Taiwan will officially become a super-aged society in 2025, but that doesn’t mean that there will be more retirees. With the rise of cost of living in an inflation economy and longer life expectancy, more and more people 65 and older choose not to retire. In a recent report by the BBC, the pension age in the U.K. could rise to 68 in 2044.

Seniors playing croquet on a field, that’s the kind of life many people hope to enjoy during their retirement. However, more and more people are choosing to put off retirement, opting instead to continue working.

Older adult
If I’m still able and have the strength, then I will still work. Like in Japan, there are lots of people working into their 70s.

Older laborer
I’m 68, and I’ve never retired. I cleaned houses, but that took a toll. Now I’m old and can’t do that anymore, so I clean outdoors, and that’s easier work.

According to a recent report by the BBC, retirement at age 65 won’t be possible for most people as “global life expectancy grows, social safety nets fray and cost of living spikes.” It points out that the “U.K. pension age is already set to rise from 66 to 67 by March 2028; and after 2044, it could rise to 68.” In Taiwan, the average life expectancy has increased to nearly 80 years old, and there is a serious labor shortage. This is why the government is offering incentives to encourage older adults to return to the workplace.

Lin Wan-i
Minister-without-portfolio
About 13% of people over 65 are still working. So why do they work? Well, 55% of them are working because of their financial situation. As life expectancy increases and the population ages, it looks like people will voluntarily postpone their retirement in the future.

Taiwan will become a super-aged society in 2025. Currently, the number of 65-year-olds has exceeded four million. Although the employment rate is not high for this age group at present, with longer life spans and the pressure from the rising cost of living, retiring at the age of 65 will likely be getting more and more difficult, as Taiwan follows the global trend.

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