New At 60 Again

Many seniors do not want to hang up their boots post retirement. We explore the windows of opportunity they have and the challenges on the way

- Versha Jain

Wo says 60 is the age to hang up your boots and do nothing thereafter? Thanks to a healthy lifestyle and rising life expectancy, many seniors are now looking for options to work even after retiring from their regular jobs. The reasons range from their inability to sit at home after an active work life of 30-40 years and wanting to be actively engaged, to the need to remain socially connected, to ensuring financial security in the absence of an adequate retirement corpus, as well as fighting loneliness, especially those who stay alone or only with their spouse.

Neeraj Sagar, founder and CEO of WisdomCircle, a platform that helps retirees search for jobs, says: “I’ve observed that the motivations for rejoining the workforce are multifaceted. The primary reason is a profound desire to remain actively engaged and seek mental stimulation through purposeful pursuits in their second innings. Moreover, what truly resonates with senior professionals is the sense of fulfilment derived from sharing their invaluable knowledge and experience with the next generation.”

In fact, remaining active, mentally and physically, can be highly beneficial for seniors. According to the Asian Development Bank’s (ADB) Aging Well In Asia: Asian Development Policy Report, released in May 2024, four things that are critical for the well-being of older people are: health (physical and mental), productive work, economic security, and social engagement. These are interlinked and mutually reinforcing. “We see a growing trend of seniors keen to re-enter the workforce. While the numbers vary, the success rate of retirees securing jobs often hinges on a combination of their unique expertise, the relevance of their skills to the roles available, and the willingness of companies to embrace age diversity,” Sagar adds.