I work in the coolest industry around, and an industry to which I am undeniably addicted. Why stop now? Besides, I have the opportunity and an obligation to pay it forward, by sharing my passion and knowledge with a group of like-minded folks, some of whom might benefi t from my maintenance encounters. Also, highlighting the altruistic perspective (which, by the way, is the perspective I give my wife) our industry is in desperate need of experienced technicians and mechanics. And as long as I can contribute to my employer’s bottom line while supporting the helicopter maintenance community, now is not the time to pull pitch and depart the pattern. So, I guess it is apparent that for right now “re-tire” will remain an activity reserved for my car. Besides, I fi nd that I am not alone in my choice and there is strength in numbers. For you see, based upon my research, which conveniently provides me support for my decision during my domestic discussions, there is an increasing number of post-65 folks who are also retirement-resistant and are gainfully and happily employed. Ok so about my research. I discovered an article


about retirement published by John D. Stoll in the Wall Street Journal. Mr. Stoll examines the changes in the attitude regarding retirement — giving foundation to his observation via statistics. He cites analyses and papers exploring the subject of retirement that have been circulated by an impressive group of educators: Dr. Olivia Mitchell, a professor at Wharton School of Business; Economist and Professor Alicia Munnell’s book “Working Longer”; Richard Johnson, a senior fellow with the Urban Institute and Mathew Rutledge, an Economics professor at Boston College. So, let’s see what the experts have to say starting with some interesting statistics from a 2018 Transamerica center for retirement Studies: 1.) 78 + Years = current average life expectancy 2.) 66+ years is the average retirement age in the US 3.) Of the 6,372 workers polled, 50% don’t expect to retire at 65; 13% plan never to retire


4.) The number of people who plan to retire after 65 has increased threefold since 1995. See I told you I had fellow Baby Boomer


concurrence! But why the shift in people wanting to work longer? Much of this is based upon the barrage of headlines about rising healthcare costs and possible Social Security shortfalls. In her book, Dr. Munnell asserts that it’s smart to work until at least 70 in order to accumulate an off set to the forecasted economic gap. Also, she states that because some of the physical demands of the typical job have declined, combined with a lot of jobs becoming more personally and socially rewarding, a longer career is becoming the


8 HelicopterMaintenanceMagazine.com April | May 2020


acceptable norm. Surprisingly she also maintains the only age group with a growing labor participation rate is the 55 and above group. It looks as if retirement at 65 has become outdated today. Along with the previously discussed motivations, another cause for this accepted change is that retirement at 65 was conceived and established around the time of the great depression. Social Security was established as an insurance plan for us old folks who became unemployed or unemployable by 65. Coincidently in that era, 65 was the expected time when your family would be accepting condolences when you were served your dirt sandwich. So, the government fi gured 65 would be a good age to begin the benefi ts either for the worker who managed to beat the odds and live a few more years or provide some economic support to his or her heirs. Thus, as life expectancy has risen from 65 years to 78.7 for men and 81.1 for women, the outlook regarding retirement has transformed accordingly. However, on the other hand, there are those for whom 65 is the time. And what drives someone today to pick 65 as “the time?” Well it isn’t necessarily the thoughts of a lucrative retirement or fat pension. No, it appears that deteriorating health and or career or job dissatisfaction encourages them to leave the workforce. And conversely, in comparison, those folks who can and want to stay gainfully employed, live longer lives and face a lower risk of dementia, depression and obesity. Hang on while I have my wife read that last sentence: “….those folks who can and want to stay gainfully employed live longer and face lower risk of dementia, depression and obesity.” Likewise, advancements in technology in the workplace and transportation are making it easier than in the past for those of us who wish to keep working to stay sharp and productive. For example, companies are now realizing that the loss of experienced employees will have a major negative impact. To lessen the eff ect of a “Brain-Drain,” these companies are providing a more fl exible work program for the senior working staff . At the same time, they are encouraging these same senior members to include a mentoring roll within their daily routine, thereby training their eventual replacements — a win for everybody!


Another interesting note on retirement addresses The Gen-Z workers. (Cocktail Knowledge alert: A Gen-Z worker as described by Bloomberg News as, “…the group of kids, teens and young adults roughly between the ages of 7 and 22 in 2019.” In other words, Generation Z was born between 1997 and 2012.) The Gen-Z kids have been given a good news / bad news message. The good news is the Gen-Zer’s are going to live longer and healthier lives than their parents. The


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