The age at which one is eligible for retirement has been increased in numerous countries. While this trend causes unhappiness among populations, I believe the benefits it provides for the economy outweigh any potential drawbacks.
On the one hand, most people want to retire early so they can enjoy their retirement life with their families. However, citizens in many countries are currently blocked from doing so due to the increased retirement age. Consequently, many feel unhappy and disappointed because they are now forced to work till later in life, and their retirement time will be shortened as a result. For instance, Vietnam’s Congress recently passed a bill that raised the national retirement age to 65 from 62. This legislation has been met with much criticism from the Vietnamese populace, and many individuals have expressed negative feelings and disdain towards the government.
On the other hand, I am convinced that the economic advantages this development brings about far outweigh its downsides. Countries with high retirement age often advance rapidly in terms of economy, because the employed elderly greatly contribute to the workforce. Although people might feel frustrated at first with the policy, they will benefit from it after they eventually retire, because a wealthier country can provide more resources and higher pensions for its retired population. An exemplary case is Japan, where the retirement age is high and economic development is strong. While the Japanese must work until at least 65, their retirement lives are often comfortable since the economic power of Japan allows it to allocate significant funding to pension programs and provide social resources for those who have retired from work.
In conclusion, while increased retirement age is against the wishes of most individuals, causing them to feel negatively about governing authorities, I believe the economic gain from a stronger workforce will greatly benefit everyone in the long term. Hence, the advantages outweigh the disadvantages.