The world’s richest countries need to drastically hike their retirement ages in order to prevent pension systems from collapsing, according to the World Economic Forum.
Working until at least 70 should become the norm by 2050, the group recommends in a new report. The average retirement age is currently 65 for men in advanced economies and 63 for women.
Here’s the problem: People are living longer than ever, but the average retirement age has remained static. Pension funds have been unable to keep pace.