Over the last century, the retirement rate has risen, the average age of retirement has declined, and life expectancies have increased dramatically. If the current trends continue, today’s 20-year-old can expect to spend one-third of his life in retirement. Economically-speaking, that’s one-third of life as a non-producing consumer (and that’s not even considering the childhood years which would only add to the consumer period).

Now consider that the baby boomer generation is beginning to retire. In his book, Age Power, Dr. Ken Dychtwald likens the baby boomers to a tsunami. The only warning people get of a coming tidal wave is when the coastal waters begin to suck away from shoreline. Suddenly, the massive wall of water slams the shore, destroying everything in its path. We’re about to be hit by the economic tidal wave of retiring baby boomers, and both our free market and social systems will be crushed by this onslaught of consumers on a small producing population.

Perhaps nothing demonstrates the economic toll of long retirements better than the Social Security system. At its founding in 1935, 40 workers supported every recipient over 65. Today, we will soon be below two workers for every retiree. Soon, the system won’t be able to make its payments without large tax increases on the working public, but the working public already pays 5000% more taxes to support this program than at its inception.

Put simply, society cannot afford the long retirements to which we’ve grown accustomed, nor should society have to. Today’s average 65-year-old is more than capable of working, and in many cases is more valuable than ever.

It’s time to rethink retirement. Productivity is healthy, fulfilling, and economically viable. Why would anyone want to give that up late in life? Besides, the older we get, the easier it is to be productive thanks to the market value of our wisdom base. Experience is valuable. Insight is precious. Thus, individuals and businesses will pay for them!