It Is A Government’s Responsibility To Provide Financial Support To Old People After They Retire | Band 8 IELTS Essay Sample
It is a government’s responsibility to provide financial support to old people after they retire or individual should save money for themselves. Discuss both views and give your own opinion.
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Band 8 IELTS essay sample
As people 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; however, others insist that people should save for their retirement. I opine that low income families should be supported financially when they retire and others must save up.
On the one hand, if people are reassured that they will have a secure retirement income, they can spend more money while they are at working age. Spending more on daily staples and other items will undoubtedly bring about economic prosperity. For instance, research from the University of Toronto shows that since the provincial government of Ontario introduced its retirement support program in the year of 2000, younger people spend a higher proportion of their savings to reserve cottages in northern part of Ontario. This trend has tremendously helped some smaller communities to make a new source of income. Thus if the government supports older population, the economy will eventually grow.
On the other hand, a national pension plan needs a hefty amount of money. Federal and local authorities have to withdraw funds from other key sectors such as education, health and infrastructure to dispense / provide pension and this will slow down a country’s development. Moreover, as this money comes from the pocket of tax-payers, 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 retirement 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 this idea.
Considering these advantages and disadvantages, I think if legislators elect to support older population who had a low income, and the rest of the nation saves for its retirement, both the individuals and the economy would considerably benefit.
To recapitulate, while a national retirement pension leads to economic development to some extent, it could potentially become an extra burden on people who live pay check-to-pay check. Even though it allows some people to spend more money, thus leading to economic growth, a government may raise taxes, causing more struggles for a multitude of citizens. Therefore, I think low-income population should have a government funded pension, and those who are privileged with higher salaries ought to save up for their retirement.
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