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Rethinking Retirement

This article explores the need to rethink retirement in the face of increasing life expectancy and changing demographics. It discusses the current retirement age, the gap between retirement age and life expectancy, the challenges faced by retirees, and the importance of active aging. The article also highlights the need for better pension schemes and support systems for older adults.

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Rethinking Retirement

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  1. Rethinking Retirement Thelma Kay ACHA, Kuching, October 2017

  2. Population indicators

  3. Background • General life expectancy rising by two and a half years per decade • Bismark / Beveridge – life span not long after retirement age • Period of rest after long years of work

  4. Retirement revisited: statutory retirement age • Current statutory retirement ages: - Ranging from 55-67 - Gender gap in some countries, females earlier - Retirement age extended in some countries or in the process of extension - Proposal to extend to 75 e.g Japan - Retirement age extension often linked to pension withdrawal date • Also include family (grandparents, caregivers) and community (esp. volunteer)

  5. Retirement revisited:Life expectancy & healthy life expectancy • Gap between retirement age and average life expectancy 70.3 (M) 74.5 (M) • But smaller gap between healthy retirement age and healthy life expectancy • Not many years to continue working if fit

  6. Retirement revisited: Pensions • In most countries of the Asia-Pacific region, less than a third of the working age population contribute to a pension scheme • Countries with non-contributory schemes only provide very small amounts which have to be supplemented by other income streams

  7. Recent discourse • With growing longevity, life course has to be adjusted from traditional education/work/retirement • WHO – functional vs intrinsic capacity • Jo Coughlin – longevity economy • Sarah Harper - old age (4th age)only when seriously frail, dependent and approaching death , before that – active adulthood

  8. Challenges to be met • Live productively till “old age” - resource , not burden - preparedness esp finance, housing - nature of work ( good work/bad work) - personal circumstance eg health - social , participation , loneliness • Rights and discrimination - AGEISM ( eg credit, employment) • Portrayal - ageless beauty , marathoners, Korean plastic surgery • Changing technology • National level: -welfare cost (social security, healthcare esp LTC) - old age support ratio - state role /responsibility

  9. Final challenge “While I still can , let me rock” “ Enjoy life – it has an expiry date” “ I have climbed my mountain ”

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