Technological change and the increase in personal wealth have continued to the improvement in life expectancy. Although the older generation can play an important role in society, I believe this demographic change can cause some social issues.
One problem associated with an aging population is that the health care cost will increase, and it can impose a heavy burden on taxpayers, because they will need more taxes to provide pensions, and check the health of old people. But most medical needs and costs are more likely to increase in the later years. Therefore, it is necessary for the government to pour money into taking care of the elderly.
Another possible problem is that the pace of work is slow, as the number of senior workers increases. With age, people tend to perform poorly in absorbing information and completing work. If senior workers prolong their working lives, their performance may have a damaging effect on companies’ productivity and profitability. When there is an increasing number of companies being affected, this may have a large impact on society as there might be financial problems for the government if many companies have a lower efficiency.
On the other hand, when many old people choose to postpone retirement and extend their working life and wisdom to some new workers, their piece of advice may be considered as valuable. As they live longer lives many of them choose to stay in workforce. They are experts in their fields of work. They are able to impart their knowledge and skills to the younger generation as consultants. For example, some experienced managers tend to teach young people how to manage a company and to make more contributions to the society.
In conclusion, the considerable extension of life expectancy has presented a challenge to health care in many countries , and it can result in a drop in productivity. Despite the fact that this can have a negative effect on the economy as some companies might be effected, and the money for health care may increase, we can still tap into the wisdom of elderly people.