A small Ritzau article caught my eye this morning. A group of Danish economists are warning that future generations may spend a much smaller share of their adult lives in retirement than today’s pensioners do.
The reason is simple. Denmark’s retirement age rises automatically as life expectancy increases. That sounds fair enough at first glance: if people live longer, they can also work longer. But the mechanism has a nasty little twist. The extra years are mostly added to working life, not to retirement. Work expands; retirement shrinks.
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