Aging people problem

By 2030, over one-third of the population in most developed countries will be aged 65 and over. Can this fact make trouble? The experts answer: Yes. They say that in this case, balancing these countries' budgets will not continue anymore because the income taxes will be reduced in the future, and the states will likely have money issues. On the other hand, those states will have to spend more to care for aging people, so they will need more money to expand their infrastructures. They will have to build more hospitals and nursing homes; however, these necessities will put more pressure on their restricted budget.

But is there any solution for the developed countries dealing with this issue? Firstly, they can raise the age of the retirement of their people. The current retirement age in most European countries is 65, and in some countries, for instance, Italy is 62 for both men and women. The life expectancy index of these countries is above 75 years old, and the situation in North America and Australia is the same. Nevertheless, North America, Europe, and Australia can increase the retirement age to 70. In this case, these countries will have more income taxes. Also, pension funds will increase their income. Thus, they will have more recourses to cover their members.

Secondly, the developed countries should consider more advantages to everybody who wants to continue his carrier more than 75 years old. For example, they can authorize a tax discount for those people or establish some health facilities. By giving fair rewards to people, they will encourage them to work more than before, and as a result, the budgets and pension funds will have secured.

Finally, developed countries can reconsider their migration laws to attract more young immigrants from other countries. They will be the new blood to their new countries’ veins. The young immigrant will have worked for a long time, and they will have paid more taxes. They have new ideas and will help the developing process in their new homes.

Although aging people can cause some problems for developed countries, they can use some treatments to deal with this complicated problem.