The Hamilton Spectator – July 28, 2006.
By Naomi Powell
A few days after Linda Towart retired from 32 years of accountancy, she picked up a paint brush -- and a new career.
"Just stop working? I could never do that," said the Stoney Creek artist, who retired at age 51. "I have a second career now and I feel blessed."
Towart, who turns 64 today, is now among a growing number of older people who are using their post-retirement years to open a new chapter in their working lives, often in careers they'd only dreamed of pursuing.
Last year, a record 68 per cent of men and 51 per cent of women aged 55 to 64 had jobs nationally. That's an increase of 9 per cent for men and 10 per cent for women since 1998.
Last year, a record 68 per cent of men and 51 per cent of women aged 55 to 64 had jobs nationally. That's an increase of 9 per cent for men and 10 per cent for women since 1998.
While many are extending their work life for financial reasons, a growing number of workers over 50 simply aren't ready to give up the challenges and rewards of a career, said Barry Witkin, founder of the Prime50 employment service for older workers.
"Retirement is no longer the end to a person's work life," Witkin said. "Companies are facing shortages of labour and this is a group of people that is loyal and experienced."
A study released in September found that about one in five retirees rejoin the workforce and that retirees from professional occupations were more likely to return to the workforce than others.
About 38 per cent of those surveyed in the study cited financial concerns as a reason for continuing work, suggesting non-financial considerations were important as well.
"When they start in their careers, a lot of people are happy to get a job," said Witkin, a former corporate finance executive who says he always wanted to be an actor. "Then all of a sudden they're married with a family and they're locked in. But it's not really what they love."
Although her own father retired for good at age 55, Hamilton's Virginia Selemidis had no intention of following in his footsteps when she retired from her own 32-year career in banking.
Like many retirees, she opted to open her own business.
"It's keeping me busy and I'm enjoying every bit of it," said Selemidis, 54, whose Northern Loons Consulting helps small businesses get off the ground. "I was way too young to just stop working. I still had a lot of energy to dedicate to something."
Ontario and other provinces have banned mandatory retirement at age 65, making it likely that even more older Canadians will continue in the workforce. But the increase in overall life expectancies also plays a role in driving boomers to stay in the working world.
"Life expectancies are longer, so 55 today is different than it was 20 years ago," said Naresh Agarwal, a business professor at McMaster University's DeGroote School of Business. "Life expectancy has increased over time so people are having what we call a third life, or a post-retirement life. The first life is their education, the second is their work life and the third is that post-retirement phase."
After 32 years in the accounting department of Proctor and Gamble, arriving like clockwork at 8 a.m. and leaving by 4 p.m., Towart now spends her days in her garage, which she converted into an art studio several years ago. Her work is on display in many local businesses and a full show of her work will open at the Burlington Art Centre in August. She has launched a website and plans to market her work to national galleries.
"I'm not making as much as at P&G, but I have a lovely life," she said.