113. Is retirement at 65 a reasonable expectation nowadays
One
of the main challenges, or even threats, to the welfare state is the pension
load, which grows as life expectancy increases, already well over 80 in some
countries, making the pension system unaffordable. Many citizens expect the state
(or the government, most don’t understand the difference) to solve this problem,
but there are no magic bullets. In finance, contrary to what Wall Street will tell
you in periods of exuberance, 2 plus 2 equals 4. The solution lies with us, the
citizens, with legislative collaboration. Whilst it may be sensible for a
factory worker or farm labourer to retire at 65, there is no good reason for a
business manager or museum curator to do so. We develop expertise throughout
our lives and one day when our economic value to society and ourselves is at
its highest, whatever our fitness and capability, we retire. This needs to be
re-evaluated. Remaining active, with flexibility and autonomy, can be rewarding
for the worker and a lifeline for the welfare state
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