In a world where average life expectancy is projected to exceed 100 years, the prospect of working well into one's 80s may become a new reality for future generations. While this might initially seem daunting, there are reasons to believe that with a shift in work culture, an extended career could be more acceptable than we think.
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Looking back, the concept of retirement is relatively recent. Before the late 1800s, individuals worked until they were physically incapable, relying on family for support in their later years. The introduction of the Social Security program in the 1930s made retirement financially feasible, although it was initially designed to fund only a few years of post-work life, not the 20 or 30 years that many enjoy today.
Currently, the average retirement age is 62, providing about 20 years of childhood, 40 years of work, and 20 years of retirement. While this system has its merits, it also has drawbacks, such as insufficient working years to fund a lengthy retirement and stress during peak earning years, which often coincide with parenting and caring for aging parents.
According to the the numbers, a significant number of today's young children may live to be 100.
Additionally, the government is considering raising the age for starting Social Security benefits to address the strain on the system caused by longer life expectancies. This move could encourage individuals to work longer while ensuring the program's financial stability.
The rise of automation poses another challenge to traditional employment. Life insurance companies predicts that a quarter of the workforce may lose their jobs to automation by 2030. Solutions proposed to address this include universal basic income and shortened work weeks, with fewer hours per week.
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