CEO Stories: Purpose and a Paycheck

MYTHS AND PREJUDICES

There are persistent myths about older workers: they have nothing to contribute and are just running out the clock until they can collect Social Security, and that they will be a drain on our economic resources. And while in 2034 there will be more people over the age of 65 than under the age of 18–a demographic first–that doesn’t have to spell economic disaster. Older workers have knowledge, skills, and wisdom, and can continue to add value to their employers, particularly as part of multigenerational teams.

PASSION, PURPOSE, AND ENTREPRENEURSHIP

Older workers are increasingly drawn to fulfilling a sense of purpose as they think of the next stage of their career--or finding a new one, especially through entrepreneurship. In 2017, people ages 55 to 64 formed 27% of the new businesses--compared to 15% in 1996. People 55 and over are less risk-averse; and have not just experience to draw on but robust networks. With technology lowering startup costs, most small businesses are started with $5,000 or less.

EARNING AND LEARNING

Research–much of it done in Europe—makes a strong case for the idea that working longer keeps people healthier. An essential aspect of health is constant learning–and not necessarily in the guise of formal training or education. In fact, creativity peaks at 65, belying the idea that 65 is the time for people to exit the workforce.