Get ready for "the end of retirement as we know it," says Michael Schrage in the Harvard Business Review. Unless you're already wealthy — or a dedicated saver still under 30 — "you will not be retiring at 65. Period." Thanks to structural deficits everywhere in the industrialized world, even members of protected public unions "with cosseted pension funds" are on shaky ground. "Just ask the Greeks, the Californians, or the Japanese." Unless the global economy comes roaring back, everybody, even the most talented professionals, can expect to work five years longer than they had hoped. It's "an emerging unpleasant reality that will (re)shape the quality of life and standard of living for billions. Start dealing with it. Now." Here, an excerpt:
"Everyone reading this should take 15 hard minutes to ruthlessly reassess the reality of the 'new' final years of their future career. The finish line has become elusive; the goal posts have been pushed back. Based on your current skill set and competences, what do you think your workday will look like when you're 70?...
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Celebrating 250 years of Jane AustenThe Week Recommends From exhibitions to Regency balls, these are the best ways to commemorate the author
-
The pressure of South Korea's celebrity cultureIn The Spotlight South Korean actress Kim Sae-ron was laid to rest on Wednesday after an apparent suicide
-
Should lying in politics be a criminal offence?Today's Big Question Welsh government considers new crime of deliberate deception by an elected official
