It is true that longetivity has led to increase in the ability of people to work for longer years. In my opinion, I agree that increasing retirement age would be wise decision. However, I also believe that, older people should retire after a certain age taking their mental & physical health concern.
Firstly, looking at it from a country’s economic point of view, increasing retirement age will help the government to reduce their burden on providing benefits for elderly. For a developing country, it is very beneficial to use experienced people in the work, as well as, saving a centain amount of money from providing benefits to the retired people. Additionally, working till a later age will be very beneficial to the elderly. They will not need to depend on anyone for their needs. Also, this will be a great medium for them to tackle problems related to loneliness and depression. These days the family members don’t have time to spend time with the older people which leads elderly people to feel isolated. Increasing retirement age, to some extent, Increasing will some solve this problem.
However, after a certain age, most of the people feel tired and depressed. The physical and mental health of people reduces. Especially, of those people who have worked physically demanding and challenging jobs. Those special people might not be happy to work at an older age. At that time, most of the older people like to spend their time by relaxing, travelling and exploring & experiencing new things. Moreover, increasing retirement age will increase the unemployment rate, which will increase major problems like crime rate, unusual behaviour, drug addiction and so on. Unemployment is a huge problem for big countries like China and India that are very difficult to tackle.
To conclude, though increasing the retirement rate may have some disadvantages, it will benefit the country, the society and individuals. Volunteer retirement can be offered for those who want to retire early due to their health and physical problems.