In the developed world, average life expectancy is increasing. What problems will this cause for individuals and society? How could these problems be reduced?

In the developed world, average life expectancy is increasing. What problems will this cause for individuals and society? How could these problems be reduced?

In this modern world, it is commonly believed that citizen’s longevity has witnessed an upward trend in many industrialized nations. While this problem could trigger some undesirable outcomes, a number of viable remedies could be adopted to mitigate these potential problems.

This matter could cause some pressing troubles which can be anticipated. Firstly, one of them could be that this could lead to putting a heavy burden on the state budget. In fact, more and more people of retirement age who will be eligible for receiving a pension, governments must devote a large budget to serve their demands such as health system, welfare, and services. Secondly, another drawback associated with this setback is that the labor forces decrease significantly, governments might receive less money in taxes which have negative effects on government spending.

Several practical measures could be implemented to alleviate the described above. One of the effective solutions could be to increase the retirement age for labor workers since low retirement age has negative impacts on socio-economy development. For example: the Vietnamese government has proposed adjusting the increasing of retirement age for males to 65 and females to 60. Another measure is that governments should encourage immigration in order to increase the number of employees who pay taxes and ensure the labor force for countries, which contributes to the sustainable development of the nations. In addition, it is necessary to educate elder people about the importance of money management and saving for retirement, which helps them to be independent in finance that decreases the heavy burden of the government.

In conclusion, this problem poses potential threats to governments, yet there would be some feasible methods to solve this burning issue.