Nowadays people live longer after they retire. How does this affect indivuals and society? what cana be done about this?

In recent times, there has been increased longevity in people after
retirement
, which has drawbacks on the society's economy and the
families
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family's
families'
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finances.
This
can be controlled by increasing the
retirement
age
of the population.
To begin
with, people nowadays live for many
years
after
retirement
and require a nation’s financé
as well as
their families' resources to
substain
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sustain
them in
later
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a later
the later
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stage. To buttress
this
, the pension received is not enough for the sustainability of the older population for the unprecedented number of
years
they live now, and have to depend on the government to fund their care.
Also
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Also,
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their relatives more often than not invest both their time and money for their care.
For instance
, in the past 5
years
UK has reportedly spent millions of pounds
to
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on
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the running of care homes, resulting in
possible
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a possible
the possible
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shift of funds from other sectors.
Furthermore
, it is imperative to proffer viable solutions to the problem of increased longevity and the most effective way would be to increase the
retirement
age
of the people.
This
will enable them to work more and accrue more pensions.
For example
in 2003, Nigeria adjusted the
retirement
age
of her
popluation
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population
from 55
years
to 68
years
hence
the older
age
group
have
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had
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more time to work, more
pension
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pensions
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to receive and
save
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saving
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up for later days. In conclusion, the recent inclination
in
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toward
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longevity is affecting most countries'
economy
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economies
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and can be put under control by increasing the populations' working
age
thereby decreasing the period after
retirement
as well as
acquiring more funds from
Pension
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Pensions
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.
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