There are so many definitions of retirement. While some see it as the final phase of formal occupational life cycle; a terminal end of a career which comes with age, others see it an indication that the executive at a certain age is no longer strong and active and that his productivity is beginning to wane. In some circle, it is seen as a transition from one stage of activity to another.
In the days of primitive economy, when productivity was predicated on muzzle power, it would have been appropriate to define retirement in terms of a specific age and physical strength. In the new knowledge driven economy, with a large and tireless reserve of men and women with brain power, applying critical knowledge and skills that are transforming work places and societies, the question is: Does retirement age still hold water? It seems that with improvement in hygiene, health care, knowledge and skills of self management, older workers like old wine get better.
Generally speaking, retirement age in Nigeria is sixty (60) years; yet we know that many young people retire from formal work before age Sixty (60). It is also apparent that workers in knowledge institutions retire at sixty five university Professors and Judges retire at seventy (70) . In many developed countries pension and demographic challenges have led to upward review of retirement ages. At the political arena, we find men and women of between seventy (70) and eighty (80) years all over the world as active gladiators in the ring. By implication, the concept of marginal productivity of a potential retiree which comes with age is suspect and requires further interrogation.
Location
New York