Baby boomers can work later in life because the “70s are the new 50s”, according to the International Monetary Fund (IMF). It said older people nowadays are healthier and sharper than they were 25 years ago so they should keep working longer.
IMF research found someone aged 70 in 2022 had the same cognitive performance as the average 53-year-old in 2000. Detailed surveys of one million people aged 50 or above tested skills, including memory and basic maths. Physical health was also found to have improved with 70 year olds as fit as 56 year olds a quarter of a century ago. The IMF predicts such improvements will continue over the next decades, but warns cash-strapped governments can’t afford to allow older people to enjoy a lengthy retirement. It has said declining birth rates and ageing populations pose a threat to public finances and living standards.
Compared to a pre-pandemic average, 1.1 percentage points are set to be knocked off global growth every year for the next 25 years, according to the IMF.
The IMF said: “With lower growth prospects and historically high levels of public debt, many countries will need significant fiscal efforts to keep debt-to-GDP ratios stable beyond 2030.”
It argued governments should slash early retirement benefits, encourage people to put off retirement and take another look at pension ages.
Improved childcare support and better parental leave policies to get more women joining the workforce would also help address the slowdown in economic growth, according to the IMF.
The British Government’s national debt is about £2.8trillion, which is more or less equal to the value in a year of the UK’s gross domestic product – the value of all the goods and services the country produces.
Between 2022 and 2023, the total fertility rate for England and Wales dropped from an average of 1.49 children per woman to 1.44. This was the lowest rate on record, according to the Office for National Statistics.
Reports of the IMF’s findings sparked fury on social media. One X user, tweeting from an account called XRP Peroni, posted: “Absolutely disgusting. The idea of telling baby boomers to ‘get back to work’ while the IMF pushes to raise the pension age is an insult to a generation that’s already spent a lifetime contributing to society…
“Retire at 70 and maybe squeeze out a few years of rest before the end? This isn’t about ’70 is the new 50′. It’s about robbing people of the dignity of retirement. After decades of hard work, people deserve rest, not a longer grind.”
Another X user posted: “I’m sorry after working 50 years and until the age of 66 my body knew it was done. I’ve been retired now for a year and a half and am loving every minute of it. My working days are over.”
Dr Carole Easton OBE, Chief Executive at the Centre for Ageing Better, told the Express: “The IMF’s conclusion 70 is the new 50 is an important message. It is further evidence it is high time we reassess our attitudes to age in this country. Currently, far too many people are written off in their 50s and 60s.”
She said on average, the general public think old age begins at 58 and they massively overestimate the proportion of the older population who are in care homes or are frail.
Dr Easton said: “Older people contribute so much to society but ageist stereotypes which call into question their capability and value are holding us back.”
She cautioned, however, that working through your 50s, 60s and beyond isn’t possible for everyone, adding: “Poor health, ageism, caring responsibilities and inflexible employers are freezing many people out of work.
“There are places in this country where the healthy life expectancy, the average number of years that people can expect to live in good health, is more than a decade below the current state pension age.
“Extending the State Pension age further, faster, will undoubtedly leave many people to endure a decade and more impoverished and desperately waiting for the small monetary mercy of a State Pension.”
