This is a thoughtful and interesting article from the Guardian/Observer. It’s STRONGLY RECOMMENDED for a read, in my view. Check it out!
Older, healthier and working: Britons say no to retirement | Society | The Observer.
There are still lots of taboos and sensitivities about older people but it’s necessary to face up to the economic and social realities.
The percentage of the older “indigenous population” in many countries will grow alarmingly over coming decades. Apart from shifting the older people overseas, like Germany for example, the only way that the balance of younger people will be preserved will be with continued large scale immigration.
Because of UK Government policy under the previous Labour Government, many retiring peoples’ pension pots are much smaller than envisioned. More widely, Western governments have struggled with the political complexities of adjusting pension policies to reflect the changing domographics.
So older people, will typically have smaller savings and pensions, so they are faced with real decisions:
- Turn to their family?
- Turn to the state?
- Turn to themselves?
Of course, as the article describes, there are many older people who will be delighted to continue working, given the chance, but this fails to address the vast majority. Surely, the vast majority will be not have the skills, competence, stamina, and health to continue working?
Let me turn this around to an open question:
How should Government policy change to give older people a greater chance of working in their later years, addressing issues of skills, competence, stamina and health?
Retirement (Photo credit: 401(K) 2013)