It is important to consider the impact that the developed world’s increasing life expectancy will have on both societies and their citizens. This essay will discuss some of the problems which might arise and propose some ways to mitigate the issues.
With regards to individuals, one of the main issues is likely to be the cost of living. This is because as a greater number of people live out more of their lives in retirement, they may run out of money in their pensions and thus have to depend on their families for financial support. For instance, a man who starts work at 20, retires at 60 but lives to be 100 will have spent only two fifths of his life making money. To combat this problem, government should raise the age of retirement. In doing so, people will be better prepared to cover the costs of their extended lives.
As for societies, the most pressing problem is one of unemployment. Particularly if the aforementioned measure of raising the retirement age is implemented, more and more people will be in work and therefore there will be fewer and fewer jobs to go around. Consequently, young people especially will find it difficult to break into their desired professions. Dealing with this issue involves government investing in new technologies in order to create new fields of work. With new technologies appear new jobs, therefore plugging the potential hole in employment.
In conclusion, two of the main dangers for individuals and societies which a longer lifespan may present are financial troubles and joblessness. However, these problems should be minimised if government raises the retirement age and spends wisely in new technologies.
It is
important
to consider the impact that the developed world’s increasing life expectancy will have on both societies and their citizens. This essay will discuss
some
of the
problems
which might arise and propose
some
ways to mitigate the issues.
With regards to
individuals, one of the main issues is likely to be the cost of living. This is
because
as a greater number of
people
live
out more of their
lives
in
retirement
, they may run out of money in their pensions and
thus
have to
depend on their families for financial support.
For instance
, a
man
who
starts
work at 20, retires at 60
but
lives
to be 100 will have spent
only
two fifths of his life making money. To combat this
problem
,
government
should raise the age of
retirement
. In doing
so
,
people
will be better prepared to cover the costs of their extended
lives
.
As for societies, the most pressing
problem
is one of unemployment.
Particularly
if the aforementioned measure of raising the
retirement
age
is implemented
, more and more
people
will be in work and
therefore
there will be fewer and fewer jobs to go around.
Consequently
, young
people
especially
will find it difficult to break into their desired professions. Dealing with this issue involves
government
investing in
new
technologies in order to create
new
fields of work. With
new
technologies appear
new
jobs,
therefore
plugging the potential hole in employment.
In conclusion
, two of the main
dangers
for individuals and societies which a longer lifespan may present are financial troubles and joblessness.
However
, these
problems
should be
minimised
if
government
raises the
retirement
age and spends
wisely
in
new
technologies.