Increase in life expectancy is a result of improved medical care. From my perspective, the benefits of this trend outweigh the drawbacks if the government has a sustainable economy.
On the one hand, this tendency has some merits like improving the economy through elders’ experience and knowledge. Experienced specialists can work longer and teach young workers, contributing to the development of the other industries. Japan is a good example of this. Due to the advanced healthcare system, Japan has one of the highest levels of life expectancy in the world. Elderly experts and specialists also participate actively in the economy, sharing their experience with younger generations, consulting companies and working in scientific and educational institutions. It helps the country to improve technologies while supporting economic growth despite an aging population. For instance, in Toyota, employees who retire act as mentors for younger employees. Young workers learn the kaizen system(continuous improvement) from experienced engineers who also help them to avoid mistakes.
On the other hand, this trend can have some demerits if the government is unable to support the older population. When people live longer, financial pressure on pension funds, social support and healthcare services increases significantly. Furthermore, it can raise taxes and place a burden on young workers, which may reduce efficiency at work. Moreover, the proportion of elderly people may exceed that of younger generations. Then productivity and efficiency at work will decrease because young workers are more energetic and enthusiastic about gaining new experience compared to older adults.
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To conclude, although long life expectancy definitely has some advantages like improving the economy and sharing experiences by the elders, it can be pointless without a stable economy.