Did Charles Handy come up with the concept of the “third age”? I’ve done a bit of searching online but I can’t find the answer to that. Wikipedia reckons the Third Age, is the history of Middle Earth in Lord of the Rings! In The Empty Raincoat, Handy describes four ages –
- Formation – education, training, life experience
- Endeavour – work, parenting, house-keeping
- Second Life – extension of the Second Age, or something different
- Dependency – the final years
He attributes roughly 25 years of life to each of these stages (or ‘ages’).
Whoever coined the term originally, the concept is a useful one, and as Handy points out, with increased life expectancy and quality of life for most of us, the Third Age is becoming increasingly important. He points out that the Third Age used to be what we called retirement and was seen as a time to do nothing, live off your pension, then die! Nowadays, with the changing demographics producing many more older, healthier people, and correspondingly lower proportions of younger people in society, he says we can no longer think of the Third Age as a time for doing nothing and earning nothing. He describes four sources of income in the Third Age –
- State pension
- Occupational pension
- Savings/inheritance
- Paid work
and he says that as neither State nor occupational pensions will be enough to live on in the future, that we’ll increasingly have to rely on paid word beyond the age of 65. This needn’t be a bad thing of course. Many people feel tossed on a waste heap on retirement day. But certainly, it’d be good if it wasn’t about just more years of 9 till 5 and wages! Given that most people will have some pension income, and maybe also some savings or inheritances, then paid work needn’t take centre stage but might potentially be more meaningful work – something which adds value to life beyond a simple income. But, then, that’s a pretty good goal to have at any age, isn’t it?