What the IMF Report Really Tells Us About Later Life
“Fury as baby boomers ordered to work into their 70s – ‘the new 50′”
That was the Daily Express headline following the release of the IMF’s April 2025 World Economic Outlook. It’s dramatic. It’s clickable. And it’s deeply misleading.
As someone who works closely with people navigating later life transitions, I see these kinds of headlines not only as a misrepresentation—but as a missed opportunity. Beneath the sensationalism lies a much more nuanced conversation, about healthy ageing, demographic change, work, purpose, and what it really means to grow older in today’s world.
Let’s take a closer look.
The Real Story: Healthy Ageing and the Silver Economy
The IMF’s Chapter 2: “The Rise of the Silver Economy”, offers some hopeful and important insights. Drawing on surveys from over a million people aged 50 and above across 41 countries, it highlights a significant shift:
- A person aged 70 in 2022 had cognitive abilities similar to a 53-year-old in 2000.
- Physical capacity has also improved, with many 70-year-olds now functionally equivalent to 56-year-olds two decades ago.
- These improvements in healthy ageing are strongly linked to greater workforce engagement, higher earnings, and more hours worked, where that is desired.
This is not about forcing older adults to work longer. It’s about understanding how healthy ageing is reshaping what’s possible, and recognising the policies and choices needed to support those possibilities fairly.
What the IMF Is Actually Saying
Contrary to the media narrative, the IMF is not issuing a call to arms for everyone to work into their 70s. It is examining the macroeconomic impacts of a globally ageing population and asking how countries can remain resilient.
The report highlights that healthy ageing trends, such as improved physical and cognitive function, can offer a buffer against the fiscal pressures of an older population. But it also warns that without the right support systems, rising life expectancy could stretch pensions, healthcare, and social cohesion.
Policy recommendations focus on:
- Supporting healthy ageing across all socioeconomic groups
- Increasing labour market flexibility and participation for older adults
- Gradually adjusting retirement systems to reflect longevity trends
- Addressing gender gaps and caregiving burdens
But crucially, the tone is not prescriptive. The report opens a conversation, it doesn’t close it.
My View as a Later Life Psychologist
In my coaching and research, I work with people in their 50s, 60s, 70s and beyond. Some are looking to redesign work. Others are stepping away from it. All are navigating identity, purpose, and freedom in the second half of life.
For many, healthy ageing is real and tangible. They feel mentally sharp and physically able, and they want to contribute, just not in the rigid, full-time way they did before. Others, however, are managing chronic pain, financial pressure, caregiving responsibilities, or discrimination. For them, talk of extended working lives can feel deeply out of touch.
That’s why we must treat healthy ageing as a trend, not a universal truth. It opens doors for some—but we must ensure it doesn’t shut others out.
Reframing Later Life: Possibility, Not Pressure
The idea that “70 is the new 50” is seductive. But it’s also simplistic. If we aren’t careful, we risk turning a positive story of healthy ageing into justification for cutting pensions or delaying support.
Instead, let’s use it as a springboard for better questions:
- How can we support people to work if they want to, not because they have to?
- What policies can reduce the inequalities that persist in ageing outcomes?
- How can we value older adults beyond their productivity?
Healthy ageing offers enormous promise, but only when paired with choice, equity, and dignity.
We need to shift the narrative. Not from “work or retire,” but toward a more creative, compassionate view of later life: one that includes phased transitions, flexible contribution, meaningful rest, and community belonging.
Let’s Talk About What Really Matters
If you’ve read the recent IMF headlines with a raised eyebrow, or perhaps with hope, this article is for you.
This isn’t about resisting change or denying the data. It’s about healthy ageing as a doorway to something more human: a later life filled with purpose, freedom, and autonomy.
As I continue my work, including my next book, Career Coaching for People in Midlife and Beyond, I’ll keep sharing ideas, tools, and reflections for those working at the intersection of ageing, identity, and contribution.
What’s your view on healthy ageing and working longer? Are we asking the right questions?
I’d love to hear your thoughts in the comments.
