Baby boomers hoping to kick back and enjoy their retirement might need to think again. The International Monetary Fund has suggested the days of early retirement are over, declaring that “70s are the new 50s” — and urging governments to keep older people in work longer, reported GB News.
According to a new report, pensioners are now so fit and mentally sharp that they should remain in the workforce well beyond traditional retirement age. The IMF says modern medicine, better lifestyles, and education mean that today’s 70-year-olds have the same cognitive skills as 50-somethings did just twenty years ago.
And it’s not just about brainpower. Physical tests on muscle strength and lung capacity show that pensioners are ageing more slowly than before, with the average 70-year-old in 2022 matching the health of someone 15 to 20 years younger in 2000.
But beneath the flattery lies a harsher truth: the IMF is warning that governments can no longer afford to fund long retirements. With global debt soaring and birth rates plummeting, the ageing population is being framed as a financial burden.
The report warned that shrinking workforces could cut 1.1 percentage points from global economic growth every year until 2050, calling it a demographic time bomb. In the UK, the signs are already flashing red. National debt now stands at £2.8 trillion — nearly the same as the entire economy — and the birth rate in England and Wales has dropped to a record low of just 1.44 children per woman.
To tackle the crisis, the IMF is recommending some tough measures: raising the state pension age, cutting back incentives for early retirement, and introducing tax breaks to keep older workers in jobs longer.
Singapore was singled out as a success story, with community gyms, housing incentives, and policies that have rocketed life expectancy from 90th in the world to first.
But not everyone’s convinced. Critics have pointed out that not all pensioners are enjoying this supposed golden age of health. Many manual workers, in particular, face physical strain and health conditions that make working into their 70s unrealistic.
And while wealthier people may be reaping the benefits of longevity, those in poorer communities still struggle with chronic illness and shorter lifespans.
So while the IMF paints a picture of vibrant, silver-haired go-getters powering economies well into their twilight years, for many, the thought of delaying retirement feels less like a second wind — and more like being robbed of a well-earned rest.
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