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Retirement rethink

Rich Nuzum, president of Mercer's wealth business, reckons traditional notions about investment risks and fees - and yes, the idea that people should stop working at a certain age - are ripe for reassessment.

"One of Mercer's very strong house views is that we need to retire the concept of retirement - or at least the idea of a normal retirement age. The worst thing we can do is to tell people that it's normal to retire at 50 or 60 or 65, or that it's desirable to do that, because we know that when someone retires, their mental and physical health declines more rapidly than if they remained involved in work. They also lose their labour market flexibility and the value of their human capital much more quickly." - Rich Nuzum.

AT 24, Rich Nuzum was only the second person hired for Mercer's investment consulting business in Japan in 1992. He had just completed a graduate Monbusho Fellowship in international economics in Tokyo University. That in itself was impressive, but it was most likely his ability to speak and...

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