HEATHER BENNETT, M.Ed. CMF Cannexus13 January 28-30, 2013 Ottawa, ON Canada CANNEXUS13 1
HEATHER E. BENNETT, M.ED. CMF Consultant, Coach & Facilitator Performance Consultant/T & D Practitioner Branch Banker CANNEXUS13 2
HEATHER E. BENNETT, M.ED. CMF Life = Change Change = Opportunities Opportunities = Possibilities Possibilities = Life CANNEXUS13 3
OUTLINE Careers and Retirement Assumptions Canada s Baby Boomers Retirement Revolution Career Development for Baby Boomers CANNEXUS13 4
QUIZ: YOUR CAREER AND RETIREMENT ASSUMPTIONS 1 When you started working, at what age did you expect to retire? 2 At what age do you now expect to retire? 3 True or False: I LOVE my work!! 4 True or False: I can work as long as I want. CANNEXUS13 5
QUIZ: YOUR CAREER AND RETIREMENT ASSUMPTIONS 5 How do you/your spousal unit plan to spend your time in retirement/later life? (Top 3 activities) 6 True or False: I/we know how I/we will fund my/our living expenses and plans in retirement and later life. 7 True or False: I/we have plans for retirement/later life that include how we will make decisions. 8 True or False: Baby boomers know where to find career resources to help them make retirement/later life planning decisions. CANNEXUS13 6
CANADA S BABY BOOMERS 1946 1965 9.6 million Boom à Downturn à Recovery à Boom.. 45+ CANNEXUS13 7
WHO S STUDYING CANADA S BABY BOOMERS Financial Institutions BMO Retirement Institute RBC Retirement Research Centre at the University of Waterloo Universities Institute for Life Course and Aging, University of Toronto Canadian Longitudinal Study on Aging, 2012 Polling Firms Environics Cannexus12 Ipsos Reid CANNEXUS13 8
WHO S STUDYING CANADA S BABY BOOMERS Associations Canadian Association of Retired Persons (CARP) Government: PRI: Population Aging and Life-Course Flexibility: The Pivotal Role of Increased Choice in The Retirement Decision, 2004 Expert Panel on Older Workers:Supporting and Engaging Older Workers in the New Economy, 2008 Special Senate Committee on Aging, 2009 CANNEXUS13 9
STUDIES FINDINGS Retirement expectations, realities different All boomers are not alike Limited preparation for retirement and later life Links between retirement, physical & mental health Government policies v. employers HR policies Women significantly disadvantaged Limited career and life planning resources for older workers i.e. over age 45 CANNEXUS13 10
QUIZ: When you started working, at what age did you expect to retire? CANNEXUS13 11
TRADITIONAL LIFE COURSE Age 21 School Age 22-64 Work Age 65 Retirement CANNEXUS13 12
LIFE COURSE REVISED Age 21 School Age 22-55 Work Age 55+ Retirement CANNEXUS13 13
QUIZ: At what age do you now expect to retire? CANNEXUS13 14
ALTERNATE WORK & LIFE MODEL School Continuing Education Life-long learning Full-time Part-time Contract etc. Work Travel Sabbatical Parental / Care-giving Leaves Interests Passions Community Involvement Time Out of Workforce Illness Retirement Leisure CANNEXUS13 15
THE RETIREMENT REVOLUTION Dramatic increase in life expectancy If, Retirement = Receiving a pension à Then, what do you plan to do in retirement? If NO employer pension or adequate retirement savings, à Then, how to you plan to manage your longevity*? * Mark Venning, Change Rangers, Envision the Promise of Longevity CANNEXUS13 16
THE RETIREMENT REVOLUTION I can t retire; I have inadequate retirement savings or no employer pension; I have to work I don t want to retire; I want to continue working Trend to continue working after leaving career jobs Ø Full-time Ø Part-time Ø Contract Ø Seasonal Ø Self-employment Ø Volunteer, including overseas Second career à education and training CANNEXUS13 17
QUIZ: True or False: I LOVE my work! True or False: I can work as long as I want CANNEXUS13 18
KEY FINDINGS FROM RESEARCH Reason for Retirement Expectation of those not retired Retired I have/had the choice 85% 62% I will be/was ready to retire I will have/had saved enough money to retire comfortably 72% 31% 55% 18% I had no choice 15% 38% Employers request Health Reasons Reached mandatory retirement age I need to be a caregiver RBC Myths & Realities Poll 2012 Ipsos Reid 3% 9% 9% 1% 17% 13% 5% 4% CANNEXUS13 19
QUIZ: True or False: I/we know how I/we plan to spend my/ our time in retirement (Top 3 activities) CANNEXUS13 20
KEY FINDINGS FROM RESEARCH Activity in Retirement Expected Actual Travel 75% 60% Be a Snowbird 30% 14% Volunteer* 60% 40% More time with friends 50% 40% Take more time for self 70% 75% RBC Myths & Realities Poll 2011 Ipsos Reid CANNEXUS13 21
QUIZ: True or False: I/we know how I/we will fund my/our living expenses and plans in retirement/later life CANNEXUS13 22
KEY FINDINGS FROM RESEARCH Reason for Returning to Work Needed the income 41% I was bored 39% It was a hobby 17% It was an opportunity to finally fulfill a lifelong dream 9% RBC Myths & Realities Poll 2011 Ipsos Reid CANNEXUS13 23
QUIZ: True or False: I/we have a plan for retirement /later life that includes how I/we will make decisions CANNEXUS13 24
KEY FINDINGS FROM RESEARCH Retirement overwhelming concept Reliant on others to make decisions Procrastination Planning paralysis Worry financial resources; own and spouse s health Fear illness and mortality Boathouse Group, 2011 re attitudes and behavior toward retirement planning CANNEXUS13 25
QUIZ: True or False: Baby boomers know where to find career resources to help them make retirement/later life planning decisions. CANNEXUS13 26
CAREER SERVICES FOR BABY BOOMERS For those who plan to keep working: ü Knowledge and skills updating ü Return to school ü Job search ü Career change CANNEXUS13 27
CAREER SERVICES FOR BABY BOOMERS For those who plan to leave the workforce and transition to retirement: ü Decision-making ü Planning for retirement including due diligence ü Retirement rehearsal ü Transition to retirement ü Career regret ü Career legacy CANNEXUS13 28
CAREER SERVICES FOR BABY BOOMERS Skills: Ø Counseling - individuals and couples Ø Coaching Specialized Knowledge: Ø Adult development Ø Making transitions Ø Grief and loss Ø Labor market for older workers Ø Specialized programs Ø Network of professionals for referrals e.g. lawyers, advance care planners, financial planners CANNEXUS13 29
RESOURCES Older Workers material in What Works: Career-building strategies for people from diverse groups published by Alis.alberta.ca/publications for this and other chapters Local labor market information CARP, AARP websites Books: Redefining Retirement: New Realities for Boomer Women, Revitalizing Retirement, Retire Retirement, What Color is Your Parachute for Retirement CANNEXUS13 30