JEREMY SAMPSON: Life begins at 70 ... or is it 80?

We are advised that we live in times when for the most part there are ageing populations — and shrinking ones. Except in Africa, where people die a little younger and population numbers creep up.

Covid proved a considerable challenge; almost 7-million people have died around the world — mostly the old, the young and those with pre-existing health issues.

There are also ongoing wars, not all on the scale of Russia and Ukraine. The smaller ones in Sudan, Syria and Yemen are no less lethal. These conflicts have ravaged the ranks of the young, affecting generations to come.

It’s got me thinking about issues of age, and I was reminded of a client who called me from one of South Africa’s top financial institutions earlier this year to say good-bye. Where was he going, I asked. “I’m being retired because those are the rules,” he said. “During this month I will turn 60, so at the end of it I’m out.”

Then we had the annual summit of the Brics bloc of nations — Brazil, Russia, India, China and South Africa — in Sandton last week. The five nations were represented, respectively, by heads of state Lula da Silva (aged 77), Narendra Modi (72), Xi Jinping (70) and Cyril Ramaphosa (70); Russian foreign minister Sergey Lavrov (73) stood in for Vladimir Putin (70).

Taken together, that’s the collective wisdom and political experience of 360 years. And, for good measure, UN secretary-general António Guterres (74) was there as a VIP.

One wonders whether the jam-packed schedule allowed for a 30-minute “power nap” after lunch, as favoured by a previous editor of the FM.

Politicians — “lawmakers”, they call them in the US; I prefer “motley crew” — seem in particular to enjoy longevity. US President Joe Biden (80) may be looking for a return to the Oval Office. Donald Trump (77) has expressed interest in doing the same. Here in South Africa, former president Jacob Zuma, DA federal executive chair Helen Zille and deputy president Paul Mashatile are all older than 60.  

But it’s not just politicians — top business people are part of the club too. When Berkshire Hathaway held its AGM in May, Warren Buffett (92) and Charlie Munger (99) were still holding court and charming everyone with their folksy good humour. (Lest I need to remind you, since 1964 Berkshire Hathaway’s share price has compounded in value annually by 19.8%.) And consider media moguls Rupert Murdoch (92) and Michael Bloomberg (81).

Of course, not everyone who is influential in the shaping of our society has passed the traditional retirement age. On the political stage there’s Ukrainian President Volodymyr Zelensky (45), French President Emmanuel Macron (45) and UK Prime Minister Rishi  Sunak (43).

Unsurprisingly, the global tech companies are also led by a younger generation: Microsoft’s Satya Nadella (55), Amazon’s Andy Jassy (55), Tesla and X boss Elon Musk (51) and Meta’s Mark Zuckerberg (39). 

There are our own business leaders, who recently warned the government of the need for urgent change and offered to help on that count. Among that cohort were MTN’s Ralph Mupita, FirstRand’s Alan Pullinger and Business Leadership South Africa CEO Busi Mavuso — all under 60. And don’t forget the impact of former Eskom CEO André de Ruyter.

Adding value

What does this generational mix say about leadership and age — and the age of retirement?

France has experienced violent rioting and huge social upheaval — the government has nearly been brought down — all because it wants to raise the age before people become pensionable to the mid 60s.

Here in South Africa we persist in maintaining a retirement age of just 60 when there is a desperate need to keep in the workforce those who are healthy and relevant.

The same can be said more generally. There is, increasingly, a global shortage of the skills needed  to service today’s needs. Which is why, in the post-Covid world, there’s been a push to encourage those who took retirement to return to work. Or, as one recruitment company puts it, to “create a pathway back to work”.

Much effort is going into reducing the stigma of age. We all know people who should have retired in their 40s or 50s — while some in their 80s and 90s are as sharp as ever mentally, albeit showing some physical wear and tear. And they can still add value to the workforce.

Africa may have a growing young population — but that doesn’t mean it can’t learn from its elders. There must be many who still have so much to offer,  like my friend. Thankfully he is now engaging in community work. After all, as the saying goes, 70 is the new 50. So look to work longer, in whatever capacity and build your personal brand.

 * Sampson is the executive chair of Brand Finance Africa. He writes in his personal capacity. His age is unknown