Gen Xer waiting for the "mass" Retirement

I remember in the late nineties when it seemed as if everyone was spouting words of wisdom about how Generation X was going to take over the work force. With all the employment opportunities out there waiting for us as a result of the onset and much anticipated, mass baby boomer retirement.  Well it’s been 10 plus years and some of us Generation X’ers, a more educated and experienced work force than ever before, are still waiting for our moment.  Where is the mass retirement we have been hearing so much about?

A friend of mine works for a company that has a 72 year old employee.  This man is not someone who needs to work financially because his Canadian Pension Plan check is too small to live on; no this is a man who makes a decent five figure salary and has for 40 + years.  I recently attended an informational meeting for the Department of National Defence discussing the great career opportunities available for civilians in their department.  The presentation was excellent, and again telling the packed room that 60% of the civilian work force in DND and across the federal government is due to retire in the next few years.  When the presenter was asked if there was an age limit to working (i.e. a retirement age) at the Department of National Defence,  he said no, and he went on to add that he was eligible to retire two years ago, but he chose to continue working.   Is it just me, or have we been hearing the phrase “…will retire in the next five years” for a long time? 

Canadian labour laws do not include a mandatory retirement age.  In many provinces and territories mandatory ages of retirement are considered a human rights issue (Government of Canada).  This coupled with the recent economic slowdown; workers are remaining at their jobs longer than they may have in the past. It is as if a major case of “what if the markets crash again” has infected the nation.  There is a sense that some employees have been scared out of retirement and it is better to stay in the jobs they have a bit longer – just in case.  I understand that some people financially cannot afford to retire and others enjoy working and gain a sense of fulfillment from their jobs.  Therefore, not retiring is way of maintaining a purpose in life and is part many individuals’ identities.  However, for those people who are in the financial position to retire I ask the question why you are not retiring?  Please retire.  Allow the natural evolution of the workplace to take place.  For those who enjoy their jobs look at it as a challenge to find fulfillment elsewhere.  Retire and enjoy spending your days golfing, woodworking, or having coffee at Tim Horton’s complaining about how the younger generations are destroying the country.  Or even better, volunteer for organizations who appreciate the experience, knowledge and time retirees can bring to their organizations. Retire, so that a new generation can have access to the career opportunities that you once had. 

I ask the question how are Gen x, y, z, z+ to acquire our own retirement savings without the same opportunities of others before us.  Many companies have done away with pensions and given the past years headlines of pension mismanagement how are we to pay for our own retirement and pay to sustain these pension plans of the people continuing to work.  Right now, it looks and feels like Generations X, Y and beyond will have to be in the work force longer to have adequate savings, to be able to afford and hopefully enjoy our retirement.  From this side of the fence it feels like we will pass along the same problem to Generation Y that we are inheriting from our predecessors.  

I am still waiting for the 60% of projected retirees to actually retire so that I, friends and other Generation X’ers can have those much talked about and anticipated job and career opportunities we have been hearing about for much of our school and working years.  Instead, I spend my days working at the bottom of the salary range and searching for a new job, one with a higher salary or a career advancement opportunity so that I can actually increase my pathetic retirement savings and retire sooner.  Gone are the days of being a “company man/women” where employees such as our parents, worked for 30 years for the same company and received a gold watch in appreciation.  Do these jobs and career opportunities even exist? Will the public and private sectors actually fill those vacancies once people do retire or will those positions be deleted and companies downsized?  I ask again, where are these alleged opportunities? Right now, I fear they will not materialize in time for many of us Generation X’ers, but we will continue to wait patiently for this “mass exodus” from the workplace.