Don’t worry you won’t have to work ‘till your 81, there won’t be any jobs! …That is the question in my mind: work at what exactly? Will there be any jobs available in the future that won’t be performed by someone or “something” else. Half the reason people retire is because they have become too old and infirm to perform many jobs. They will lack the energy they had when they were younger, the energy that they will need to work at many jobs. Not to mention the fact that mental faculties like focus and short-term memory will fade. For example George C. Marshall retired from public service when he discovered he had trouble remembering the names of his subordinates and was much humiliated by the weakness. Many careers have mandatory retirement ages for that reason, based on average abilities. So the very idea that people will be working at most jobs until they are 81 is preposterous. We already have more workers than we have jobs for and in many cases the skill sets of the available workers are not a match for the job openings. So what jobs will be open for the elderly? Employers won’t want elderly workers for many jobs. It would seem then that in the not so distant future there will be a lot of elderly people who will be broke, have no savings, little to no sources of income and no ability to work for a living at anything. At the same time both the UK and our own government are importing millions of third-world migrants who will be largely unemployable and will compete with elderly natives for government benefits. What then? Part of the lesson for young folks is to start saving now! Otherwise you are liable to be out of options by the time you reach 81.
British workers will have to work until they are 81 if they want to build up savings that guarantee their parents' standard of retirement, according to a new study by pension provider Royal London. Without significantly higher levels of engagement in pensions, the report concludes rather ominously, "we may be witnessing the death of retirement."
As AP reports,
The research released Wednesday comes as the British government embarks on a review of pensions that has prompted speculation it will raise the retirement age to compensate for a burgeoning older population. The retirement age for men and women is already set to rise to 66 between December 2018 and October 2020.Royal London says changes in workplace pensions mean workers aren't saving enough to ensure they have the same kind of retirement their parents expected.
Royal London notes that changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. Unless today’s workers begin to save significantly more for their later life, many will find that the quality of later life enjoyed by their parents will be unattainable unless they work well beyond traditional retirement ages.
For many people, continuing to work to these much higher ages may simply be beyond their physical capability. Without significantly higher levels of engagement in pensions, we may be witnessing the ‘death of retirement’.
Full Royal London Report below:
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