Retirement Income Is A Big Issue Essay

2006 Words9 Pages
Retirement income is a big issue in most developed countries. In the years past, it was not uncommon for elderly to live with and be supported by younger relatives therefore reducing the need for income. Although this is still customary in many parts of the world such as Asia, it is becoming more normal for our older population to still continue to live an independent lifestyle. Aging populations also reiterate the need for retirement plans. Where the normal average life expectancy for males in the 1950s was only sixty-seven and seventy-one for females, it’s now common for women to live for an average of eighty-three years with men slightly behind at seventy-nine years (Statistics New Zealand). By 2036, it is expected that between twenty-one and twenty-four percent of New Zealanders will be aged over sixty-five, whereas in 2012 the figure sat at only fourteen percent. With statistics like these it’s more important than ever to make sure our elderly are provided for in their later years when they are no longer willing or able to work. The way in which different governments go about acquiring funding for this income varies from country to country; here we will look at the different systems in place to cater for our elderly here in New Zealand and compare these to that of the USA and Australia. First this essay will look at the different sources of retirement income in place around the world. We will then look at New Zealand’s retirement system and how it uses these sources
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