GHA548_WK5_Financial Support for the Aging Population_Angelica Sanchez

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Feb 20, 2024

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Financial Support for the Aging Population 1 Financial Support for the Aging Population Angelica Sanchez GHA/548 February 12, 2024
Financial Support for the Aging Population 2 Financial Support for the Aging Population for retirement and knowing what resources are available to you before retiring is important because it helps ensure an aged individual will live comfortably. Most people who reach retirement or aged individuals may experience some health or financial issues and sometimes before they retire. This is why it’s important to plan, save, and have some kind of assets for people to withdraw from and utilize when faced with hardships. In this paper the effects on family, society, expenditures, and reforms will be discussed. As well as sources of income that are available to the aged population. Sources of Incom e The aging population has several sources of income and funds they can utilize or have access to. One of them is supplemental social security (SSI) and possible 401K. Supplemental Social Security is a source many elderly will utilize in comparison to other sources. SSI source will be utilized by about 84% of people aged 65 or older. To qualify for SSI, you must fall below a certain income and must be at a certain age. The qualifications are individuals who have little or no income, ages 65 or older, little or no resources. This also includes what a person paid or has paid during their working period and has about 40 credits. An individual must earn 40 social security credits to be eligible. These credits are occurred during their working period, and they paid on social security taxes. The number of credits does not affect the among of benefits a person will receive. The number of credits determines eligibility for retirement or disability benefits, Medicare, or family eligibility for survivor benefits (Social Security Administrations, 2024).
Financial Support for the Aging Population 3 Another income source the aging population will utilize is their 401(k) income. 401(k) income sources are one of many retirement plans and a 401(k)-income plan helps individuals save money as an additional resource when they retire. A 401(k) income is used to save on tax- differed formats and employer-sponsored conservation program. An employer will also contribute a certain percentage to the individuals 401 (k) plan. When choosing the right plan for retirement, an individual should carefully consider all plans and guidelines to achieve their goals and avoid high tax penalties. When an individual reaches retirement another resource available to them is obtaining a part time job that also helps with finances along with their 401 (k) and (or) SSI. The benefits of having a part time job are their contribution towards savings that can help with health care costs. Expenditures and Reforms When a person retires expenditures is something that they will need to budget for and take into consideration how they are utilizing their current income to pay for bills and debts. The essential expenditures for an older individual will be their costs of living such as housing, food, health care, debts, and utilities. There is also miscellaneous expenditure such as leisure activities that may be different for everyone. Most people before they retire will spend time trying to repay any debt. Expenditure is not the only thing that a retired or soon to retire individual will need to consider and that is reforms. When it comes to reforms and what the government will implore certain reforms can affect the elderly in a positive or negative way. One benefit is having the government increase the amount the elderly will receive in SSI. A negative reform is increasing the retirement age which affects when a person will receive SSI. SSI is a program that is the most helpful for the elderly and disabled who fall below the poverty threshold. The most a person can receive in SSI cash is $943 for one person and $1415 for a couple (Social Security
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