Now the International Monetary Fund (IMF) has issued a pretty dramatic proclamation. They’re right, because the 70s have recently started to feel like the 50s of a few decades ago. Our latest data discoveries show vast changes in older adults’ cognitive and physical wellbeing. This is the assertion that chooses to focus on all of those positive trends. The IMF’s new research tells a surprising story. 70 years have the cognitive performance of an average 53 year old from the year 2000.
Yet these findings are a testament to an extraordinary transformation in physical health indicators over the last quarter-century. Tests that measure grip strength and lung capacity have yielded remarkable results. A 70-year-old today has the fitness levels of a 56-year-old from a previous era. This trend presents a compelling case for older individuals, particularly from the baby boomer generation, to consider extending their careers.
The IMF’s report promotes the idea of getting old workers to retire less quickly. It calls on governments to draw on the skills and experience of healthy older workers to address pressing fiscal challenges. Healthier populations live longer, which leads governments, particularly in developing countries, to greater fiscal pressures as they maintain public finances. The IMF warns that failure to retain older workers in the labor force could exacerbate these challenges, especially given the staggering levels of public debt many nations currently endure.
The International Monetary Fund’s research points to the significant, largely untapped potential that older workers have to provide economic stability. Not surprisingly, these people have better health outcomes and live longer. Not only do they bring immense practical experience, but they are truly active – on every level – in all sectors.
Government needs to realize this is a massive shift in demographics. To do this, they need to implement policies that explicitly bring older workers into the labor force. Providing more flexible work arrangements will be key to raising retention rates among this age group. By fostering age-friendly workplace environments, countries will protect the prosperity of their economies.