MemberMay 19, 2022 at 12:10 AM
In this era, science and technology has grown rapidly which impacts profoundly increase the age of human being. This essay will first suggest that biggest cause by this phenomenon is the financial trouble for individual and burden for pension on the government and then argue that awareness about the saving and provide more opportunity to locals and foreigners are the most viable solution.
First of all, it is essential to keep body healthy and active, but due to long age it also creates problems on personal and nation level. Firstly, there is a government rule to get retired on the age of 60, but most of the person face issue due to lack of saving, because of high standard life and cost of living they could not survive with limited money. Secondly, if a plethora of person get retired at the same time, it also creates burden on the government for pay pension to them, because shortage of workforce could not generate the revenue which directly effect on the economy. For instance, nowadays in the Germany 60% population has got retired from their work so as per the rule, authority has to provide social security to their citizen but absence of the money in their locker, they could not provide to everyone which is the biggest trouble for aged people.
On the other hand, possible solutions would be to teach financial education at the early age is helpful to store money for the later age, because parents and teachers provide only education of language, science and mathematics but they should also emphasis on the financial freedom. Moreover, authority should create new opportunities in the market for the local and overseas folks from where they get more taxes, which they can use for the retirement schema. For example, Canadian government could not afford the pension to their local in the 2012, so they launched a project to attract the expatriates, and they got success to came out from the recession period and increased the collection of taxes for the civilization.
To conclude, difficulty of financial trouble at old age and burden of retirement on authority could be solve through provide education of finance to students in the school and colleges and make investment by authority in the new technology to create job opportunities for locals and foreigners for economical stability.