Monday 15 August 2016

Do you prefer working longer and retiring later in your lifetime?

There are many reports reporting the young generation will work longer and retire later than their previous generations in their lifetime, then some young people start to complain about this issue. It is understandable that people do not like the feeling of being forced to work longer. However, if there is a choice, do you choose to work longer and retire later or the opposite? This is a very interesting question to ask and could represent some social phenomenon and issues. The reasons that people dislike retiring late are generally the followings. Firstly, they are tired about their work and could have self-sufficient lives after retirement. This could be caused by several reasons. It could be related to the types of the jobs they do or the difficulties to be promoted. Secondly, they have other plans. For example, they would like to stay with their families or travel around the world which they cannot do when they are working. After talking about why people want to retire early, we could talk about the reasons that cause people like retiring later. Firstly, when the pension scheme could not provide them with comfortable lives, they will then choose to work in order to support their own lives. This is could be caused by the poor pension scheme and other individual issues such as the number of unemployed family members. Secondly, the relatively isolated environment may let people more likely stay in the environment they are used to. If an elderly person does not have many interests in other fields and has been used to doing his current job, he may not consider to change his lifestyle. This could be depending on their job types as well as the general social culture. In terms of job types, craftsmen are more likely to retire later than other types of workers. In terms of the social culture, some societies may have the cultural tradition of disliking changes. Thirdly, the productivities of certain types of jobs largely depend on the workers' experience. For example, senior university professors are more likely to provide more quality work. Therefore, we cannot say retiring late is worse than retiring early, people make their best choices by evaluating the pros and cons of their retirement plans; however, I always believe such plans should be made by the individual themselves other than policy makers (given the current pension scheme state, it is hard to be achieved).

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