It is important to consider how the developed world’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, governments 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 in work and therefore there will be 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 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 minimised if governments raise the retirement age and spend wisely in new markets.