It is responsibility of individuals to save and provide for their own retirement. Governments have no obligation to provide this benefit. To what extend to you agree or disagree with these statements?

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It is argued
by
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many that one should invest their money in order to
support
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themselves after they refrained from working
further
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and the government should not be liable towards paying them. I strongly disagree with
this
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and think that citizens pay taxes as an investment and it is a challenge to make an estimation as to how much a person should or is capable of keeping for future purposes. To start with, nationals are levied taxation to aid the government so that it can benefit its citizens in various areas.
Although
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this
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amount is utilised in different parts of development like
,
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infrastructure, education etc., it should be noted that individuals are already giving away the money they could save.
For instance
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, many European countries levy heavy taxation on the working population for the region's growth
as well as
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to
support
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them after retirement.
Furthermore
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, the public is stressed free for their old
age
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and happily deploys a portion of their earnings to the authorities.
Hence
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, it is the duty of the officials to serve mankind under their control in every way possible.
Secondly
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, humans can need more money than they can save.
Moreover
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,old
age
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is demanding in terms of healthcare and the inflation rate may be over the prediction.
As a consequence
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, a human may not be able to have an accurate estimation of monetary requirements.
This
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would lead mankind to be in a helpless situation.
For example
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,
due to
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the earthquake in Nepal, the country's nationals had to face monetary loss in the economic sector,
due to
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this
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, people could not keep a part of their earnings for future needs.
Therefore
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, it is the role of higher authorities to analyse the requirements of old
age
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of the population and be prepared to
support
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them.
To conclude
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, there is clear evidence to
support
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the argument that the ruling party should aid its citizens after their working
age
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.
This
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can be accomplished by utilising their taxes and maintaining proper policies.
Submitted by joginderkour524 on

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Topic Vocabulary:
  • self-reliance
  • financial planning
  • social safety nets
  • poverty and inequality
  • employer-based pension schemes
  • personal savings
  • government benefits
  • economic factors
  • inflation
  • financial markets
  • government intervention
  • ethical implications
  • disparities
  • quality of life
  • collective approach
  • retirement planning
  • retirement security
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