Economics and the Role of the Retiree

1426 Words Jul 10th, 2015 6 Pages
Economics and the Role of the Retiree Paper
May 31, 2015
HCS/557 Social and Cultural Aspects Aging
Professor Andrea Wright-Valdez

Economics and the Role of the Retiree The present economic influence in the United States has forced the role seniors and those in younger age groups to make modifications to their retirement strategy. For the nurse’s in this country with the economic status currently and current retirement plans, they may need to make an alterations in their retirement plan allowing for the potential of increased income. In this paper we will discuss the different phases of retirement and how those phases would effect a nurse’s retirement plan. It is critical for to start preparing for retirement early,
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For those who are interested in traveling, a nurse can do house calls, work for a cruise line or participate in health care teams providing care to other countries. Or they could stay with their old positions but decrease hours or it could be a combination of any of these opportunities. For the predicted health care provider shortage, nurses staying in the workforce longer in any format would benefits our country and our communities.
Younger Adults and Retirement
Younger generations think they have plenty of time to plan and retirement seems too far in the distance future. But the earlier they begin saving for retirement, the more financially stable they will be at retirement age. Saving a little over a longer time accruing interest over the persons working years would develop into a nice retirement nest egg. Youth today will need to work harder at saving, in comparison to their grandparents and even their parents, due to economic factors and because social security and pensions lack reliability.
If an individual is lucky enough to find a position where the employer offers a pension plan, younger individuals change jobs more frequently making it less likely that they will qualify for pension benefits. In fact, 70% of Generation Y employees left their first job within only 2 years, not long enough to vest in many pension plans or even to get the employer’s 401(k) match (Davidson, 2012).
How Will Retirement Affect Career
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