Despite Increases in Longevity, There Is a Trend Towards Earlier

question 5

Essay

Despite increases in longevity, there is a trend towards earlier retirement than that which has traditionally occurred. Given the adverse financial consequences for government that this is likely to produce, what changes has the government made in more recent times in order to encourage people to continue accumulating retirement savings, particularly from continuing to work, for periods longer than otherwise?

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Definitions:

Hindsight Bias

The tendency to believe, after an event has occurred, that one would have predicted or expected the outcome.

Inert Knowledge Problem

The phenomenon where knowledge acquired by an individual cannot be applied effectively to new or practical situations.

High Turnover

A situation in which an organization or sector experiences a higher than usual rate of employees leaving or being replaced.

Preferred Team Members

Individuals selected or desired to be part of a team based on certain criteria such as skills, experience, or compatibility with the team.