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Late Career Employees: What to Know When They Stay or When They Go

This article provides valuable insights and advice for late-career employees considering retirement, including the impact of aging on the brain, retirement trends, the challenges of retirement, and the benefits of part-time work in retirement.

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Late Career Employees: What to Know When They Stay or When They Go

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  1. LATE-CAREER EMPLOYEESWhat you should know* when they stay*when they goOntario Library Technicians May 2019 Protecting the pensions and enhancing the quality of life for allOMERS pensioners.

  2. The Aging Brain in the Workplace:Nuggets from Neuroscience…First, the bad news…

  3. The Aging Brain: Senses Don’t see/hear as well Don’t process/interpret as quickly

  4. The Aging Brain: Memory Don’t recall/synthesize as quickly or accurately Rosy glow of the past

  5. The Aging Brain: Intelligence

  6. The Aging Brain: Learning Don’t learn as fast

  7. The Aging Brain: Hormones • Less Consistent Sleep • Different circadian rhythms • Lower Stamina

  8. The Aging Brain in the Workplace…NOW, the better news…

  9. Better, Older: Social, Interpersonal Longer in the world = Higher emotional intelligence More interpersonal insight Better mirror neuron system

  10. Better, Older: Cause & Effect Better able to predict outcomes Better able to imagine consequences Mental categories and frameworks to interpret/adapt to new situations

  11. Better, Older: Long term, Big Picture

  12. Better, Older: Focus Longer attention spans, more patience More attention to detail Less inclined to (and not as good at) multi-task, code-switch

  13. Better, Older: Experience, Wisdom, Ambiguity

  14. Better, Older: Happier, More Optimistic Negative memories decay first; “Good old days” left Extrapolation: happier past=brighter future Philosophical: have seen more things work out; less left to worry about

  15. Older Brains at Work

  16. Older Brains at Work

  17. Older Brains at Work

  18. Older Brains at Work

  19. WHAT DO WE KNOW ABOUT RETIREMENT?TRENDS

  20. LIVING LONGER GREEN = average years Working GOLD = average years Retired

  21. LIVING LONGER

  22. AVERAGE AGE OF RETIREMENT IN CANADA

  23. AVERAGE AGE OF NEW OMERS PLAN MEMBER 37

  24. Bye-Bye Baby Boom Peak of the Baby Boom (born in Canada) 1959 Turning 62 2021 Age 55 (When eligible to retire with 30 years of OMERS service) 2014

  25. Bye-Bye Baby Boom Last of the Baby Boom 1964 Turning 62 2026 Age 55 (When eligible to retire with 30 years of OMERS service) 2019

  26. Retirement ain’t all Roses Published research indicates that retirees (independent of age) have (compared to active workers): • 5-16% more mobility difficulties • 5-6% more illness conditions • 6-9% worse mental health metrics • More chronic disability, chronic illness • More psychological: identity disruption, decision paralysis, diminished self-trust, domestic friction

  27. Retirement ain’t all Roses Chronic health conditions induce employees to retire up to two years earlier than they might like…andThose who retired due to their ill health, show even more depression symptoms than those involuntarily retired due to job loss Protecting the pensions and enhancing the quality of life for allOMERS pensioners.

  28. Retirement ain’t all Roses Family care-giving responsibilities induce 10-15% of employees to retire earlier than they might like… And Those early retirees due to family care-giving responsibilities are three times more likely to be unhappily retired

  29. OMERS Retirees’ Advice to Near-retirees

  30. OMERS Retirees’ Advice to Near-retirees

  31. WHAT DO WE KNOW ABOUT RETIREMENT?- PART-TIME WORK -

  32. Municipal Sector Semi-Retirement Part-time work attracts 28% of OMERS pensioners

  33. Municipal Sector Semi-Retirement Why they work in retirement…

  34. Municipal Sector Semi-Retirement What they do part-time…

  35. Municipal Sector Semi-Retirement

  36. Municipal Sector Semi-Retirement PART-TIME WORKING RETIREES ARE ‘WELLER’ Chronic conditions vis-à-vis active workers Increase # illness conditions Partial retirement = 4.2%Full retirement = 6.4%Difficulty in daily activities Partial retirement = 10%Full retirement = 17%Other measures of physical & mental healthPartial retirement = 0%Full retirement = 6-9%

  37. LATER THAT SAME CAREER Video…Senior managers reflect on their decisions to retire…

  38. Should I Stay or Should I Go? GO FLEXIBILITY Want more control over my time and tasks

  39. Should I Stay or Should I Go? GO FEELING GOOD Start doing those things I’ve dreamed of doing, while I still can

  40. Should I Stay or Should I Go? GO NOT AS GOOD AS I ONCE WAS I know I don’t have the same stamina, resilience, quickness. Possibly failing health.

  41. Should I Stay or Should I Go? GO LEAVING ON A HIGH NOTE Leaving like Lemieux, not Hanging on like Howe

  42. Should I Stay or Should I Go? GO NEW HORIZONS BEAM BRIGHTLY The full-time fishing, the Spice Girls tribute band, the new career on the dark side (i.e., consulting)

  43. Should I Stay or Should I Go? GO NO MORE MOUNTAINS TO MOVE Achieved what I set out to achieve; Gave it 110 %

  44. Should I Stay or Should I Go? GO FAMILY

  45. Should I Stay or Should I Go? STAY MORE MONEY MATTERS Started late – I need more years Expecting promotion Need health benefits

  46. Should I Stay or Should I Go? STAY IDENTITY Who will I be when I’m not who I am now?

  47. Should I Stay or Should I Go? STAY THE OUTLOOK IS CLOUDY I can picture the here and now, but not the there and then

  48. Should I Stay or Should I Go? STAY AS GOOD ONCE AS I EVER WAS Before I go, I have/want one more big challenge, one more opportunity, one more mountain to climb

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