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.

Being financially independent and continue to work even after the
retirement
age
is the new norm of society and widely prevalent in few
countries
. While some
countries
support
the idea to allow old
people
to work for few additional years and contribute
further
to the economy and plan for
retirement
in the later years. We must acknowledge that individuals who prefer to work at their jobs for longer tenure after the
retirement
age
has a plethora of benefits.
First
and foremost, they will be financially independent.
Moreover
, elderly
people
often face mental illness or depression which could potentially be eliminated by following their regular jobs and daily routine.
In addition
, it
further
helps the
government
as the working
community
contribute to
further
tax payments and minimising the use of
government
funds and healthcare resources.
For instance
, most of the developing nations
such
as India, South America usually prefer the old
age
people
to retire later to keep up with economic pressure as their respective
government
provide very little financial
support
for the retired
community
.
Nevertheless
, on the other side,
countries
which
support
the standard
retirement
age
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
as Switzerland, France etc have a strong healthcare and social security system to
support
the health and safety of the retired
community
. These
countries
encourage
people
to opt for early
retirement
or flexible- job opportunities
thus
providing them with the option to have a better work-life balance and enjoy one's life to the fullest.
Furthermore
, early
retirement
options open new job opportunities for the young generation
thus
keeping the unemployment ratio to the lowest. To sum up,
retirement
at a suitable
age
is a great option and the
government
should
support
the elderly retired
community
by distributing essential healthcare funds and social security payments for the elderly to retire at a decent
age
and live a comfortable life
thereafter
.
Submitted by anshika11 on

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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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