Valley First

Working Beyond Retirement

Working beyond retirement becoming new norm for many baby boomers
February 5, 2013

Penticton, B.C.—While the allure of summers in the sun and winters buried in a good book is still strong for some, the traditional image of retirement is being given a shake-up by those older workers who are remaining in the workforce.

“In years gone by, older workers were almost ushered out the door,” says Valley First’s assistant vice-president of wealth management, Kevin Tom. “That’s just not the case anymore. People are living longer, healthier lives which are translating in longer careers. Whether it’s postponing retirement, working part-time or working independently, most baby boomers are rewriting their retirement plans.”

According to Tom, there are a number of reasons people are working into their retirement years. For some it is financially motivated, while others want to stay connected to the business world or they simply feel like it’s not time say goodbye for good.

“Everyone’s circumstances are different,” says Tom. “It’s no secret the economy has derailed many people’s retirement plans. But, for others, saying goodbye to the workforce is not something they’re ready to do. Whatever the reason, the team at Valley First has the expertise to ensure its members are getting the most out of their pre-retirement earnings.”

Beyond just working past the traditional retirement age, Tom says there are a growing number of more experienced workers who are either turning to contract work or looking at starting their own businesses.

“A survey last year showed more than half of Canadian baby boomers have either launched or are considering a small business venture before they reach retirement,” says Tom. “More experienced workers often have the business knowledge and the professional and personal networks to make a business idea a reality.”

Tom adds the decision to branch out on your own, potentially putting your retirement savings at risk, should not be made lightly.

“Having your own business can be very rewarding, especially later in life when you are thinking about leaving a legacy,” says Tom. “But, as any small business owner will attest, success doesn’t come without a lot of hard work. Before embarking on any business venture or pursuing a potential opportunity, you need to speak with a financial expert to ensure you fully understand the risks and rewards involved.”

About Valley First

Valley First is a division of First West Credit Union, B.C.'s third-largest credit union, which has 38 branches and 29 insurance offices throughout the Lower Mainland, Fraser Valley, Kitimat and Okanagan, Similkameen and Thompson valleys. First West has approximately $6.6 billion in assets under administration, 169,000 members and 1,300 employees.

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