The increase in people's life expectancy means that they have to work older to pay for their retirement. One alternative is that people start to work at a younger age. Is this alternative a positive or negative development?

 

The increase in people's life expectancy means that they have to work older to pay for their retirement. One alternative is that people start to work at a younger age. Is this alternative a positive or negative development?

Many commentators have come up with a proposal that one should take up employment quite early on to bolster their extended twilight years financially. This suggestion has fetched both brickbats and accolades due to it having benefits and drawbacks. 

 To start with, there is a great support for this notion, which is primarily based on the assumption that if one were to take up a job at a younger than usual age, when one starts working, they would be able to amass humongous amount of money by virtue of longer work tenure. To this school of thought, it seems plausible/dependable that when an individual would take up a profession early in their youth, they would certainly be having enough energy and enthusiasm to work harder and longer. Such a move would allow them to put more and more money aside for the rainy days and post-retirement years in the form of securities and retirement plans.

Nevertheless,  there is a cynical view of the former opinion that considers it to be quite naive. In reality, joining a profession is likely to expose one to a condition where they may have to abandon their education midway and forgo any opportunities of academic advancements and career progression. This will undoubtedly tie them permanently to low-paying jobs, reducing their chances of earning anything more than making their both ends meet. To exemplify, several studies corroborate this fact; those taking up work early are unable to enhance their skills, rise professionally and save enough money for their autumn years and remain dependent on government grants. 

Overall, despite optimism being expressed about this supposition, it is pitted with umpteen pitfalls in reality. Therefore, it can be said such an arrangement will do more harm than good.