Elders are very special people. They are the keepers of a society's accumulated wisdom. Their wisdom is then passed on to younger generations. What a wonderful resource for a rapidly changing society!

Fortunately, we have a lot of elders, and their numbers are growing rapidly. But how is their wisdom being passed on in the information age of the 21st century?

Are elders spending their time travelling, gardening, and generally reaping the rewards of a lifetime of work? Are they volunteering and giving back to the community? Or are they staying at work, or looking for work, to fund what may be a very long and expensive retirement?

For some, particularly the newly retired who are healthy and have saved for retirement, the luxury of having time for leisure is a novelty.

That extended cruise, golfing trip, or African safari are all exciting expressions of having the time and money for leisure in retirement. And the lump-sum of a retirement cheque, drawing down on a retirement fund, and a monthly cheque from either the Social Insurance department or a private pension all contribute to a sense of well-being.

For many elders, retirement is also time to give back to the community. Indeed, retirees have historically been the backbone of families and the volunteer force of many charities and non-profits. They have helped in every capacity, from raising their grandchildren and mentoring the youth to serving on non-profit boards. Their wisdom has helped shape future generations, guided the future of their churches and favourite charities, and generally brought a sense of continuity and stability to society.

Retirees have always given back to their community, without monetary reward.

Unfortunately, fixed retirement and savings income soon lose their buying power in the new millennium. We have all seen our electricity bills almost double in recent months, with grocery bills not far behind. For those on a small pension and fixed income, suddenly a retirement that was supposed to be a time of reward becomes a time of worry and hardship. The rising cost of oil, traumas in the financial markets (and pension funds), and general economic uncertainty are all making everyone sit up and take notice.

As a result, one impact of the current economic climate is on our elders' need to either stay in work, or return to work to fund their retirement.

The new three "Rs" of the workplace are Retain, Recruit and Retrain the older worker. However, this new and radical approach to employment practices reverses almost 30 years of pushing older workers into early retirement to make room for the up-and-coming Baby Boomers.

Now, Baby Boomers themselves are beginning to retire, but there are not enough younger, qualified workers to fill the jobs. Baby Boomers also want to retire on their terms, with the concepts of flexible retirement, part-time and seasonal work schedules firmly on the agenda.

Employers who accommodate the older worker will have significant advantages in filling their job vacancies as Bermuda competes in a global talent shortage.

While retaining the older worker may be good for the corporate bottom line, one unintended side effect is that fewer elders are available to contribute their valuable time and wisdom to their families or a charity of their choosing. And they are sorely missed.

Grandparents especially have so much to offer the youth. Their influence is critical when parents (or a single parent) are working two or more jobs to make ends meet. And their influence may the missing factor in the lives of our troubled youth who seem to lack the core values that support a stable society.

Charities are also affected, and find themselves competing with each other for volunteers, whether at board level or for programmes and administration. This severely impacts their sustainability at a time when they are most needed by a society undergoing rapid change.

Elders play a significant role in our overall social and economic health. Their accumulated wisdom is a precious resource. We need to encourage a balance between leisure, volunteering, and work well beyond an arbitrary retirement age – for everyone's sake.

Marian Sherratt is Executive Director, Bermuda Council on Ageing. She writes on issues concerning our ageing population each month in The Royal Gazette. Send email responses to info@bdaca.org