A global retirement crisis is bearing down on workers of all ages.
Spawned years before the Great Recession and the financial meltdown in 2008, the crisis was significantly worsened by those twin traumas. It will play out for decades, and its consequences will be far-reaching.
Many people will be forced to work well past the traditional retirement age of 65 -- to 70 or even longer. Living standards will fall, and poverty rates will rise for the elderly in wealthy countries that built safety nets for seniors after World War II. In developing countries, people's rising expectations will be frustrated if governments can't afford retirement systems to replace the tradition of children caring for aging parents.
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5 comments:
Instead of teaching some of the stupid stuff in schools,they need a class on personal finance that you must pass to move on.
When I was in high school (a loooong time age) we actually were taught how to balance a checkbook, compare prices at a store and useful things like that.
People are their happiest when they're working.No need to ever quit really.
"People are their happiest when they're working." Good Lord, 8:06. I'll have to strongly disagree with that statement. I ought to be just about giddy with delight if there were any truth to that.
The real crisis will be when all of the older folks are out of the jobs. Today's young have very little work ethic or drive.
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