this is full day satisfaction of the extra business special in the future. over time its pensions i made visible and i'll see you next hour. you're on the vacation as an applicant. do they have good weather? i, when i told me that they don't have violence. and we go sailing tulsa tissue today, because when they go to that, we set up at love a new meal was car can install the ice or not because

we've got some hot tips for your package that manage the corners, boats affinities, check on some great cultural memorials to b, w, travel regarding the it's the slowest moving financial crisis of our time is igniting tensions, and threatening to us in the way our societies are organized. the retirement crisis hold on, i know what you're thinking, but it's not as boring as a pounds explosive. it's leading to some outrages, suggestions, and causing fury. the problem is a retirement crisis in that there are politicians and business organizations that wants to take away a retirement from work verse. so the crisis is actually an increase in cost of our

pension systems are rolling towards a breaking points, and no $1.00 seems to know how to fix this. around the world countries retirement budgets are going bust. governments are steering towards a huge retirement savings gap in the coming decades amounting to a total of $400.00 trillion dollars. and the root cause demographic decline. it's the fact that the birthday parties will soon become a rigorous size, then funerals. industrialized countries are being as hard as the old age dependency ratio and rich countries as soaring. that's the percentage of retirees compared to people of working age. so more economic burden is falling on a freaking group of working adults. it's an issue that will eventually catch up with the rest of the world as well. in 20196 and 66 people globally where age 65 and over 2050, it will be 11 and 66. in this video,

we will look at how the crisis will limits our life after work. we will speak to those warren that the social contract will be rewritten, and we will ask, why can government find a solution that's all coming up on business beyond the 1st things 1st. how can we even get to retire in the 1st place? there was a point where retirement did not exist when you either worked until you died or you worked until you could no longer work. and then your family took care of you. and if your family couldn't take care of you, you went to the poor house at the end of the 19th century, 2 countries changed the status, quote, new zealand and germany. they formulated the concept of retirement separately and the opposite ends of the world. but almost simultaneously, new zealand, $1898.00, introduced a text, sometimes flat rate non contributing pension for everybody age 65.

why did they do that? even then, it was an a competitive international economy. and the purpose of pensions was to stop on to work cuz during around the factory floor and the farm yards, reducing the productivity of younger workers. it's me coming into your office and saying, can you show me how to switch on my computer? in germany also fun? bismark, the conservative minister, president of prussia, was also determined to boost the efficiency. perhaps even more so. he was under pressure from a socialist opposition to do better by the people. now, if the purpose is to get rid of date would, and then you say, retirement is mandatory. it's completes. you hit 65, you're useless, you're out of here. but we pay you a pension for political and ethical grants. in 1881 bismark argued for

a state finance pension and the guy stuck at the end of the decade. retirements became a reality for germans, age 70, and up. if they made it to that age, and that was a big if, because life expectancy it was so well below the retirement age at the time. meaning most people still worked until they died. since and to think so. people are living longer healthy lives, which means they can work on the box. we become rich as societies, so we can afford to give people appear to pleasure at the end of their working life . but that means the purpose of pensions has changed. it's no longer a device, but leading out that would, it is a social invention for the binding adult. he is between working years and every time he is during the 20th century, more and more people began to enjoy life after work and industrialized economies. pensions became one of the cornerstones of the welfare state symbol of solidarity and the pillar of the social contract. now pay as you go,

pension systems are the norm and the we cd, which is a club of rich countries with an average retirement age of $64.00 pay. as you go means today's workers are paying into the system was a portion of their income. at the same time. today's retirees are drawing out of it . the goals that citizens eventually get back what they put in. it's a system that has worked until now. the idea so you know, everybody during their working lives, pays in and everybody during their retirement years takes out. but it also means that when you have more older people who are drawing from the systems for more years, if you end up with a shortfall and that shortfall is much rooming, we are steering towards the retirement funding crisis. but experts say it didn't have to be this way. so population aging is a fact, but it doesn't need to be a crisis. it becomes

a crisis if policy makers don't respond to it in the skilful way. if they continue to, you know, put off and put off and put all the fixes that are needed to make sure that these pension systems on which all of us hope to rely are going to be really robust when we get there. so i think we're having that conversation today because of the ability to do, it's not because of a problem that was unforeseen, but what options are left for countries to defuse the demographic time volume? that financial pressure means there are short falls and pension systems. and there's basically only 2 ways to solve them. you increase revenues for you decrease spending or some combination of those to one. you can pay lower monthly, pensions, $2.00 or 2. you can pay the same monthly pension, but started the late to age, which is another way of cutting benefits,

