You should spend about 40 minutes on this task.
Write about the following topic:
What are the reasons for this trend?
What are the effects on the individual and society as a whole?
Give reasons for your answer and include any relevant examples from your own knowledge or experience.
Write at least 250 words.
Model Answer 1:
The trend of increasing the retirement age is prevalent in many nations. This essay will first discuss how life expectancy and the obligation to secure the sustainability of pension funds are the core reasons for this phenomenon and then outline how this trend exerts effects on individuals and society as a whole.
There is an increase in retirement age owing to a number of factors. Life expectancy is one of the main causes, with people today living longer than ever before. Consequently, this allows individuals to work for a longer period, thereby raising the retirement age. Most importantly, as people’s average lifespan increased, the issue of how to sustain pension funds and social security benefits has proved to be a growing concern. This is why, many governments have increased the retirement age so as to ensure the sustainability of these funds. For instance, France has introduced a policy that needs the government to augment the retirement age in concert with increases in average lifespan, and its retirement age today is 68.
The increase in retirement age, however, brings about beneficial effects on people and society. Working at an older age keeps people healthier. From empirical evidence, it seems that many individuals die within the first few years of their retirement. It is as though the body decides to cease operating. People exchange a vigorous work life for an inactive lifestyle and the body revolts. When they keep working the blood flows. Thus they stay healthier. Besides, increased retirement age also brings societal benefits. When people work longer periods and put more money into the pension funds, they can further boost the sustainability pension and social security funds.
To conclude, life expectancy rises and the aim of the sustainability of pension funds develop the trend of working and in retirement at an older age. This phenomenon is beneficial as it keeps people healthier and helps sustain social security and other pension funds.
Model Answer 2:
In different countries, the retirement age has increased remarkably allowing employees to work till they are over 65. This essay aims to examine the causes behind this tendency and explore its overall impacts on individuals and society.
One significant factor contributing to the increasing retirement age is the shifting demographics in many countries. As life expectancy continues to rise and birth rates decline, there is a larger proportion of older adults in society. To sustain pension systems and ensure economic stability, governments are progressively raising the retirement age. This adjustment aims to alleviate the financial strain caused by an expanding elderly population. Economic considerations also play a crucial role in this trend. Rising healthcare costs, inadequate pension funds, and a growing dependency ratio pose challenges for many nations. Extending the retirement age allows individuals to contribute to economic productivity, tax revenue, and the sustainability of social welfare systems.
However, the increasing retirement age has notable effects on both individuals and society. On an individual level, it means working for a longer period before being able to retire. While some individuals may embrace this opportunity to continue their careers and maintain an active lifestyle, others may experience heightened job-related stress and physical fatigue. Nonetheless, extended work life can provide financial stability, allowing individuals to accumulate more savings and ensure a more comfortable retirement.
From a societal perspective, a higher retirement age presents both advantages and challenges. It helps address the strain on public pension systems, ensuring their long-term viability and fostering economic stability. However, it may also limit employment opportunities for younger generations and create a bottleneck in career progression. Balancing the needs of older workers by providing adequate opportunities for younger generations is crucial for maintaining social cohesion and inclusivity.
In conclusion, the increasing retirement age is driven by shifting demographics and economic considerations. While it poses challenges such as prolonged working years for individuals, it also offers opportunities for financial stability and social engagement. Through thoughtful policy adaptations and robust support systems, societies can harness the benefits of extended work life while ensuring the overall well-being and inclusivity of all individuals.
This post was last modified on 27th August 2023 8:49 pm