The birth rate in most developed countries is predicted to begin to fall over the next 50 years. By 2030 it is estimated that over one third of the population in most developed countries will be aged 65 and over. What effects will these predictions have on developed countries if they prove true? What can be done now to deal with this situation?

Aging has become a major issue for many countries nowadays. It has been observed that the majority of people would have aged over 65 years

by

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from

2030 in the most developed nations.

This

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essay will enlist the possible predictions along with suggesting measures to curb the issue. There is

numerous possibility

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a numerous possibility

of

this

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phenomenon.

Firstly

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, there would be fewer

work-forces

the force of workers available

workforces

workforce

in the

future which

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future, which

could participate in the development of the nation.

This

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may result in a slowdown of economical growth.

For instance

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, if there were fewer young people in the job market, it would hamper the growth of companies as the unavailability of manpower may affect the flow of routine operations.

Secondly

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, a significant increase in unproductive class may act as a burden on the government.

This

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is because, since these people will no longer be able to work, there would be not only a substantial reduction in the tax collection but

also

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a noticeable increase in the compensation of

retirement

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benefits.

As a result

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, the young

age

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working class would witness the excessive burden of tax. Fortunately, there are some possible solutions to encounter the said situations.

To begin

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with, officials can increase the prefixed limit of

retirement

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age

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.

This

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would alleviate the estimated shortage of manpower, balancing the demand of the required workforce.

Additionally

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, the modified

retirement

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age

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would extend the tax

earning

the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses)

earnings

of people who were planning to retire early, which enables better financial liquidity.

Furthermore

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, by encouraging people about self financial planning, the government can introduce cut down in the

retirement

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benefit schemes.

For example

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, personal savings and finances would surely help individuals in their later stage of life, or any emergency, and make them self independent even after their

retirement

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.

As a result

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, there would be less strain on

national finances

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the national finances

, allowing authorities to utilize funds in national development schemes. To conclude, a decline in human force and excessive burden on government finances can be considered as primary causes of these predictions. If means like extension in

retirement

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age

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and self-funding are implemented appropriately, the issue can be dealt with.