People are living longer after they retire. What are the problems? What can be done to solve these problems?

It is true that the average life expectancy of pensioners has increased in recent years.

Although

there will undoubtedly be negative consequences of

this

phenomenon, both government and private companies can take steps to mitigate the potential problems. As the living ages of retirees are increasing rapidly, several related problems can be anticipated. The main issue is that the more elderly people, the more pressure on the finance of young adult, because a considerable proportion of their wages may be utilized to maintain the general health of the seniors.

Consequently

,

this

could cause difficulties

such

as income reduction for the young workers,

hence

hardly for them to guarantee necessities.

Furthermore

, not only the current employees but

also

the national economy is affected negatively since the government is unable to collect an adequate tax as planned combines with the growth in pension funds.

For example

, when citizens retire from work, their responsibilities in paying employment tax are removed as well as they are likely to receive a fixed amount of money monthly to make ends meet, which might lead to the degradation of the economy as a long-term consequence. There are several actions that both local businesses and administrations could take to solve the problems described above.

Firstly

, companies should collect a percentage of salary from their employees

instead

of the government, and refund to these people when they resign from their career. More specifically, a proportion of wages that

laborers

Change the spelling

labourers

show examples

paid when they were young will be returned as a pension when they are ineligible to perform tasks.

Secondly

, the local councils are able to introduce new legislation that raises the average retirement ages

therefore

the pension funds can be reduced significantly.

For instance

, when individuals spend more time working, they will contribute more to the national prosperity and receive less retirement money,

thus

this

may alleviate the pressure for the regional wealth and resources. In conclusion, various measures can be taken by local administrations and firms to tackle the problems that are certain arise as modern elderly individuals are expected to live longer than people in the past.