Baby boomers are being urged to shelve dreams of long, leisurely retirements as the International Monetary Fund has declared that “70s are the new 50s”.
In a report that will raise eyebrows—and blood pressure—the IMF said pensioners are now so fit, sprightly and sharp that they should stay in work well beyond traditional retirement age.
The IMF claims that thanks to modern medicine, better lifestyles and improved education, today’s 70-year-olds enjoy the same cognitive abilities as 50-somethings did just two decades ago.
And it’s not just brainpower—tests on muscle strength and lung capacity suggest pensioners are physically younger too.
According to sweeping data collected from 41 countries, including millions of health assessments, the average 70-year-old in 2022 had the brawn and brains of someone 15 to 20 years their junior in 2000.
The IMF’s real message is that governments can no longer afford to bankroll long retirements.
With debt mountains growing and birth rates falling off a cliff, they’re sounding the alarm: the ageing population is becoming a major economic liability.
In a warning, the Fund said that “demographic forces seem to be casting long shadows” over living standards, adding that shrinking workforces could knock 1.1 percentage points off global economic growth every year until 2050.
Here in Britain, the signs are already clear. The national debt stands at £2.8 trillion—almost the size of the economy itself. Meanwhile, the birth rate in England and Wales has slumped to a record low of 1.44 children per woman, raising fears of a looming demographic crunch.
IMF calls for governments to push through controversial reforms:
* Raise the state pension age
* Slash incentives for early retirement
* Offer tax breaks and other carrots to keep older workers in employment
The IMF praised Singapore as a shining example, citing its investment in community gyms, family housing incentives and policies that boosted life expectancy from 90th to 1st in global rankings.
But critics warn that pushing pensioners to work longer risks penalising those in manual labour, who may not benefit from the same health or longevity gains.
And as always, the divide between rich and poor remains stark. While the wealthy are living longer, healthier lives, those in lower-income groups continue to face greater health challenges and shorter life expectancies.
So while the IMF paints a rosy picture of silver-haired dynamism, for many, the prospect of working into their 70s may feel more like a prison sentence than a second act.
