#NeverRetirees: The Untold Story of Senior Business Leaders Who Don’t Retire

PeopleManagement

The Intern, –  a movie about a senior professional who refuses to retire, provides insight into the reasons why some top business people refuse to retire70-year-old widower, Ben Whittaker (Robert De Niro), has discovered that retirement isn’t all it’s cracked up to be. He still feels he has something to offer. Seizing an opportunity to get back in the game, he becomes a senior intern at an online fashion site, founded and run by Jules Ostin (Anne Hathaway). He finds himself working in a company dominated by young people and his experience becomes useful, especially to the CEO.

The story of Ben Whitaker reflects what many senior top business people feel when they reach retirement stage. You just have to look around at business leaders who are still active even though they are advanced in years; – think Warren Buffett who still serves as the chairman and CEO of Berkshire Hathaway, or Sir Richard Branson who is still the face of the Virgin Group even though he’s no longer chairman and CEO.

A careful study of these business leaders shows that financial reward is not the key motivator; there’s more to their continued interest in business. The following are just some of the motivating factors for top business people who are still active in business today despite their age:

  • Something to offer
  • Experience
  • Still active

SOMETHING TO OFFER

Advanced age has its own advantages, which includes acquired wisdom that can only come with age. It is only normal for one who has acquired so much treasure to feel the need to share it and put it to good use. This is the feeling that most senior business people feel when they get to retirement age. It forces them to continue as they feel that they still have more to offer. Warren Buffet still to this very day attracts business people who go to his home town to drink from his well of financial wisdom. There’s no one like him in his company and his experience is critical to the company even in his 80’s.

EXPERIENCE

Another advantage that comes with advanced years is loads of experience. Senior business people realize that they have something that younger business people may not have and this fact alone inspires them to stick around in business, at times to keep their business afloat.

ACTIVE

Advances in medicine and science are making it possible for people to live longer healthy lives. At the age at which one is expected to retire many still feel the energy to be active in business. They are healthy and filled with energy that can only be satisfied by continued involvement in the business. This factor is one of the most contributing factors to senior people to continuing in their business roles.

As science improves, more people will get to the retirement age with more energy to continue working. This is an ideal opportunity to consider entrepreneurship as the next thing to do for senior professionals.

Of course, running a business as a young person has its own advantages, such as good health that cannot be enjoyed fully by senior business people. Senior business people can maintain their health by ensuring that they have a peace of mind in the process of running their businesses.

In this regard, a NeverRetiree Toolkit that includes the items below  is recommended:

  1. Support Team and
  2. Business Insurance

Support Team

No business person can do everything, no matter the age. With this in mind, senior business people would do well to surround themselves with a support team of skilled people. The team can include a financial advisor, personal assistant and any other human resource that will complement a senior business person.

Business Insurance

Every business person worries about losing what they have already acquired. Everything that a senior business person acquires and builds in a business needs to be preserved and losses avoided at all costs. Business insurance plays a pivotal role in keeping peace of mind for a business person,  knowing that any potential losses and disruptions will be recovered and corrected.

Proactively preparing for such risks in business can contribute to the good health of a business person, especially for business  people of  advanced age.

Currently, the business world is not wired in a manner that is accommodating to senior business people at a retirement age. As more and more senior business people run successful businesses, society will see the need to create a conducive environment for senior business people to continue to contribute in business.