Improvements in medicine, nutrition and living conditions mean that many people can now expect to live well into their eighties or beyond. Although an ageing population creates real financial challenges, I believe that the advantages of longer lives clearly outweigh the disadvantages.
The most obvious benefit is for individuals and their families. Longer life gives people more years to enjoy retirement, pursue hobbies and spend time with their grandchildren and even great-grandchildren. Many older people also continue to contribute to society long after they stop working. They volunteer for charities, look after grandchildren while parents work and pass on skills and experience to younger generations. In addition, because medicine has improved, many people now remain healthy and active for much of their later life, so a long life is not necessarily a life of illness.
On the other hand, longer lives place pressure on public finances. As the proportion of older people rises, governments must pay pensions for more years, while there are relatively fewer working-age taxpayers to fund them. Healthcare costs also increase, since elderly people are more likely to suffer from long-term conditions such as heart disease and dementia, which require expensive treatment and care. Families, too, may struggle to look after ageing parents while also working and raising children.
However, these difficulties can be managed through sensible policies. Gradually raising the retirement age in line with life expectancy, encouraging older people who wish to work to continue doing so, and investing in preventive healthcare would ease the financial burden. These are problems of adjustment rather than reasons to regret longer lives.
In conclusion, while increased life expectancy raises the cost of pensions and healthcare, the extra years of life, family time and social contribution it brings are far more valuable, provided that governments plan carefully for an older population.