“As populations in Organisation for Economic Co-operation and Development (OECD) countries continue rapidly to age, the increasing imbalance between those young enough to work and those old enough to receive the pension is sounding alarm bells. By 2050, the “old age support ratio” is expected to halve; in Australia there will be only 2.3 people of working age to support each person of retirement age.

“Understandably, governments facing the fiscal nightmare of increasing pensions and decreasing revenue are trying to keep people in the workforce for longer. Policies that actively discourage early retirement by, for example, raising the pension age are common.

“While there is little question that such policies are necessary from the economic standpoint, it is less certain that older people will stand to benefit from working longer, even if they are able to.

“A key argument against keeping people in the workforce longer is that certain types of activities – involuntary work, unskilled work, and manual labour – can have an adverse effect on well-being. Raising the retirement age runs the risk of creating a new – “grey” – working class.

“On the other hand, when a person’s work aligns with their skills, experience and interests, such “quality” work is likely to benefit their health and social connectedness as well as their income. For older people, working longer could actually improve health and well-being, provided the work is not demeaning, demoralising or physically arduous.

“In practice, however, many older people cannot work due to caregiving responsibilities, a lack of up-to-date skills and experience, or poor health. And employers may discriminate against older people — consciously or otherwise — or may not provide the flexible employment arrangements that many older workers need or want.

“In this mix of pros, cons, and feasibility issues, certain … .” Continue reading this article from The Conversation by clicking here.