The IMF has suggested that governments incentivize older workers, particularly baby boomers, to postpone retirement. Pointing to improved health metrics, the IMF asserts that a healthy 70-year-old now possesses the cognitive and physical capabilities of a 53-year-old from two decades earlier. With increasing public debts and a growing retiree population, the IMF warns that allowing older workers to retire early will exacerbate fiscal challenges. Recommendations include raising retirement ages and reducing early retirement benefits to increase the workforce participation of older individuals.
People from the baby boomer generation are being encouraged to stay in the workforce for longer and delay retirement as the International Monetary Fund (IMF) said governments needed to make more use of fit, older workers to balance public finances amid fiscal pressures caused by an ageing global population.
The financial agency declared that the 70s are the new 50s, and released data findings suggesting that a person aged 70 in 2022 had the same cognitive function as the average 53-year-old in 2000.
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