It is important to consider how the developed country's rising life expectancy will affect both societies and their citizens. This essay will discuss some of the issues which might arise as a result of this trend and propose some ways to mitigate these problems.
With regards to individuals, one of the main issues is likely to be the higher 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 pension pots 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, the 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 future unemployment. Particularly, if the aforementioned measure of raising the retirement age is implemented, more and more people will be at work and therefore 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 the government investing in new technologies in order to create new fields of work. With new technologies appear new jobs, thus plugging the potential hole in employment.
In conclusion, two of the most significant dangers for individuals and societies which a longer lifespan may present, are financial troubles and joblessness. However, these problems should be minimized if the government increases the retirement age and spends wisely in new markets.
It is
important
to consider how the
developed country
's rising life expectancy will affect both societies and their citizens. This essay will discuss
some of the
issues which might arise
as a result
of this trend and propose
some
ways to mitigate these problems.
With regards to
individuals, one of the main issues is likely to be the higher 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 pension pots 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, the
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 future unemployment.
Particularly
, if the aforementioned measure of raising the
retirement
age
is implemented
, more and more
people
will be at work and
therefore
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 the
government
investing in
new
technologies in order to create
new
fields of work. With
new
technologies appear
new
jobs,
thus
plugging the potential hole in employment.
In conclusion
, two of the most significant
dangers
for individuals and societies which a longer lifespan may present, are financial troubles and joblessness.
However
, these problems should
be minimized
if the
government
increases the
retirement
age and spends
wisely
in
new
markets.