I was listening to a Sam Harris podcast the other day, when one of his guests said something along these lines. “There’s a global demographic bomb about to hit us. There are far too many old people retiring and they add nothing to society. Retirees don’t spend money, they save it, which depresses the economy. They invest conservatively and eschew risky business of any sort when it comes to their money. They add no value to the economy and become an increasing health burden as they age, putting pressure on this resource.”
Harsh, I felt, but was it fair? I often wonder now if I’m pulling my weight for society? Forget the fact that I contributed for a long time in my career. So did many other people, but I like to think that I did my bit to fund the community that we all enjoy living in. But what now? I’m exactly the problem that the podcast guest outlined. I’m increasingly careful when I spend my money, and a cafe charging more than £3 for a cappuccino doesn’t usually get my business. Bannatynes gym, selling four fingered KitKats for a pound a time, can forget it when I can get a pack of four of these for the same price in Farmfoods and sneak them in via my gym bag.
The days when I was speculating in single company stocks have long gone. I once blew five grand on shares in a dotcom business that plunged in value a month after I bought it, and I held on bitterly until the bankrupt end. These days I sweat like Rikki Sunak trying to explain how much tax he’s paid when I contemplate the money I hold in my Vanguard 80/20 account. It’s only the fact that I don’t really understand the bond market that deters me from switching to a 60/40 or 40/60 account. Ironically, I’m now so cautious about change that I seem to be stuck in a “riskier” investment.
I laughed as I read Mr Money Moustache’s recent post about people suffering from the “Just One More Year” syndrome at work. They’re terrified of not having enough put away for retirement and therefore work on to squeeze “just another year’s” income out of their career. And then they do the same again the following year. Pah. Wait until they do retire and simply replace that syndrome with the retirees lament: “Wait One More Year”. This is where the big holiday to Australia can wait until next year. As can the new car. As can the new kitchen. As can the new shoes. And socks. And so on, until 10 years have past and you still haven’t seen the Sydney Opera House.
So if I’m not contributing and not spending, am I becoming a burden to society? I’ve blogged about my efforts and intention to grow old as healthily as I can. Probably every retiree in good health has the same ambition/fantasy. But the last time I visited the doctor, he wondered if maybe now would be a good time for me to begin taking statins? For the rest of my life. How much would that cost, I wondered? Well, nothing to me, thanks to the NHS. I declined, but I asked myself at what point should I start taking them as a precautionary measure? After all, they’ll not cost ME anything, so what’s to lose? Maybe only the NHS as it grows overburdened by things like this – there’s a big notice in my local hospital pleading with people to buy their own paracetamol (29p a pack in Asda) because, last year, they spent over £600k prescribing it.
Retiring at 57 I do believe I may be one of a blessed generation, if only because of the fact that younger people seem prepared to tolerate my indulgence. It is an indulgence. A luxury. I’m just a posh layabout, maximising tax breaks, working the system and goofing off. I really don’t like this notion and I often find myself thinking that I CAN be working and therefore I SHOULD be working, because that’s what makes the world go round.
I wonder what life would be like if we had a culture change where working into your eighties became the virtuous and most valuable thing you can do in your old age? I wouldn’t say this notion is frowned upon, but it seems to me that people who work into their late sixties and seventies or even eighties – like President Biden – are seen as being a bit odd. Or broke. Or a bit sad in that they clearly can’t find anything better to do.
I keep reading that there’s a labour shortage in this country at the moment and that this is exacerbated by a lot of people who have taken early retirement. Perhaps someone could join those dots and encourage us (not so) oldies back into the workplace? While I wouldn’t fancy an eight hour shift behind a bar or making coffees, a four hour shift a couple of days a week would be a lot more appealing. I wouldn’t want, and really don’t need, the uncertainty of a zero hours contract, but I wonder if there was an alternative model that might tempt us back into the types of service jobs that seem to be so short of people right now?
A couple of years ago on holiday in America, I noticed that there were quite a lot of older waiters and waitresses working in various restaurants we visited. At one point, in a McDonalds, I was served by an old bloke in his seventies. I think seeing that here would be quite unusual. I’m sure there are lots of ways we could tempt people out of premature retirement with the right incentives, but I feel we need to have more positive examples out there in everyday life to show us what’s possible. I hate to think that retirees are just a drain on society and the economy, as Sam Harris’s guest seemed to think. Given that we’re increasingly here to stay, let’s think more about what we can do to continue to make a positive contribution to our communities. “Help the aged”, sang Jarvis Cocker, “One time they were just like you.” No, Jarvis, it’s we who were just like you, so how can WE help YOU?
sex health money death 
“I wonder what life would be like if we had a culture change where working into your eighties became the virtuous and most valuable thing you can do in your old age?”
You don’t have to wonder we live in that world now. Most asked second question people ask you is what you do for a living. Your continual status anxiety in every post so far just underlines the point.
LikeLike
Alain de Botton suggested asking ‘In what way are you mad?’ instead. I quite like that idea. What would your response be Neverland?
