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Economics of Aging in Terms of How it Relates to Long-Term Care Facilities - Essay Example

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The essay " Economics of Aging in Terms of How it Relates to Long-Term Care Facilities" describes that an organized, effective and coordinated regulatory authority should be put in place to ensure that all what has been invested by the social security systems is in safe place for workers after retirement…
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Economics of Aging in Terms of How it Relates to Long-Term Care Facilities
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Economics of Aging in Terms of How it Relates to Long-Term Care Facilities

Download file to see previous pages... Economics of aging lays focus on the demographic trends of the population and the implications of population trend changes on the economy of the area under consideration. From the available information worldwide, it is well documented that the steady low fertility rate will have unavoidable results in the economy in terms of the age difference and so will be the generational gap.  As a way of example, China’s one-child policy indicates that twenty years from now, the nation’s aging curve will be steep, meaning that most of its population will be composed of old people compared to youths. Elsewhere in France, fourteen years from today, 2025 demographic trends indicate that four out of ten people will be fifty years or older. Reasons for being priced out Political measures taken to improve the economic conditions of different territories in the world affect some groups of people adversely, especially the aged. As an example the U.S underfunding of long-term Medicare and social security affects people negatively in the long-term. The people have to work harder to cater for the deficit, or alternatively reduce the present standards of living in order to suit future cash requirements on this regard, only few people of the entire population are financially prepared for this challenge (Wise, 1987). Changes undertaken in the financial sectors for the betterment of long-term savings of the working people have great impacts in the future outlook in the future savings. Taking U.S economy as an example, for the last twenty five years, defined benefit pensions, which used to be the primary means of retirement savings has eventually been replaced by personal retirement accounts. This transition has very strong effects with regard to worker participation and the saving rates. It is most probable that participation and saving rate will be more when there is a form of regulation, meaning that an automatic enrollment is adopted and people at a certain bracket qualify for participation in the scheme by default. On the side of the personal retirement accounts, some form of autonomy is given to the contributors, this meaning that the relaxed regulations makes some people weigh the issue of participating or not. In the long-term, some people may be left out of the contributors (Schulz, 2001). The way the contribution scheme is designed also has effects on the number of people participating in the saving for future. Using the above example, complications arising from establishing individual account in the social security system can be illustrated. From a perspective of time saving, many people try to avoid as much as they can tedious and cumbersome processes in getting services from an institution.  ...Download file to see next pagesRead More
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