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Contributor / President of the Finance Foundation
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No choice : We have to retire much later. At 72 or 75, whether we like it or not

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06/05/2017 | 09:22am CEST
You are 62 or 65, and you strongly believe that you have the “right” to retire after so many years of work.
This evidence is no more. You have to work till 70, or longer, for 2 reasons. The first is that the world’s pension systems are unable to face 10-30 years of monthly payments to provide security in retirement. The deficit in the world’s 6 largest pension systems will be multiplied by 4 and go up to 224 trillion dollars. This is unsustainable.      
The second reason is that health, medicines, lifestyle allow people to be fit to 70-75 or longer, so that there is no reason for them to stop working and becoming idle.
This, of course, is not the policy of trade unions and many associations of retired people.
Too bad, because this is a fact. In 2050, that is in 33 years, a very short period of time, the number of over 65 men and women will grow from 600 million now, to 2.1 billion then.
This increase in longevity is one of the expected gigantic earthquakes we have to live with.
The World economic forum, WEF, makes the above analysis and there is absolutely no other way to confront the crisis than to create new wealth; which means, despite whatever we hear about robots, about IT, we have to work longer, we have to work more we have to  create wealth for all.
Don’t count on IT, don’t count on other people. Each one of us is alone in this game.

Michel Gabrysiak
© The Finance Foundation 2017
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