is our populations are growing faster than anywhere else in the world. elderly people already have to work longer. governments would fail to prevent holes in our pension system. at the same time, we will likely continue to live even longer. that means it will fall on people to take personal responsibility for their post work lives with their own savings. and that can become a problem because around the world, we haven't made the types of financial decisions that will help our future cells. and most wealthy countries, the average 65 year old has saved enough to keep up their quality of life until the early seventy's. but most are expected to live until their mid eighties are longer, and that's trillions of dollars and missing savings. how her feels research concentrates on the psychology of long term decision making and why we find it difficult used to be the case much longer ago that we didn't need to think that deeply about the very long term future when life expectancy was 2728 whatever it

may be, there was no need to plan for such a very far period of time. now, of course, we've gotta think it in a much broader terms and think about our very far cells. and the problem there is that, you know, as i and other people i found in some ways people don't necessarily think of their distance selves as if they are sort of just natural extensions of who they are. now . instead, how found that our brain sees our future self kind of like a stranger. the brain not only can tell what's me and what's not me, but it also says, hey my future self. that person seems more like other people on some narrow level. to find out how people can become better savers, he investigated how can we make people feel more connected to their future self. and so part of the work that i've been doing is to trying to inject about emotional bond, inject that sense of responsibility for our future. selves

a much the same way that we possess that feeling for our kids are our loved ones or for our aging parents. and in order to do that, what we ended up introducing was 3 d age progressed images to people and 2011. how it conducted an experiment where he created a virtual reality in which participants could meet their older selves as avatars. even if the avatars didn't look as life like in 2011 as they were today. and worked . participants wanted to save twice as much for retirement as a control group. a fostering m to see for a future cells can help us make better decisions, but it's impossible for everyone to meet their older avatars. so how is researching other ways that can help make saving easier? recently we're exploring, asking people if they want to save, just one more penny on every dollar they are. and that feels easier than asking

them to save another percent or another 2 percent. and it's a little more concrete and we're finding success with that. so that's another strategy. another sort of tactic that governments or policy organizations could use, or banks to try to convince people to do more, but doing more can be insurmountable task despite new savings tactics. the current cost of living crisis means putting money aside is out of reach for many on an airplane they, we say put on your own mass before you put on the mask of others in the same way. take care of yourself right now, because if you don't, you're not going to be able to mass the resources to help the future. so at the beginning of this video, we describe the retirement crisis as the slowest moving financial crisis of our time. what the experts we spoke to revealed is that despite its leisurely development, governments have so far not solve the problem. we actually have no way to look on to say, oh, they go to rights and we can solve the problem because each these whole stalk

inexpensive problem. i need to, we recognize that jesus and expensive problem and all prepared to pay for it. then nothing is going to be done and he's actually going to be worse. instead of raising money to both sir, retirement budgets, many governments are cutting costs. the main answer to policy makers is come up with, is that we should work longer. that solution mean some will be less behind human bodies in terms of what we expect from a rich economies. a want to be able to retire, to control the pace and concepts of your time, and not dying your meaning die on the job, or the only retire when you're, when you're sick. but it's also causing optimism. i called that work capacity is excellent, assume a dividend, these healthy so they can contribute to that kind of because governments have

failed to act on time. it's partially on people themselves to make better decisions for the future. part of the difficulty here is that really in a nutshell, we have to make sacrifices today for some benefit that won't accrue to us until a much later period of time. the world's richest countries are facing historic demographic change. now some worry that the cornerstone of the modern welfare stage is at risk other and see it as a logical re shaping of our working lives. one thing we do know, our golden, yours might be a lot less leisurely than we have come to expect. and that's it from this episode of business beyond if you like what you see here, check out one of our other videos, a good place to start would be our video and the race to a dominance the

into the conflict. so with sim, sebastian, 2 monks, and so the guys of war america is still insisting is wireless killing too many palestinians. aaron, david miller was a former senior official at the state department. what does he think of israel pat, fixed and baffled, and what kind of country? by too much from this conflict to bite, i should be a pretty wife. conflict. next on d. w. to the point. strong opinions. clear position. international perspective. nearly 22 months after invading ukraine, vladimir put in dispatching ever more soldiers and weapons to the battlefield. ukrainian forces and citizens are bracing for another task. winter. our questions today will put you get to the point in 60 minutes on d. w. these places in europe smashing the rank one step into

a bold adventure. the treasure map for martin globetrotters discovers some of us regular bragging sites on youtube. and also the 2 months into the guise of war. america is still insisting is wireless killing too many palestinians for the administration is also on the pressure itself. this time from an unprecedented number of its own officials. the members of the democratic party. a and yet this devices support for the war. aaron, david miller was a former senior official at the state department because the timing is good for the president. if this were playing out in october 2024. i think it would have a gary.