So you’re thinking about retirement and would like to start making the transition. You might start reducing your hours, work part-time, or even arrange to have a little more flexibility in the hours you work each week. Your employer realises that you might be getting close to retirement or seriously considering it but doesn’t like the thought of losing the experience and knowledge you have in the business. Both you and your employer are possibly in an awkward space where neither of you would like to raise the issue and if the employer even mentioned the word ‘retirement’ to you, it could land them in hot water. Why? Age discrimination.

Retiring is a marathon, not a sprint, with the aim that you are well equipped for the challenges that may arise along the way.

Situations like this exist every day in business, but the Age Discrimination Act 2004 (ADA) prohibits discrimination in employment on the basis of age and applies to young and older workers alike. Beyond the moral and ethical issues of how older adults are treated in the workplace, research suggests that it can have tangible implications for individuals and employers. The government is trying to reduce dependency on the Age Pension by encouraging workers to stay in the workforce longer and accumulate sufficient superannuation (and other assets). Employment in high quality work can support and protect the health of our society as it ages.

What can be done? Mature employees in the workplace can take the below positive actions:

• Avoid reinforcing ageist stereotypes with comments like “I’m too old for this” or “I’ll leave that for the young people”.

• Keep updated with the latest developments and trends in your industry.

• Don’t wait to be invited, ask for more training.

• Offer yourself as a mentor to younger team members.

• Discuss your future plan with your manager to dispel any perceptions about
your retirement plans.

These conversations and many more about retirement in the workplace need to start happening now. There has always been the expectation that when baby boomers retire and begin to leave the workforce there would be a significant economic impact.

When asking one of the 5 million people that make up the baby boomer generation in Australia about their feelings towards retirement, the overwhelming sense among them is that retirement signifies old age and its associated negative stereotypes. Fears about old age meant that, for these baby boomers, the traditional notion of retirement seems offensive as it represents an image of frailty, disempowerment, decay, redundancy and inactivity. Many seem to fear succumbing to the ‘cardigan and slippers’ image of the old-age pensioner. For the boomers, delaying retirement is a method of fending off old age. This may be partly responsible for the fact that many of our boomers are planning to work beyond the official retirement age. 

If you are feeling that you are starting to entertain the thought of retiring but are not fitting the ‘mould’ that you think you should, don’t stress, our team would be happy to discuss your ideas and let you know what is possible. If you have already commenced discussions with your employer about a retirement plan, then the next step would be to ensure that you have everything in order to reach your goal. 

Retiring is a marathon, not a sprint, with the aim that you are well equipped for the challenges that may arise along the way. For over 50 years, the Hallerwealth team has been guiding clients through the transition to retirement and now these people have become our lifelong friends. This special relationship that is built on a foundation of trust, is the glue that binds us. We have walked the steps we are proposing our clients take and truly reaping the rewards of our
own medicine. 

If you or a family member is nearing retirement, we would love to hear from you. 

Attribution: Parliamentary Budget Office, Australia’s ageing population: Understanding the fiscal impacts over the next decade. 

Wayne Haller Pty Ltd (ABN 18 010 334 102), trading as Hallerwealth is an authorised representative and credit representative of Hillross Financial Services Limited ABN 77 003 323 055, Australian Financial Services Licence and Australian Credit Licence No. 232705
This information is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters.

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