Do the benefits of working longer outweigh the pitfalls? It keeps the mind active, and retirement can quickly lead to boredom, but some people cannot afford to quit
ACROSS THE developed world, the workforce now comes in fifty shades of grey. Since 2008 the average labour-force participation rate of 55- to 64-year-olds in OECD countries has risen by eight percentage points. Depending on your point of view, that trend can be spun as ruthless capitalism requiring workers to spend more years down the salt mines or as a sign that society is finally recognising the value of its older employees.
But work has many compensations. It keeps the mind active and gives people a purpose in life. The first month of retirement may seem idyllic, but boredom is bound to ensue. Grand plans to learn languages and travel the world can quickly fizzle out. Furthermore, the camaraderie of colleagues provides a social network; spending all week at home can lead to loneliness. It will be a while before Bartleby retires to his seaside cottage, “Dunwritin”.
However, companies have been phasing out pensions linked to final salaries and replacing them with “defined contribution” schemes. Under the latter, workers end up with a pot of savings at retirement that needs to be reinvested. The income from such pots has been reduced by very low interest rates. Women tend to have smaller retirement pots , making their difficulties particularly acute. They need to keep working.
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