al and economic issues associated with a steadily ageing population particularly ageing populations and pensions, health care, long-term care and disability, as well as the economy. The objective is to shed more light on how manageable that transition to old age might be, or will portend to the society. It is self evident that an ever increasing population of the elderly will predictably over whelm the resources available, at a national and global level.
Over the next five decades the population of people above the age of 60 will around the world is expected to have more than doubled. It is projected that by 2050, the number of the elderly will for the first time in human history have outnumbered that of children around the globe. Alarmingly, in some countries, the number of senior citizens will be two times the number of children (Sieke, 2008). The impact of this transformation is being felt in every area of the human society today including economic growth, taxation, labor markets, transfer of property, family composition, health, housing and migration. This “demographic age-quake” is taking place in many countries as the reality of the extraordinary pace at which the world is ageing begins to be felt (Bloom, et al., 2010).
The main problem with an ageing population to the society is the fact that these senior citizens depend on the younger ones for their care as well as for the economic productivity which ensures that pensions are paid and that social and health costs are met. I countries that have long life expectancy like Japan and those in Southern Europe, they face a sharper increase in the number of elderly people. It is expected that by 2020, more than one in every four Japanese will be over 65 years (Sieke, 2008). Aging is indeed inevitable, especially with the advancement of technology and science; people are bound to live longer today than ever before. However, many of the pension schemes around the world were not designed with the foresight of an