- Posted November 19, 2012 by
Seniors Digging Themselves In A Financial Hole
The world population has finally reached 7 billion people, and by the looks of it, it will reach 8 billion in around the next 12 years. It’s not just that this leads to lack of resources; it is more the fact that the majority of these people in the general population will be elderly. Birth rates are lowering; this means that the number of older people will be larger than the number of younger people. The baby boom generation is now retiring. As this generation retires they will face many difficulties such as health and financial issues. These two issues tie together into one; sure life expectancy is high nowadays, but the elderly still have to use a lot of money on being healthy. Countries with developed welfare have high consumption rates from the elderly. If their pension plans aren’t giving them enough money, how are they able to survive if most of the money goes to their health? We constantly abuse elders in so many ways, not just in the world but in our community.
What is our community? It is a multicultural place where generations and families have grown that is made up of different age groups such as babies to seniors. We have many facilities to accommodate the population such as day cares, schools, senior residences and different types of housing. These residences differ from apartments, town houses, simple bungalows or luxurious homes overlooking the water. Living in today’s society is extremely expensive no matter where or what you live in. Renting an apartment is roughly 1000 dollars per month and if you do not have a good pension, seniors would find this situation very difficult to live with. This is why having a good job and a supporting family is something that is almost a must to live comfortably in today’s community.
Living in today’s society is costly, therefore it requires planning to not only purchase necessities, however maintain them. The focus should not only be on what is occurring now, but there should be planning for what would occur after retirement takes place. We must realize that soon enough there will be more people older than 60 compared to people under 15. We need to spread the awareness of this issue that seems not as important as it should be due to the fact nearly 1 in every 5 people will be elderly. This issue will not only lead to job opportunities remaining low as seniors will continue working until they have efficient money to retire. What seems to be missed in the big picture is the post effect of being employed. Planning, and how one should be aware when they become of the seniority, they will not only need retirement but a comfortable and financially stable household. This is why awareness should not just focus on career but also the life that would take place after the career has finished.
If we continue to overlook this issue, seniors will remain unaware of the fact financial debts will occur if money is not handled wisely. This issue needs awareness to promote seniors and youth to prepare for retirement so we do not cause ourselves excessive problems when we conclude our career. So what can you do? Please share this page on any social media page you use and please click the following link to help support seniors in our community!