Retirement as we know it was designed for a different era. In a world where people live well into their 80s and beyond, the traditional “learn, work, retire” model no longer makes sense.
For decades careers followed a predictable path: study into your 20s, work for 30-40 years, then retire at about 60 or 65 years old. This model assumed productivity declines after 60 — an idea increasingly challenged by research and real-world experience. Global life expectancy has increased by an average of 27 years since 1950 and could rise by another five years by 2050. Clearly, 65 is no longer the end of personal or professional contribution.
Around the world countries are adjusting. For example, Denmark has linked retirement age to life expectancy, with gradual increases expected to reach 70. Japan, facing a shrinking workforce, has created incentives for companies to employ older workers well into their 70s. SA has been slow to rethink retirement — not as a withdrawal from work but as a reinvention of purpose, productivity and leadership.
This is a missed opportunity. The country’s 50-plus demographic is a largely untapped engine of value. Roughly 15% of South Africans are over 50, a figure set to grow. Older workers bring unique advantages: institutional knowledge, emotional intelligence, crisis experience and strong mentoring capacity. Research shows 50-year-olds are twice as likely as 30-year-olds to build successful start-ups. Yet ageism, skills gaps and stereotypes still hold many back.
Unlearning outdated norms
The first step is discarding outdated assumptions. Age-related challenges — like adapting to new technology — are not fixed limitations. With support and the right structures, experience can become an asset rather than a liability. To fully unlock this demographic’s potential SA needs support systems tailored to older entrepreneurs and workers:
- Access to age-appropriate funding. Mature entrepreneurs often pursue purpose-driven or stable businesses that don’t fit the typical venture capital model. Low-interest loans, community investment funds and micro-financing partnerships could bridge this gap. Financial institutions also need to consider flexible terms that suit the different time horizons and capital goals of later-life entrepreneurs.
- Mentorship and peer networks. Peer mentoring, reverse mentorship from younger professionals and mastermind groups can provide vital support, connection and knowledge exchange. Intergenerational learning has the added benefit of fostering stronger collaboration in the workplace and beyond.
- Tailored incubators and accelerators. These should focus on steady, impact-led growth rather than the fast-paced start-up mentality, and integrate life experience and values alignment into their curricula. Mature founders often prioritise legacy and sustainability over rapid scaling, and programmes should reflect this.
- Skills refreshers and lifelong learning. Short, accessible training in digital literacy, e-commerce, and new technologies can empower older entrepreneurs to stay competitive. Partnerships with universities and online learning platforms can make this more accessible.
- Recognition and visibility. Campaigns showcasing thriving 50-plus founders and inclusive branding within entrepreneurial ecosystems can help challenge stereotypes and inspire others. Visibility builds confidence and attracts collaborators, customers, and investors.
- Psychosocial support and coaching. Transitioning into entrepreneurship later in life often requires mindset shifts and emotional resilience. Coaching services and support groups can play a crucial role in helping older adults navigate identity shifts and embrace new roles with confidence.
A systemic rethink
Midlife is a powerful time to ask, “What now?” SA’s challenge is to support older adults in answering, “What next?” The only way to balance a youth-heavy population with longer lifespans is to move beyond generational labels and embrace opportunities for growth across all life stages. Rather than asking whether someone is too old to contribute meaningfully, we should be asking whether our systems are prepared to support and amplify their contribution.
In a country grappling with high unemployment and a need for economic resilience, tapping into the experience and creativity of older South Africans is not just a social imperative — it’s a smart economic strategy. By investing in the 50-plus workforce as creators, collaborators and leaders, we can build a more inclusive, productive and future-ready economy for all.
• Moreno, a growth strategist, is founder of Self Journey.
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