Some people believe that the government should take care of old people and provide financial support after they retire. Others say individuals should save during their working years to fund their own retirement.
What is your opinion?
Many argue that the government should look after elderly people and provide pensions after they are 60 years old. However, others say that people should save money themselves for later use. I agree with the former viewpoint because savings would not be enough to support people, and residents pay taxes to the government all their life.
The main reason why the government must take care of old people is that their saving would not be able to support their medical bills, house rents and monthly grocery. This is because the inflation rate has been quite high in the last few decades and there are no signs that inflation rate will go down in the coming years. This will lead to people who have a small amount of money to pay their bills. For example, a recent study in the US found that in coming years prices of housing, medical and other necessary items will go high that it would be very difficult for people to buy certain items. Therefore, it is necessary that the authorities should look after elderly people.
Another reason behind this is that people pay taxes to the government authorities while they are working. The government collects taxes from residents as an income tax, service tax and property tax. Therefore, people already have paid enough to the state that they can pay for monthly pensions to all elderly people. To illustrate, the UK government impose 30% tax on income, and the government earns millions of pounds. A small portion of this income should be distributed to people in the form of pensions to older people.
In conclusion, the government should take responsibility of their citizen for their health and financial assistance because monthly savings will not be able to cover their monthly bills, and taxes are paid to the taxation authorities by people all their life.