Everyone is dreaming of going on pension one day, but is it ideal to rise the retirement age for everyone? Around the world countries has increased the pensioners age (age pension). I believe that raising the pension age will help people to save up money to look after themselves and they will have money for the cost-of-living expenses that increases yearly.
Many elderly people cannot afford to go on early pension. The Labor Government in Australia increased the age pension from 65 to 67 in April 2014. For example, in Australia there is no set age to go on pension, however in South Africa you can go on early pension from 55 years old. Some seniors still have dependants living at home and they need to provide for them financially. This shows that a lot of Australians cannot afford to go on early pension because they will struggle financially.
People struggle to save up some money nowadays. Recent studies have shown it is getting harder for people around the world to retire at an early age and have enough money to go on pension. For example, food and daily expenses increase yearly. One of the advantages of increasing the retirement age is to ensure that elderly people can provide for their needs.
It is clear that in the modern world it may seem ideal to go on pension at the age of 55 but cost of living will always increase. This is why I believe that raising the retirement age in several countries is an advantage.