After retirement, people are now having longer lifespan and it is rendering graying population to rise. This shift can lead to a number of financial problems, but various actions such as prolonging retirement age or establishing some campaigns directed to healthy lifestyle, the problem can be alleviated.
An increase of an aging population may give some financial pressure to the government as it has the accountably for providing elderly with money known as “pension”. The more older people in a country, the more money the government have to pay. It over time makes a county weak and in some extreme cases may lead to an economical burden. Take Japan as an example, approximately half of its population is elderly, so the government is paying for them monthly by increasing taxes by stopping its infrastructural programs that need an obscene amount of money to be accomplished. However, this issue can be resolved by increasing retirement age. Nowadays, an average age for retirement is around 55 or 56, if a government prolongs it and make people retire after ten years at their sixty’s, it take a lot more pressure from the it or even lead to an improvement. Since, people will retire at the age of 65 or 66, they can more longer and give some benefits to the country in their professional fields.
The older people become, the easier they can get sick meaning many elderly usually be prone to the sickness as their immune system gets weaker or even stops its function. Moreover, as many people become ill, the need for hospitals and healthcare units rises. It again puts a lot pressure to the government and other programs such as education or rehabilitation have to be neglected and all the money need to be directed to the healthcare. Conversely, the government can establish various campaigns that promotes healthy lifestyle. Having a healthy life can lead many people live longer without getting sick easily. Notably, in Australia, the government opened some healthcare sessions for elderly to promote healthy life style and it results in more than a half of its old population following healthy life and it reduced the need for healthcare units as well as saved a massive amount of money.
To sum up, a rise in a graying population can contribute many financial difficulties and can even weaken a county’s economy. In spite of these issue by increasing retirement age and promoting health lifestyle, the problem can be mitigated.