Billionaire Carlos Slim Says Everyone Should Work Until They're 70

Carlos Slim HeluCarlos Slim Helu

Photo: Imperio Reséndiz/Wikimedia Commons

Billionaire Carlos Slim Helu told the Mexican press his solution for the global economic crisis: raise the retirement age to 70. According to Forbes, he said that “the ideal work schedule should be 10-11 hours three times per week for people over 60 to allow them to have more days to ‘innovate, create and cultivate themselves’ [and that] the current retirement age was established “when jobs were more physical and people died at 60, but now we live until 85 or 90.”

Although life expectancies have risen in the past few decades, retirement ages haven’t kept pace with the increase. According to the OECD, the retirement age is 57 in Greece, 59 in Italy (though it will increase to 65 by 2030), and 60 in Hungary. In the U.S., 65 was the full retirement age for many years; it is now 67 for citizens born in 1959 or later. Worldwide, most people are living well into their 70s.

The son of Lebanese immigrants, Slim owns Latin America’s largest cell-phone company and is involved in a number of real estate and retail ventures. At 72, he still maintains an active role in his business dealings — like with his recent decision to take a huge stake in Argentine energy company YPF

He’s been the richest man in the world for a few years now, and is worth $66.5 billion.

Now read more about Slim’s stake in YPF >

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