Before July 2008, many boomers watched their rapidly rising investment portfolios and house values and thought retirement may come sooner than planned. Then, the global economic meltdown took place; eradicating wealth and dreams of freedom 55. Countries poured billions into their economies to avoid a replay of the Great Depression. Now, two years later, countries large and small, are saddled with large levels of debt, making old-age security payments to a new wave of retirees unappealing.
The solution? Raise the age in which people qualify for old age security payments. The French are planning to raise the minimum age of retirement from 60 to 62 or 63. The population isn’t pleased and is taking to the streets in protest. Expect the governments of other Western countries to follow France’s lead.
Our workforce is about to get older. This will have many ramifications in learning and talent management. There will be fewer high-paying positions available for young people entering the workforce. Older workers will need to embrace lifelong learning or will face the possibility of obsolescence; pushed out of the workforce before they are financially prepared to leave. (RN)
French workers hit the streets | The Globe and Mail | Tom Heneghan | 27 May 2010
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