WORKERS CAPITAL UNDER ATTACK
Does the world face a retirement crisis?
And can it be solved by raising the retirement age?
(Image credit: Illustration by Stephen Kelly / Getty Images)
YOU WILL BE READING THIS NEOLIBERAL AUSTERITY ATTACK BY THE RIGHT FROM NOW ON TO JUSTIFY
ATTACKING PENSIONS IN ORDER TO ROB OUR CAPITAL FOR THEM TO INVEST!!!
BY JOEL MATHIS, THE WEEK US
Perhaps the biggest crisis facing the world in the 21st century: Retirement. An "aging population is stressing retirement safety nets such as Social Security," said BlackRock CEO Larry Fink, per The Wall Street Journal — a problem that will only get worse as medical breakthroughs help people live longer. A "tremendous" effort goes to that medical innovation, Fink said, "but not even a fraction of that effort is spent helping people afford those extra years."
Fink's solution to the “retirement crisis?” Raise the retirement age. "No one should have to work longer than they want to," the 71-year-old billionaire wrote in his annual letter to BlackRock shareholders. But the tradition of retiring at 65 "originates from the time of the Ottoman Empire." Now demographics are quickly changing. In 2019, fewer than one in 10 people around the world were older than 65 — that number will be one-in-six "by the midcentury mark."
For some, a crisis is already here. "Retirement is becoming a luxury in the U.S.," Business Insider said. The portion of older Americans still in the workforce has risen steadily in recent years, from 11% in 1987 to just under 20% in 2023. The reasons include the disappearance of pensions, debt problems — home, student and medical — and the rising cost of living. If you're in your 50s, one expert said, you should ask yourself: "Am I doing a job that I would be happy to do a little bit longer if I had to?"
BY JOEL MATHIS, THE WEEK US
Perhaps the biggest crisis facing the world in the 21st century: Retirement. An "aging population is stressing retirement safety nets such as Social Security," said BlackRock CEO Larry Fink, per The Wall Street Journal — a problem that will only get worse as medical breakthroughs help people live longer. A "tremendous" effort goes to that medical innovation, Fink said, "but not even a fraction of that effort is spent helping people afford those extra years."
Fink's solution to the “retirement crisis?” Raise the retirement age. "No one should have to work longer than they want to," the 71-year-old billionaire wrote in his annual letter to BlackRock shareholders. But the tradition of retiring at 65 "originates from the time of the Ottoman Empire." Now demographics are quickly changing. In 2019, fewer than one in 10 people around the world were older than 65 — that number will be one-in-six "by the midcentury mark."
For some, a crisis is already here. "Retirement is becoming a luxury in the U.S.," Business Insider said. The portion of older Americans still in the workforce has risen steadily in recent years, from 11% in 1987 to just under 20% in 2023. The reasons include the disappearance of pensions, debt problems — home, student and medical — and the rising cost of living. If you're in your 50s, one expert said, you should ask yourself: "Am I doing a job that I would be happy to do a little bit longer if I had to?"
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