A Growing Trend of Older Workers Choosing to Stay in the Game Until Their 80s is a Good Thing. But Governments Have Missed an Opportunity to Create a Win-Win Situation.
The idea that older people become useless at 60 has become increasingly outdated. As Simon Jenkins points out, many Britons are fitter and healthier now than ever before. Continuing to work in one's 80s can have numerous benefits for both the individual and society as a whole. With more productive years added, retirees could contribute even more to their pension pots and the public purse.
So why doesn't it currently work that way? The current system cuts off national insurance contributions once retirement age is reached, effectively creating a financial cliff. One can only wonder what would happen if older workers could continue to pay NI pro-rata their working hours and salary, contributing to their pension pot while also adding to the public purse.
It's a no-brainer: change the rule so that anyone who is working pays national insurance, regardless of age. This would create an incentive for older people to stay in the workforce, providing much-needed skills and experience. Moreover, it could lead to more job opportunities for older workers, helping combat ageism in all its forms β from business to government to comedy.
Retirees are not just sitting around listening to Vera Lynn records or bemoaning the "good old days." Many are still active, engaged, and making a positive impact on their communities. They possess unquantifiable virtues that only come with age, which should be celebrated rather than dismissed.
The changing times demand a more flexible approach to work and retirement. Governments should seize this opportunity to create a system that benefits everyone involved β not just the younger generation or those who are content to stop working at 60.
The idea that older people become useless at 60 has become increasingly outdated. As Simon Jenkins points out, many Britons are fitter and healthier now than ever before. Continuing to work in one's 80s can have numerous benefits for both the individual and society as a whole. With more productive years added, retirees could contribute even more to their pension pots and the public purse.
So why doesn't it currently work that way? The current system cuts off national insurance contributions once retirement age is reached, effectively creating a financial cliff. One can only wonder what would happen if older workers could continue to pay NI pro-rata their working hours and salary, contributing to their pension pot while also adding to the public purse.
It's a no-brainer: change the rule so that anyone who is working pays national insurance, regardless of age. This would create an incentive for older people to stay in the workforce, providing much-needed skills and experience. Moreover, it could lead to more job opportunities for older workers, helping combat ageism in all its forms β from business to government to comedy.
Retirees are not just sitting around listening to Vera Lynn records or bemoaning the "good old days." Many are still active, engaged, and making a positive impact on their communities. They possess unquantifiable virtues that only come with age, which should be celebrated rather than dismissed.
The changing times demand a more flexible approach to work and retirement. Governments should seize this opportunity to create a system that benefits everyone involved β not just the younger generation or those who are content to stop working at 60.