In some countries older people are being encouraged to work longer and not to retire. Discuss the advantages and disadvantages of working beyond retirement age.

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Being financially independent and continue to work even after the
retirement
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age
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is the new norm of society and widely prevalent in few
countries
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. While some
countries
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support
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the idea to allow old
people
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to work for few additional years and contribute
further
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to the economy and plan for
retirement
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in the later years. We must acknowledge that individuals who prefer to work at their jobs for longer tenure after the
retirement
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age
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has a plethora of benefits.
First
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and foremost, they will be financially independent.
Moreover
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, elderly
people
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often face mental illness or depression which could potentially be eliminated by following their regular jobs and daily routine.
In addition
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, it
further
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helps the
government
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as the working
community
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contribute to
further
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tax payments and minimising the use of
government
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funds and healthcare resources.
For instance
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, most of the developing nations
such
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as India, South America usually prefer the old
age
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people
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to retire later to keep up with economic pressure as their respective
government
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provide very little financial
support
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for the retired
community
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.
Nevertheless
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, on the other side,
countries
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which
support
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the standard
retirement
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age
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allow the individuals to spend some relaxing time with their loved ones and explore their passion and interests. To illustrate, most of the developed nations
such
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as Switzerland, France etc have a strong healthcare and social security system to
support
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the health and safety of the retired
community
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. These
countries
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encourage
people
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to opt for early
retirement
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or flexible- job opportunities
thus
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providing them with the option to have a better work-life balance and enjoy one's life to the fullest.
Furthermore
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, early
retirement
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options open new job opportunities for the young generation
thus
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keeping the unemployment ratio to the lowest. To sum up,
retirement
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at a suitable
age
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is a great option and the
government
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should
support
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the elderly retired
community
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by distributing essential healthcare funds and social security payments for the elderly to retire at a decent
age
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and live a comfortable life
thereafter
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.
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Topic Vocabulary:
  • financial security
  • standard of living
  • ameliorated
  • mentoring
  • physical health
  • mental decline
  • workforce diversity
  • exacerbate
  • quality of life
  • employment opportunities
  • work-life imbalance
  • ageism
  • retirement planning
  • pension funds
  • job market dynamics
  • seniority
  • compulsory retirement age
  • productive capacity
  • intergenerational collaboration
  • mentality
  • employer attitudes
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