Poor Government Pension Plan for Senior citizens

Poor Government Pension Plan for Senior citizensAfter working for decades time must come that we have to retire.  For financially stable senior citizens, retirement can be easy and a moment to enjoy the fruits of ones labor.  But this is not the case for most retirees aged 60 years old and above.  Most of the senior citizens have to rely on State pension fund that they contributed on during their productive years.

In most cases, the government pension is not enough to eke out a decent living for retirees.  After working for years and contributing to the State fund, the pension when they retire is not even enough to answer the basic needs to sustain a decent living.  Retirement is actually the lowest point in most of the senior citizens life since they can no longer be competitively productive during this stage.

With no income stream flowing, suddenly there is a change in the lifestyle.  If before it is easy to afford and buy things, when retirement comes it takes away the financial strength of retirees.  This is unfortunate as there should be more money available at hand when one grows old to answer for expenses like medical check-ups, hospitalization and such other expenses related to old age.

While there is logic with the imposition of mandatory contribution to the State pension fund like Social Security, the benefits actually received by senior citizens as against the contributions are generally far from ideal.  The system is touted as beneficial to the working class but in reality it is a business meant to earn more money for the government.

It is well known that the money collected are invested in other businesses and the interests earned goes to the government coffers and not necessarily added to the pension of retirees.  If ever the interests earned overtime are indeed added to the funds, it is not known how much are actually added because the figures as well as the manner of distribution are seldom released to the public.

Looking at how the money should be earning in terms of investments and the increasing number of younger generation entering the work force and contributing to the State Pension fund, the benefits to the senior citizens should increase.  But this is not happening and the retirees have to make do with their meager pension.

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