As longevity increases, the question of the best retirement age has sparked an intense debate. I fully endorse the viewpoint that they should be kept employed if their well-being allows them to do so given the tremendous merits to the seniors, businesses and society.
From one side, opponents of incorporating the elders into the workforce highlight the risk of unemployment rate. In fact, raising the retirement age means that they can remain in extended ventures. Consequently, there would be fewer vacancies for adults to fill, which puts them in a difficult position to bear tax burden and increase individual prosperity. In the context of Vietnam, for instance, education has been significantly affected. The more older professors delay retirement, the fewer career opportunities are available for younger academics. Another point worth mentioning is the financial disincentives. The assumed retirement age is incorporated into several government programs to an extent that if the retirees wish to work beyond that age, they are exposed to tax consequences and pension restrictions.
In the face of aforementioned challenges, allowing the seniors to remain in the workforce is highly advantageous. First and foremost, it encourages financial independence. To demonstrate, they can support themselves without depending on their children, which helps them to lighten the financial burden and allocate more time for self-care. In the long run, remaining employed in old age could also ease the pressure on the government by saving a part of the monthly subsidy for retirees. It can be assigned to the more important infrastructures, such as educational institutions and healthcare systems, rather than to nursing homes and retirement pensions.On top of this, the businesses can benefit from this development since they can possess an experienced workforce in lieu of spending large amounts of money employing knowledgeable staff or offering training courses for newly hired employees.
To draw a conclusion, whether the government should increase the retirement age has remained one of the most controversial and divisive topics, I am convinced that having old people who can ensure their well-being would yield auspicious results for themselves, businesses and the society.