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November 30, 2016

The Appropriate Retirement Age

Different countries have different retirement ages for their employees. Many variables are taken into account when determining the retirement age in every country. While most countries will retire members of their workforce at the age of 60-65 years, there are exceptions whereby the age is further pushed to almost 70 years (a good example is Finland). Personally, I believe that employees should be retired upon attainment of 55 years of age.

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Retiring employees at the age of Fifty –Five (55) years enables them to leave the workforce while they are active and healthy. Therefore, it means that they can be able to venture into other areas of self-development and attain self-actualization (Roberts, 2010, para. 15).

The second reason early retirement is advisable is that the retirees can plan for their future and will not have to depend on anybody. In most cases, employees are awarded a lump sum amount of money upon retirement. Retiring them early thus allows them to lay sound plans that are economically viable and make good use of the money. When this money is invested in profitable ventures, it benefits not only the retirees but also the country via increment of the Gross Domestic Product.

Finally, reducing the retirement age will instill a culture of diligent saving among the citizens. According to Moran (2015), “most employees want to remain in the workplace for financial reasons rather than the passion for their jobs” (para. 1). Adopting a saving culture not only develops the individual but also benefits the country in that it can control the economy and manage inflation.

In conclusion, employees ought to be retired at the age of 55 years of age for their benefit. At this age, they are able to venture into other projects and can visualize life outside the workplace from a clearer perspective. Governments should also strive to educate the potential retirees and open their eyes to the opportunities outside the workforce.

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