Malta’s Unretirees: A New Chapter at 58

Imagine this: you’ve just been made redundant at 58. You’ve worked hard, saved well, and now, you have enough money to retire comfortably. But here’s the twist – you don’t want to. This is the reality for many Maltese like Joe, a long-time employee of a local manufacturing firm, who found himself at a crossroads last year.

Joe is part of a growing trend in Malta – the ‘unretirees’. As life expectancy increases and retirement savings dwindle, more Maltese are choosing to extend their working lives. According to the National Statistics Office, the number of people aged 55-64 in employment has risen by 10% since 2010.

Take a stroll down Republic Street in Valletta, and you’ll see them – the silver-haired entrepreneurs, the experienced consultants, the part-time lecturers. They’re not ready to hang up their hats just yet. Instead, they’re redefining retirement, carving out new careers, and contributing to Malta’s diverse economy.

For Joe, unretiring meant reinventing. After leaving his manufacturing job, he enrolled in a part-time course at the University of Malta, learning digital marketing. Today, he runs a successful online business from his home in Birkirkara, proving that age is just a number.

Joe’s story is echoed by others. Consider Maria, who turned her passion for baking into a thriving home-based business after being made redundant from her admin job. Or Tony, who swapped his office suit for overalls to start a successful gardening service.

Malta’s government is taking note of this trend. The Malta Retirement Services Agency offers flexible pension options, allowing unretirees to access a portion of their pension while continuing to work. the Jobsplus ‘Back to Work’ scheme provides financial incentives for employers hiring older workers.

Local NGOs like Aġenzija Żgħażagħ and the Malta Council for the Voluntary Sector also support unretirees, matching their skills with volunteer opportunities, or helping them start their own social enterprises.

Unretiring isn’t just beneficial for individuals. It’s a win-win for Malta. Our island nation gains from the experience and skills of older workers, while also addressing labour shortages in certain sectors. unretirees contribute to Malta’s economy, spending their earnings locally.

As Joe puts it, “Retirement is just another chapter, not the end of the book. I’m loving this new chapter – it’s challenging, it’s rewarding, and it’s keeping me young.”