Having a purpose in life is so important in Japanese culture that our idea of retirement simply doesn’t exist there," writes Hector García; Francesc Miralles, in a book named Ikigai.
The book that talks about living a happy, purposeful and long life sold more than one million copies and is one of the top-rated books. The growing popularity of the book and the concept of living a long life highlights how the population across the world wants to age differently.
According to data from World Population Prospects: the 2017 Revision, the number of older persons — those aged 60 years or over — are expected to rise globally from 962 million in 2017 to 2.1 billion in 2050 and 3.1 billion in 2100.
As we move towards the era of 100-year lives, it is time to relook at the centuries-old concepts of retiring from work after a certain age. With more number of older persons in the world, economies and companies have to come up with more opportunities for the aging population to protect their financial and mental wellbeing. Further, the population itself would have to continuously invest in their skills and knowledge to be more prepared to work for a longer time.
While all companies and economies across the globe are figuring out how they can face the era of 100-year lives, there are some progressive companies paving the way. For instance, last year, the insurance company, Prudential Singapore removed the retirement age of 62 from its manpower policy.
Prudential Singapore's Chief Executive, Wilf Blackburn noted, “People who stop working at 62 could be looking at nearly 40 years of retirement if they live to 100. A long retirement could pose financial challenges should they outlive their savings and a prolonged period of inactivity could lead to health and social problems."
The points, Blackburn makes here are not only true but relevant and makes us ask:
This story is from the October 2019 edition of People Matters.
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This story is from the October 2019 edition of People Matters.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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