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...