have children, we can expect more of this as the Sandwich Generation (called this because they are caring for elderly parents as well as their own children) get stuck between a rock and a hard place. Good news, they can expect to live longer, bad news – they have to ensure they have the means to look after themselves financially for the duration of their (long) lives. Then add in the demands of their aging parents as well as children who may require assistance (either financially, or by living at home for longer) in a tough economy and we can see why this group is feeling squeezed. It is understandable that they would want to delay retirement in order to ensure they set themselves up properly. Also, this is a demographic of people who, in my opinion, love their careers, working, being active and involved.
Aside from the effect this has on the Sandwich Generation themselves, what does their longer working life mean for others? I would bet it will mean less room for upward movement for those in the middle stages of their careers (likely those in their 30s and 40s). Living in one of the most expensive cities in North America, which also boasts some of the most stagnant salaries is a definitely a challenge. Combine that with a potential lack of opportunity to “move up” in your career and it makes the future seem somewhat uncertain.
I’m not saying that an entire generation of folks should be forced into retirement – they deserve (and NEED) to earn a living and support themselves as much as the rest of us do…but I am just wondering what others think about this phenomenon and what kinds of effects it will have? If freedom 55 has changed to Freedom 65 or 70 – what does that mean for the future of our workforce, our economy and our livelihoods?