Why the World Needs to Rethink Retirement

Dec 21, 2018 / Amanda Chase, Horsesmouth Assistant Editor

The golden years look very different depending on where in the world you are, and, increasingly, which generation you are in. Aging populations and decreasing birthrates are spurring countries across the globe to reassess how retirement works—and what needs to change in order to extend the benefits available today to future retirees.

Many are not optimistic. Nearly half of those surveyed in a recent report by the Aegon Center for Longevity and Retirement say future generations would be worse off than those now in retirement, partly because people are living longer. According to the United Nations, the number of those over 60 worldwide is expected to double by 2050 to 2.1 billion. In the 1950s, that segment of the world’s population was around 205 million. The Aegon survey found that a new global retirement model would need to include universal access to a retirement savings system for workers, greater financial literacy, and affordable health care, among other solutions.

“When age 65 became the magic retirement number in the U.S., people didn’t live that long,” said Catherine Collinson, the executive director of the Aegon Center and chief executive and president of the Transamerica Institute, a nonprofit organization that researches health and retirement. “Now many people may find themselves living to their 100th birthday. A 30-to-40-year retirement is very different than a 10- or 20-year retirement.”

This article takes a look at retirement in nine countries: Japan, Brazil, Germany, France, China, Britain, Canada, Australia, and the Netherlands. You can find it at The New York Times.

 

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