Retirement by Choice: Malta’s Silver Surfers Redefining Work

Imagine this: you’re 58, you’ve just been made redundant, but instead of donning the slippers and settling into a life of leisure, you find yourself yearning for… more work? This is the reality for an increasing number of Malta’s ‘silver surfers’, who are choosing to ride the wave of retirement rather than being swept up by it.

Malta’s Aging Population: A New Reality

Malta’s population is aging. According to Eurostat, by 2070, one in three Maltese will be aged 65 or over. This demographic shift is bringing about a new reality: people are living longer, healthier lives and aren’t ready to hang up their hats just yet. Take Joe, a 58-year-old former IT manager from Birkirkara. “I was made redundant last year,” he says, “I have enough money to retire, but I don’t want to. I still have so much to offer.”

Retirement by Choice: The New Normal?

Joe is not alone. A 2021 survey by the Malta Chamber of Commerce, Enterprise and Industry found that 60% of Maltese employees over 55 want to continue working past retirement age. The reasons are varied: financial necessity, mental stimulation, social interaction, or simply a desire to keep active. Whatever the reason, it’s clear that retirement by choice is becoming the new normal.

But what does this mean for Malta’s job market? For starters, it’s a boon for businesses. “Experienced workers bring a wealth of knowledge and skills to the table,” says Dr. Marthese Portelli, economist at the University of Malta. “They can mentor younger staff, fill skills gaps, and bring a different perspective to the workplace.”

Navigating the New scene: Challenges and Opportunities

However, there are challenges. Age discrimination is a reality, and many older workers struggle to find new roles. “I’ve had interviews where I could see the doubt in the interviewer’s eyes,” says Joe. “They wonder if I can keep up, if I’m too set in my ways.”

On the other hand, initiatives like the ‘Back to Work’ scheme, which provides financial incentives for employers hiring older workers, are helping to address these issues. many older workers are turning to self-employment or freelancing, using their skills and experience to set up their own businesses.

Take Maria, a 62-year-old former HR manager from Msida. After being made redundant, she started her own HR consultancy. “I’ve never been busier,” she says. “I work from home, set my own hours, and I love it.”

But it’s not all smooth sailing. “Self-employment can be isolating,” says Maria. “And there are practical challenges too, like keeping up with technology.” But she’s undeterred. “I’m learning every day,” she says. “That’s the beauty of it.”

: A Silver Lining for Malta

As Malta’s population ages, the trend towards retirement by choice is set to continue. And that’s not a bad thing. “It’s a win-win,” says Dr. Portelli. “Our economy benefits from the skills and experience of older workers, and individuals get to lead fulfilling, active lives for longer.”

So, what’s next for Malta’s silver surfers? More of the same, it seems. Joe, for one, is optimistic. “I’m not ready to stop yet,” he says. “I’ve still got a lot to give, and I’m determined to keep giving it.”

And that, in a nutshell, is the story of Malta’s silver surfers. They’re not ready to ride off into the sunset just yet. Instead, they’re redefining work, one wave at a time.