As
live longer thanks to the recent medical advancements, the question of how to support the elderly is becoming more important. Some experts believe governments must launch a national pension plan;
, others insist that the community should save for their
. I opine that low-income families should be supported financially when they retire and others must save up.
On the one hand, if
are reassured that they will have a secure
income, they can spend more money while they are of working age. Spending more on daily staples and other items will undoubtedly bring about economic prosperity.
, research from the University of Toronto shows that since the provincial government of Ontario introduced its
support program in the year 2000, younger
spend a higher proportion of their savings to reserve cottages in the northern part of Ontario.
trend has tremendously helped some smaller communities to make a new source of income.
if the government supports the older population, the economy will eventually grow.
, a national allowance plan needs a hefty amount of pay. Federal and local authorities have to withdraw funds from other key sectors
as education, health and infrastructure to dispense / provide pensions and
will slow down a country’s development.
, as
money comes from the pocket of taxpayers, taxes may increase, which would become a financial burden on many families. Parents who are struggling to make a livelihood have to pay a higher tax, and the benefit of having a secure
salary will fade away. What’s more, if there is a government-funded pension plan, wealthier families who already have a high salary and incentives will receive the highest benefit from
idea.
Considering these advantages and disadvantages, I think if legislators elect to support the older population who had a low income, and the rest of the nation saves for its
, both the individuals and the economy would considerably benefit.
To recapitulate, while a national
subsidy leads to economic development to some extent, it could potentially become an extra burden on
who live pay check-to-pay check. Even though it allows some
to spend more money,
leading to economic growth, a government may raise taxes, causing more struggles for a multitude of citizens.
, I think the low-income population should have a government-funded pension, and those who are privileged with higher salaries ought to save up for their
.