Bearing in mind prescriptions are £9.35 a pop, I would say the NHS are making a killing on paracetamol? Or is there’s a selfless act in aid of the patient’s finances?
LikeLike
There was a letter into The Times last week from a purchasing manager in the NHS, bemoaning the fact that he had never been questioned in his career over any of his buying decisions on medical equipment. Invoices were just paid, no questions asked. Money was spent, nobody cared, nobody was held responsible. I’d love to know what the NHS pay suppliers for paracetamol and how those contracts are put together.
LikeLike
Yes, I’m reluctant to tell people who ask what I do that I’m retired mostly, I think, because I’m not convinced I am yet. But I reckon, when I hit my seventies, nobody will be asking me what I do for a living.
LikeLiked by 1 person
You are just a brainwashed middle class cubicle drone. Really many many people have no problem doing very little/no ‘work’ and be happy.
LikeLiked by 1 person
Yet you clearly keep coming back. I don’t read the blogs I don’t like. There’s enough shit in the world I can’t avoid dealing with; I don’t go find more.
LikeLike
If more older people stayed working, I’m sure someone would be complaining that some old duffer was preventing a young person from getting that job/progressing their career. You can’t win!
Labelling old people as a drain on society is unfair. What of the young people who don’t/have never worked and will never be incentivised to contribute to society? At least you have done ‘your bit’, paid your dues, as it were.
LikeLike
I was thinking older people might take up some of the slack in the job market. My local McDs (we have 4 of them in York!) are always advertising for staff. I’m sure some old folk would like to be considered for some of the roles, but I never see oldies working in the places.
LikeLike
Interesting how you say you saw older folk working in McDs – it’s the same in Hong Kong. You also see them doing cleaning jobs.
LikeLike
Anyone remember watching Logan’s Run?
Done my time, paid my dues, provided for myself and my family. Time to kick back, relax, and enjoy watching the world go round. If people have a problem with that it’s theirs in its entirety.
LikeLiked by 1 person
I actually almost entitled this post “Logan’s Run”! Listening to the bloke on Sam Harris, it immediately brought that film to mind. 🙂
LikeLiked by 1 person
“Forget the fact that I contributed for a long time in my career”
Why? Surely that’s very pertinant?
Good post. I’d carry on enjoying your retirement and kitkats guilt free if I was you 🙂
LikeLike
Thanks AM, I’m told some of the older patrons in the gym smuggle in tea bags and order up a free cup of boiling water! I’m not quite there yet.
LikeLike
Anyone who has ventured out during normal working hours can tell you that many businesses only stay open thanks to pensioners (and school parties). I’m think of a lot of attractions. Heck, even cafes. And what of cruises? The guest clearly didn’t understand the power of the grey pound! They need to remove their blinkers.
LikeLike
I do hope that the newer generation of pensioners might be more willing to spend their cash, and hope that I can learn to become one of them. You can’t take it with you, as they say.
LikeLike
That old bloke in the US McDonalds was probably working there, not for the income, but so he’d have healthcare coverage.
Be careful what you wish for, as the stick can create just as much of an incentive for people to stay in the workforce as the carrot.
LikeLike
Yes, people can say what they like about the NHS but the older you get, the more you’re thankful that it’s there.
LikeLike
Love Sam’s podcast!
We previously solved this problem in the UK with a relaxed attitude to immigration. Oops. The Japanese seem to be ahead of us on this curve though with initiatives to encourage retirees back to work on terms that suit them.
I’m with you Jim. I think doing a bit of work is likely to be a net positive for me in later life and I’ll take great delight in telling people where to shove it should they take the pish.
Whenever an economist talks about demographic bombs though, I always want to ask them why the other 50% of economists are worried about automation and mass unemployment. Perhaps these two forces will cancel each other out?
LikeLike
Sam Harris is one of the few podcasts I always listen to and I’ve learned loads from it. There’s a good book on the coming demographic change called Empty Planet. I’ve just looked at Amazon and it’s on Kindle for £2.99. Well worth the money!
LikeLike
I wonder if I’d re-enter the workforce in some capacity in my 70s/80s just for something to do. Maybe that’s an American thing. Or maybe we’re just bad with money. I do think a lot of people go back into the workforce more for the sense of purpose, but a check–however meager minimum wage is–doesn’t hurt.
LikeLike
I’ve just seen this article on BBC News suggesting that those of us retiring in our 50s are helping to fuel wage inflation:
“John Lewis boss: Over-50s quitting the workforce fuels inflation”
https://www.bbc.co.uk/news/business-62471260
I don’t think I will be going back to work now at 58 – I was working part time and got laid off by my employer so decided to retire. My father retired at 60 and had a fatal heart attack that took him a couple of years later, you just never know what’s around the corner. I will take hopefully a decent number of work and stress free retired years being economically active spending my retirement stash!
That podcast was interesting – is it worth getting a paid subscription for full shows?
LikeLike
Hi Bill, I pay a fiver a month for the Sam Harris podcast and think it’s great value for money. And there are some great shows in the archive too, which I’m not sure you get unless you subscribe.
LikeLike