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Someone born in the late 1990s might expect to retire around 2070. Given the population structure in wealthy countries, early retirement at 65 is no longer feas

Someone born in the late 1990s might expect to retire around 2070. Given the population structure in wealthy countries, early retirement at 65 is no longer feasible for most people in the younger generations.

MomoXenosaga 5y ago
People from my mother's generation often started working when they were just 16. So when I see someone talking about them retiring at 65 it's important to keep that in mind.
- mech422 5y ago
  I was actually working 30+ hours/week from 12-13 years old, and I'm GenX. We're slated to retire at 67. P.S. - I was doing data entry for local real estate companies and simple BASIC 'cash register' setups for local businesses.
tiagod 5y ago
Calling 65 years old early retirement is insulting...
- cyberlurker 5y ago
  Not sure if joking but that’s generally the age where pension kicks in/an individual can start pulling from tax advantaged retirement accounts.
  - Retric 5y ago
    In the US you can start pulling from retirement accounts in your 40’s as long as it’s even distributions for the rest of your life.
Ericson2314 5y ago
This is an oft-quoted phenomenon, but I think it's important to point out it need not be true. We've had chronically weak demand, in which case more retires should actually be good, raising wages and spurring productivity improvements. In the US, just need to keep healthcare costs under control.
- adrianN 5y ago
  Retirees are not known for generating large amounts of demand compared to younger people who work.
  - Ericson2314 5y ago
    I don't really follow? Workers are supply (their labor) and demand (their consumption), but as we have more productive industrial capacity and more of it, the cycle breaks down as not enough labor is needed, reducing their purchasing power and further slackening the labor market in a vicious cycle. Retirees don't work, which means nevermind the absolute amount of demand (no kids, etc., make less per household sure) the ratio of supply to demand offsets the productivity / industrial capacity gains. Coupled with more retires, that could restore the balance and get the "Keynsian feedback loop" going again. (We could still go into a massive worldwide recession, but that would be a political result of the powers that be not wanting the profit share of national income to decrease. That is plenty possible but not some unavoidable "demographic destiny".)
    - adrianN 5y ago
      I see. Thanks for clarifying.

MomoXenosaga 5y ago

People from my mother's generation often started working when they were just 16. So when I see someone talking about them retiring at 65 it's important to keep that in mind.

mech422 5y ago
I was actually working 30+ hours/week from 12-13 years old, and I'm GenX. We're slated to retire at 67. P.S. - I was doing data entry for local real estate companies and simple BASIC 'cash register' setups for local businesses.

tiagod 5y ago

Calling 65 years old early retirement is insulting...

cyberlurker 5y ago
Not sure if joking but that’s generally the age where pension kicks in/an individual can start pulling from tax advantaged retirement accounts.
- Retric 5y ago
  In the US you can start pulling from retirement accounts in your 40’s as long as it’s even distributions for the rest of your life.

Ericson2314 5y ago

This is an oft-quoted phenomenon, but I think it's important to point out it need not be true. We've had chronically weak demand, in which case more retires should actually be good, raising wages and spurring productivity improvements. In the US, just need to keep healthcare costs under control.

adrianN 5y ago
Retirees are not known for generating large amounts of demand compared to younger people who work.
- Ericson2314 5y ago
  I don't really follow? Workers are supply (their labor) and demand (their consumption), but as we have more productive industrial capacity and more of it, the cycle breaks down as not enough labor is needed, reducing their purchasing power and further slackening the labor market in a vicious cycle. Retirees don't work, which means nevermind the absolute amount of demand (no kids, etc., make less per household sure) the ratio of supply to demand offsets the productivity / industrial capacity gains. Coupled with more retires, that could restore the balance and get the "Keynsian feedback loop" going again. (We could still go into a massive worldwide recession, but that would be a political result of the powers that be not wanting the profit share of national income to decrease. That is plenty possible but not some unavoidable "demographic destiny".)
  - adrianN 5y ago
    I see. Thanks for clarifying.