Not long ago, retirement was seen as a full stop. You worked until 65, collected your gold watch, and stepped off the treadmill into a quieter life. But things are changing—fast.
The International Monetary Fund (IMF) recently suggested raising the retirement age to 70. At first glance, that sounds like we’re all being asked to work longer, whether we like it or not. But here in Australia, retirement age is still your choice. And more importantly, the conversation shouldn’t just be about how long we work, but about how we live.
The truth is, today’s 70-year-olds are living and thinking very differently than their parents did. In fact, science now shows that 70-year-olds today have the same cognitive health as 53-year-olds did back in 2000. That’s an extraordinary leap forward in just a couple of decades. It means that your sixties and seventies aren’t the winding down years they once were. They’re the perfect time to begin your next chapter.
The new science of aging: 70 is the new 53
When researchers looked at long-term studies of brain health, they discovered that today’s older adults are sharper, healthier, and more capable than previous generations. Improvements in education, nutrition, healthcare, and lifestyle have all combined to create what some scientists call a “longevity dividend.”
Think about it: in 2000, someone in their early fifties might have been hitting their career stride, still raising teenagers, and dreaming of what came next. Today, a healthy 70-year-old is in the same ballpark cognitively and often has more freedom to choose what to do with their time.
This isn’t about pretending aging doesn’t exist—it does. But the research suggests we’ve been gifted with an extra 15 to 20 years of high-functioning life. That’s a whole extra chapter to play with.
Why retirement shouldn’t be a cliff edge
For most of the last century, retirement was a straight line: full-time work until the official age, then an abrupt stop. For some, that meant relief. For others, it meant a loss of purpose, structure, and identity.
But just as we’re living longer, we’re also changing how we want to live those extra years. Retirement works better when it’s staged—when it becomes a transition through phases rather than a single event.
Here’s one way to think about it:
- Exploring phase – This is where you lay the groundwork. You may still be working full-time, but you’re also reassessing your finances, exploring new interests, and starting to picture what life after your main career could look like.
- Flexible phase – Here, you reshape your work to suit your life rather than the other way around. Maybe you take on consulting projects, go part-time, or shift into work that feels more meaningful and flexible.
- Part-timing phase – In this stage, you reduce your workload further while leaning into travel, volunteering, mentoring, or creative pursuits. Work becomes one ingredient in a fuller, more balanced life.
These phases prevent the “identity freefall” many people feel when work stops suddenly. Instead of retiring from something, you’re retiring into something new.
Choice, not necessity
The IMF’s call for raising retirement age might feel like pressure. But there’s another way to see it: longer healthy lifespans give us more choice.
You don’t have to keep working just because you can. But you can—if you want to. Many people find that continuing to contribute, in paid or unpaid ways, keeps them connected and purposeful. Others prefer to pour their energy into travel, family, or creative projects.
The key is freedom. Your next chapter doesn’t have to follow anyone else’s script.
What your next chapter could look like
This is where things get exciting. If you’ve got a good 15–20 years of energy and cognitive sharpness ahead, what will you do with them?
Here are a few possibilities people often explore:
- Encore careers – Using your existing skills in a fresh context. Teaching, mentoring, or consulting in your field can be deeply satisfying.
- Creative pursuits – Writing that book, learning photography, painting, or playing an instrument you’ve always loved.
- Volunteering and contribution – Supporting causes close to your heart or sharing your expertise with community groups.
- Small businesses or side projects – Turning hobbies into income streams or experimenting with something completely new.
- Learning adventures – Travel with a purpose, lifelong study, or tackling new skills like languages or digital tools.
A few reflection questions can help you begin shaping your vision:
- What energises me right now?
- How can I use my skills and experiences in new, flexible ways?
- What balance of work, rest, learning, and contribution feels right for me?
Taking time to sit with these questions can transform vague ideas about “retirement” into a concrete plan for your next chapter.
The neuroscience of purpose and reinvention
There’s also brain science behind why planning your next chapter matters. Studies show that having a clear sense of purpose is linked to better health, lower risk of cognitive decline, and even longer life.
Neuroscientists talk about neuroplasticity—our brain’s ability to adapt and rewire itself throughout life. When you learn new skills, engage socially, or take on fresh challenges in your sixties and seventies, you’re literally strengthening your brain. It’s not just about keeping busy. It’s about keeping your neural networks alive and humming.
That’s why staging retirement into phases makes sense: it gives your brain new goals, new connections, and new reasons to get up in the morning.
Conclusion: retiring from vs. retiring into
So let’s circle back. The IMF might be pushing for retirement at 70. But here in Australia, retirement is still a choice. And perhaps the better question isn’t when you retire, but how you want to live your next chapter.
With longer lives and healthier brains, we’re not just extending old age—we’re creating a whole new phase of life. A phase where you can design your days with more freedom, meaning, and joy.
Instead of retiring from work, think about retiring into something that excites you. Into contribution, creativity, connection, or discovery.
And if you’d like guidance on shaping this chapter with clarity and purpose, my newly published course Your Retirement, Your Way: Thriving, Dreaming and Reinventing Life in Your 60s and Beyond is designed exactly for you.
Retirement isn’t the end of the road—it’s the start of a vibrant new chapter. In Your Retirement, Your Way, you’ll learn how to envision, plan, and live a retirement that’s uniquely yours
Because 70 isn’t the end of the road—it’s the start of your next chapter.
