The value of experience that only age can bring

Tuesday, 20 January 2026

As retirement age nears, or passes, Martin Hawes’ advice is simple: provided you are safe and continue to like what you do, then keep on keeping on. (Stock image, posed by models)

Martin Hawes is a financial writer and presenter, and has written 25 personal finance books. He writes a weekly column.

OPINION: Recently I read an article by Rob Campbell in which he said he had just turned 75 and was starting to slow down. He writes that he feels he is moving into a new phase - some of the article read like the end; I expected a retirement announcement.

But no, Rob Cambpell is not retiring – he is selective about the roles he will take on but is continuing the ones he has. And neither should he retire – I say this as someone only a little younger and who continues to work.

Rob Campbell has had an outstanding career and, like many others in their 70s, continues to make a great contribution, writes Martin Hawes.

Rob Campbell has had (and is having) an outstanding career. He has made (and is making) a great contribution to many organisations and to his country. From a beginning in the trade union movement, he became a Titan of the board room in New Zealand, a director of many non-commercial and commercial entities

Being a director (and a financial adviser) requires judgements of a future which is always uncertain. I think those judgements are well served by experience.

Experienced directors look at a situation and know that they have seen something like it before. They draw on that experience ensuring that they make the right decisions. Experience means they have a path to follow that they have walked before – they have some idea of the track to a good outcome.

Similarly with financial advice - I learned more from the crash of 1987 than I ever did before or since. Sorting my own finances during and after that crash was a messy business and I was relieved to get out with my shirt. Long term, it was a very good and useful experience for me, and I have never since had my neck in a noose like that.

Stressed stockbrokers dealing with plunging share prices during the Black Tuesday sharemarket crash of 1987. Martin Hawes was among many caught up in the turmoil and 40 years on counts it among his greatest learning experiences.

You just can’t buy experience.

Of course, I know plenty of people who long to retire as soon as possible but the participation rate for older people in work has grown steadily over the last few decades. Now about 25% of those aged 70-74 are still in work. Many who are still working at this age are self-employed – it is much harder to keep working if you are tied to clocking in at 9am and out at 5pm. I do think that people who are planning to work after retirement age need to think of types of work that are done at flexible times.

At least a third of people work after 65 because they need to financially. Others work for social reasons or because it gives purpose, a structure to their days, or simply gets them out of the house. Some genuinely like their work and, perhaps for a few, work is a habit they cannot kick.

For those who have not saved enough for a “proper” retirement, working past age 65 helps afford a better life: it buys time for your savings to grow and means that when you do start to use savings, they need to last a shorter period. Moreover, a lot of people have some very good years working two or three days a week and having money to play on their other days.

Campbell writes of slowing down in his work and frets about some things he may not be as good at as he was. It is true that ageing does mean less capacity for hard mental or physical work and, to some extent, we are slower to learn new things.

However, I think that one of the main things that declines with age is our confidence. Older people see clearly all the things that can go wrong and do not attack problems or new projects with the same gusto and assurance.

I think this cautious approach is not such a bad thing on a board of directors. It may be a bit frustrating for the younger, enthusiastic board members but some extra time thinking through all the issues can be no bad thing in some circumstances.

My advice for people at or near retirement age is simple: don’t stop. This is true whether we are talking about your tennis game, your poker school, or your job. If you take significant time out from golf, poker or work it is hard to get back to where you were.

Older workers need to ensure that the advice they give, the decisions that they make, or the things that do are safe for the public. But provided they are safe and they continue to like what they do, they should keep on keeping on. For older workers the right work has a lot going for it, and they have a lot going for them in the right work.

Martin Hawes is not a financial adviser and the information and opinions here should not be taken as financial advice.