Dr Ros Altmann It is fantastic news that we are living much longer, healthier lives. Most people are not 'old' at 60 or 65 these days, so why do we throw them out of the labour force, especially if they are fit and happy to work to earn more money?
We need a radical reassessment of the whole concept of retirement. Retirement should be a process, not an event. There is a whole new phase of life waiting to be enjoyed, which would give people a much better standard of living and much more leisure in later life. Perhaps working two or three days a week and having four or five days a week free, with more money to spend in that extra leisure time; a phase of life, after a full-time career, where workers cut down but do not stop altogether.
These could be 'bonus years' which previous generations could not enjoy, either because they did not live long enough or were not in such good health. Obviously some people will not be able to work longer, but the concept of part-time work could benefit most of us.
The Government plans to phase out the default retirement age, which should have been done long ago: it is ludicrous that employers can sack someone just for being 65. Employment should be determined by fitness for the job, not age. But there is still so much age discrimination in the labour market that we cannot expect things to change quickly.
Longer working lives are inevitable, but we have to make sure there are jobs available, that the labour market is ready to accommodate such a move and to give people time to plan. Employers need to facilitate part-time working at older ages, but not force people to work till they drop. This could be a win-win for everyone. Not only could this reinvigorate retirement, it could also improve the economy, since we will not be wasting older people's talents and they will have more money to spend as well.
This article was published on December 17, 2010.