February 11, 2016

To retire or not to retire

From an article published in guardian.com:
- Ivan Roitt, 87, is emeritus professor at Middlesex University’s Centre for Investigative and Diagnostic Oncology.
- Jean Miller, 92, is cloakroom attendant at the Vidal Sassoon hair salon on Princes Square, Glasgow.
- Tom Swan is 79 and runs Swan’s Sweet Shop in Renton, West Dunbartonshire.
- Evdokia “Ducia” Stafford, 90, has run the Beehive Inn in Pencader, Carmarthenshire for 60 years.

They all still work at those ages and do not want to retire. They all declare that they enjoy their job.

A research result: At Bureau of Labor Statistics and Census in USA two professors, Clair Brown and Greg Linden found that people employed in engineering, technology or the software industry, experienced a drop in their salaries by 17% after the age of 50.

The drop in salaries is a sign of “not being the best anymore”.

So a couple of questions:
Would you employ somebody at 80 to work for your company?
If yes, would you cut his/her annual remuneration by 15% or more?
Would you want to run your company at 80?
If yes, would you cut your annual remuneration by 15% or more?
Or would you prefer to enjoy an “early” retirement before 80?
If yes, would you sell your business or would you want to stay as a shareholder?

The article published in guardian.com: Not the retiring type: meet the people still working in their 70s, 80s and 90s

The oldie of the week: Bee Gees – Morning Of My Life (1970)

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