I believe that the most urgent problem facing our nation today is the difficulty of old-age insurance brought about by the population aging. In the 1970s, the Chinese government introduced the one-child policy to cope with the rapidly expanding population. However, more than three decades of introducing the one-child policy have led to a sharp decline in the birth rate at this time, and the three baby booms that have occurred in China's history will become the main force for the elderly in the future, causing the size of the elderly population to continue to expand, and thus drastic changes will take place in population structure. As of 00:00 on November 1, 2020, China's population aged 60 years or over was 264 million, and the population aged 65 years or over had exceeded 190 million, accounting for 18.70% and 13.50% respectively. At the same time, with the population cohorts born in China's second and third baby booms starting to enter old age one after another in 2022, China will remain in a rapid growth period of population aging until 2050. The National Population Development Plan (2016-2030) predicts that the proportion of the population aged 60 years or over will reach about 25% by 2030, and the population aging corresponds to a declining old-age dependency ratio, which means that fewer young people are supporting more elderly people. According to the current statutory retirement age, the old-age insurance dependency ratio will fall from 2.65:1 in 2019 to 1.03:1 in 2050. Population aging makes the payment burden and pension pressure on the younger generation heavier, and the income of the insurance fund is relatively reduced, so the gap of the basic old-age insurance fund has increased from 15 billion yuan in the 20th century to nearly 100 billion yuan today.
 
In response to the question of how to solve the difficulty of old-age insurance, I have discussed it in the class of Social Security. China's current statutory retirement age standards are still those set in 1978: men retire at the age of 60 and women at the age of 50. Through modeling, if the statutory retirement age is raised by 1%, the pension fiscal gap will be reduced by 1.949% accordingly, and the effect of delayed retirement in reducing the basic pension insurance fund gap is obvious. The current "14th Five-Year Plan Proposal" points out that China will "implement a gradual delay in the statutory retirement age", so Jiangsu Province and other places have begun to delay retirement pilot work. In the study "The Impact of Delayed Retirement on the Account Income and Expenditure of Urban Employees' Pension Insurance Fund - Taking Jiangsu Province as an Example", the authors put forward two scenarios of gradual delay of retirement to the age of 65 and one-time delay of retirement to the age of 65, and calculated the following by using the model of income of the fund, the model of expenditure of the fund and the model of the forecast of the average salary. the income and expenditure of the basic old-people insurance co-ordinated account in Jiangsu Province in the next 15 years. Through the analysis of the results of pension insurance income and expenditure under the two scenarios, it can be found that both scenarios play an obvious and effective role in preventing the emergence of future shortfalls, and the earlier the delay in the retirement age, the better the results achieved by the proposal. Of course, the implementation of the delayed retirement policy to solve the difficulty of old-people insurance also needs relevant supporting measures, such as speeding up the establishment of a mature re-employment market for the elderly to provide suitable re-employment positions, improve the public service system of child care to help the population structure adjustment under the delayed retirement policy, and so on.
 
In conclusion, I think the delayed retirement policy can be a good solution to the old-people insurance difficulty caused by the population aging. But at the same time, the real implementation of the delayed retirement policy also needs to improve the relevant supporting measures, so that the people and society can benefit from it.