Many individuals are living longer after they retire. This essay discussed that there can be two problems arise from this issue; which are the negative effects on the retiree’ mental health and more burden for the younger generation and there can be one problem which is to increase the retirement age.
There are two problems associated with individuals living longer after their retirement. Firstly, retiree’s mental health can be affected negatively. When a person become retired, they can loose a sense of purpose; because when an individual is employed, they feel that contributing to society which is a seasonable purpose. Another issue arise from the fact that many old people can often live in isolation; this can result in depression; therefore putting a strain on the healthcare system of a nation. Secondly, this problem also effect younger generation in a negative way. This is due to the fact that if a nation have too many retiree; this can result in a higher pension budget, which would lead to higher taxes which is a massive liability for the working class of nation. Furthermore, older generation is often be more conservative, this can lead to them voting for things to stay the same or even voting for things that are beneficial for only them. This can leads to polices that are outdated that burdens the younger generation. For example, the pension percentage of the US’ national budget has been rapidly rising; this has resulted in higher taxes and budget cuts from important sector such as education and healthcare.
There is one solution that can address both of these problems, which is to increase the retirement age. Firstly, this solution results in improving mental health of an old person. because by working until they are more likely to hang out in a social setting; this can result in fewer isolation and lead to improving their mental health. Secondly, this solution also lead to less burdens on a nation’ younger generation. This is because increasing the retirement age can lead to less pension budget required for the national budget of a nation; this leads to more budget for other important sectors such as healthcare and education, as well as reducing taxes for the nation’ population.
In conclusion, individuals living longer after their retirement leads to two issues; which are the negative effects on an old person’ mental health, the increasing economical burdens for the younger generation and there can be one solution which is to increase the retirement age.