Benefits And Benefits Of Retirement Savings

1275 Words Apr 9th, 2016 6 Pages
he talked about her, he got choked up and had to clear his throat and took a minute before he continued the interview. I explained to him to take all the time he needed and that we can change the subject and he agreed.
Mr. O talked about being financially insecure and lacking savings for retirement,

which is one of the biggest challenges he faces during the aging process. Not having

enough finances to pay for his daily needs is a challenge he faces frequently. Retirement usually

rely on pension, social security and personal savings , but ethnic seniors rarely have a pension or

personal savings and rely heavily on social security benefit alone. In the last decade, there has

been a significant shift from pension benefits and towards personal savings, leaving only two

incomes to rely on for retirement. (Cawthorne, 2010). Mr. O explained that even when he

had the option to enroll in pension plans or other retirement savings, he was not able to because

he could not afford to lose any money from his paycheck, but he wished someone had explained

to him how important it was to save while he was working. He contributed most of his lack of

knowledge to a language barrier , cultural change and low income. According to Dumez &

Derbew, “Even today, people of color remain less likely to receive pension benefits from their

employers, and many people of color, particularly Latinos, are overrepresented in occupations in

which worker misclassification limits…
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