Friday, April 20, 2018

Are you ready to work until you die?

In the last 150 years, a previously unknown social concept has taken hold in the US and other wealthy countries: retirement. And just as we’re getting used to it, it’s being wrenched away from us.

A century and a half ago, only those who had accumulated great wealth could stop working in their fifties or sixties to enjoy a leisurely retirement. People worked as long as they were physically able to. Once they became too feeble to work, family members cared for them.

Those with no family were generally sent to the poorhouse, a residence where disabled and elderly people were supported by taxpayers. They were expected to work if they were physically able. As you might expect, living conditions were Spartan.

Retirement is possible only because industrialization has helped to facilitate capital accumulation. This capital can be used to support a person’s needs after a certain age.

Capital accumulation occurs through savings, investment, and economic growth. Unless all three factors exist in sufficient quantities, a society’s ability to provide retirement benefits to older citizens declines. Full story...

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