In the Sunday Times, Edward L. Glasser, a Harvard professor, slays the sacred cow that is early retirement.Can’t afford to kick back? Pensions and portfolios gone up in smoke? Diminishing retirement: No problem! These issues might help the economy, Glasser says.
Just as the influx of women entering the workforce didn’t push millions of men out of jobs, America will find ways to adapt to the new economic order and “create new lines of enterprise,” many of which would be driven by entrepreneurship. Writes Glasser:
“While I feel sorry for every American who … wants to retire but can’t … Longer work lives mean more tax dollars, and that helps with America’s fiscal problems. Older workers also bring a diversity of perspectives and experience to the work force. America desperately needs more entrepreneurship, and by at least one measure, the elderly are often the most entrepreneurial Americans.”
Even millennials who can barely afford to support themselves might have something to gain from the delayed retirement trend. They can learn from older mentors and perhaps even go to work for them.
What do you think—is retirement a boon or a burden for the economy?