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It is true that people in developed countries can expect to live longer than ever recorded previously. Although this tendency is likely going to have some negative implications, societies can take steps to reduce these possible issues
To begin, let us examine the factors that contributed to its growth. The first reason is that there is a deficiency in population planning. To illustrate, the country’s statistical officials failed to estimate the individual’s life expectancy and the number of young and old people by year. The second element is early retirement. In conclusion, this impacts their living expenditures, the tax burden never diminishes as one ages, and the absence of the younger generation results in a direct decrease in the tax receivable amount, making it impossible for the government to sustain pension systems or any further support schemes.
To address this grave situation, the respective state authorities can take a number of measures. To begin, the authority can raise the retirement age to a level that is compatible with an individual’s financial sustainability. To illustrate, if the retirement age is raised to 62, the ordinary middle-class family can afford to split tax-paying income while also planning for their family’s financial survival. Additionally, the state may invite young immigrants from other regions of the world, particularly poor nations. This would achieve a balance between taxpayers and pension recipients, so balancing the socioeconomic system. This will also provide many possibilities for the younger generation to develop their settlements, thereby balancing the populations of the various old age groups.
In conclusion, this issue has undoubtedly become a hot topic in some wealthy countries. As a result, resolving this is not a simple process if we do not take the appropriate approach at the appropriate moment. Governments and individuals should work cooperatively to address this complicated issue in a structured manner.
