Some people think that it is the responsibility of an individual to save the money for his own care after he retires. To what extent do you agree or disagree? (13 Apr 13/AC)

Sample Answer 1

Time spins and with every spin there is a change. The mortals never remain in the same state forever. The child turns young and young turns old. With the change of stage, the circumstances vary too. An individual needs not to worry about all the stages of life but the one that is old age. To make it smooth and hassle free, I reckon people must act like an ant rather than a grasshopper and save money for the difficult days and thus this accountability should lie with the person himself.

First reason for my belief is significance of money in the contemporary times. Certainly in this materialistic world ‘money makes the mare go’ and without money person cannot fulfil his basic needs. In order to ensure a secure future, it is believed that person should save something for rainy days and old age being one of those days when person usually does not have any source of income, he must save some amount of his regular earning for these times to meet his day to day expenses without depending upon others and compromising with the self respect and dignity. Further, there is great uncertainty in job market specially the high paying private jobs. Employees never know when they are going to be handed over the pink slip. So it is essential for an individual to save for the uncertainty of present and future as well.

Secondly, in most of the countries especially oriental nations like India, it is very difficult for the countries to offer strong social security. Further, the volatile world economy makes it hard even for the occidental nations to take care of all the needs of the people after they retire. Even when these are offered by the public exchequer, these are not adequate to meet even the prerequisites. It would be imprudent to expect more from the government, thus an individual is left with no other option but to save for his own old age.

Finally, I substantiate the opinion that an individual should take reign of his post retirement period and be held responsible for saving for the cause.

Sample Answer 2

I tend to out-rightly condemn the perception that individual is responsible for saving the money for his post retirement expenses since this may shift the focus of life and could affect the present.

The notion of saving the money for post retirement expenses, though seem rational planning but not feasible for the masses these days. The high living standard accompanied with cost of living makes it very hard for the majority of the people to remain hand to mouth.  This does not happen only with the people from low economic strata but even from middle and upper middle class families. Even with both husband and wife working, it becomes tricky for parents to rear even a single child. In such state of affairs it will be unrealistic to anticipate the people to hoard for their old age.

Next, people are paying through their nose to government in form of taxes. Throughout the period when they earn, they build the society and nation not only by the payment of taxes but also with their skills and services. Hence, people should not be overburdened with an additional expense for securing the old age.  Rather there should be free gift from the state to those who have contributed to the nation and society during their heydays and now it is the responsibility of the state to take care of the people during old age.

Last but not the least, the hiring and firing, short-term approach in the job market is disastrous for people planning their lives. Lack of job stability does not allow them to put aside an amount for the old age and shift the focus from the future to present.

Thus it can be reiterated that instead of making an individual responsible for saving for the old age, this responsibility should vest with the government.

Sample Answer 3

I wholeheartedly argue in favour of holding an individual responsible for saving for the falling days of life.

The most important cause to substantiate my view is the uncertainty which prevail the life. As change is the law of nature, man cannot expect to keep generating money throughout the span of life. At one stage person has to cease working out of will or age or owing to other constraints. Cessation of work does not mean the expenses will also cease to exist, rather health, higher/professional education or marriage of kids, a shelter for peaceful retirement present as great monsters. If not planned, the last days of life can turn miserable and intolerable. To ensure to have secure future an individual has to be prudent and exercise his option of saving a part of his monthly earning.

Secondly, the population explosion and economic pressure on public exchequer make it unviable for the government to take care of the needs of the people after they retire. Even if government takes initiative, it will offer the amount which will not even suffice the necessities Therefore person has no other option but to take the reign of his post retirement life by inculcating the habit of saving.

Further, since the social values are turning for worst, the person is respected till he earns. When a person stops earning he is considered a burden and is at the mercy of his earning children. So, it is essential for every individual to have his own saving to lead dignified and independent life. These savings would make him enjoy the company of his family and relatives.

Eventually, it can be concluded that it is not feasible for the government to take care of the people, thus it the liability of the individual himself to save for the post retirement period. However, cautioned must be exercised that people do not hoard the money at the cost of the present.