With people living longer and longer, and current life expectancy up to 84, life is only going to get tougher for the new generation.
For most working people, they get to enjoy the golden years after the age of 60 or 62, travelling, perusing hobbies, or just enjoying not working.
Well, this is one luxury that people graduating now will not be able to enjoy according to statisticians. With increasing lifespan, healthcare costs also increase. With current levels of saving, and inflation, this is just not tenable, as according to existing retirement pension models, the average retiree would have lived for no more than 5 to 7 years.
However, already, the system is getting overburdened with pensioners living longer and longer, sending all calculations awry.
In light of this, people graduating now will have to work well into their 70s, just to be able to enjoy some retirement and health benefits, giving them an estimated 6-9 years of post retirement relaxation on an average.
