A survey of ageing populations: : Work till you drop | The Economist
- HOW much golden leisure can you expect at the end of your working life? The OECD has calculated for how many years people in its member countries are now likely to be drawing their pensions, starting not from their official but their actual retirement age. It found that men could look forward to between 14 and 24 years in retirement and women between 21 and 28 (see chart 6). In many countries that was half as long again as in 1970, and in some of them twice as long. And the figures are probably an underestimate because they are based on life expectancy as it is now, not as it will be in future. Retirement has been overdone. The original idea was that people should enjoy a bit of a rest after a life at work, but nobody imagined that the rest would stretch to almost a quarter-century. Some countries have already raised their official retirement age; others are debating whether it still makes sense to have a specific retirement age at all. One widely touted idea is to phase in retirement over a number of years. It does not seem like a good idea for people to be working at full tilt one day and twiddling their thumbs the next.