Vale

Extract

In the 19th century, von Bismarck, the Chancellor of Germany, made an extraordinary announcement. He declared 65 to be the age of retirement, when a pension could be received. It was a somewhat cynical exercise, since it was meant to keep the veterans of the France-Prussian War quiet. It was thought they might not rebel if they got a pension. Nevertheless, since most people in those days lived to only 50, there was not much of a demand on the Exchequer. This 65-year-old cutoff is amazingly still recognized, though some sensible countries have chosen to ignore it. Demography, biological aging, personal vanity, and a host of other factors have made it a nonsense. Yet, for the time being, we still yield to it. It represents something symbolic, if not real. It is the next to last hurdle in life. It raises the specter of whether retirement is a predeath experience.