Teachers & Civil Servants at 60 Still strong ,Can retire push to 70yrs

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Opinions released from various parties is that people including teachers and civil servants globally are living longer and the daily life is getting more expensive each day hence time to rethink of the new age to retire from workforce.

With this position, it therefore goes without say that stepping away from the workforce at the age of 60s doesn’t seem realistic or even does it become  sensible. This is according to major world financial figureheads agreement.

Research shows that from 2000 to 2019,the global life expectancy has increased from 67 years to 73 years.

According to UN ,it is expected that by 2050 , one in 6 people worldwide will be aged 65 years or more than that .

Research further reveals that as the population ages, several countries will soon reach a point at which most people are leaving the workforce than are entering it.

According to details UK will reach this point by 2029; Brazil by 2035 ,India by 2048 and the US will get this by 2053.

Currently some governments are already recognising 60 to 65 years as an outdated goal.

For instance,the UK pension age is already set to rise from 66 to 67 years  between May 2026 and March 2028.

It is also proposed that after 2044 the retirement age could rise to 68 years.

As per to some experts including Parry, the  retirement for an individual in earlier 60s is now more of a dream than a reality.

Retirees on street following pension delays

Retirees on street following pension delays ;Image/Courtesy

He proposes that when talking about retirement, people should think of retirement at 75 years .

It is also observed that while some people supplement their government benefits with investment vehicles which are intended for retirement savings, most retired  workers don’t have enough or any personal savings to fall back on.

In addition, as the cost of living rises in an inflation economy, their savings may simply not help them for long.

Equally, previously the generational wealth that once ensured younger people would have a financial support in their later life is becoming is now becoming a dream never come through.

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