I Am Responding To Question Number 2. “Retirement Is The

“Only 24% of Baby Boomers are confident they will have enough savings to last throughout retirement, down from 36% in 2012.” (Frankel) This is the reason more Baby Boomers are working longer before retiring. At the same time the Millennials were growing up through the recession, acquired student loan debt and were entering a very competitive job market. Robin Lewis captured this reality through this quote. “This is a generation that is bigger than the boomers in population, but their wallets are smaller, and they are more into the style of life than the stuff of life.” This backs up a study conducted by Bank of America Merrill Lynch that shows “A whopping 82% of millennials are investing in a retirement savings account and 75% of the baby boom generation does so.” (Abrams) The main reason for this pattern is the Millennials are investing in retirement accounts at work many of which have matching programs and Baby Boomers are skitish of the market and losing more of thier retirement.

In general, countries experiencing high fertility and rapid population growth, have a “young” population structure and the important policy considerations are if there are enough schools and, sufficient jobs and housing to accommodate this population. Countries with “old” population structures face the problems of structuring and developing retirement and health systems to serve this older population and also they have a considerable reduction the number of the working force. The decline of the work force is one of the most dramatic economic tendencies of the past four decades in the United States. The individual’s decision of whether to stay in the workforce or to retire is based on the collaboration of a number of factors including the following: eligibility for Social Security benefits, availability of and benefits under an employer-financed pension plan, work

Many people in the "baby boomer" generation are staying active as they age. By either jogging, swimming or becoming part of a sports team. They strive to remain youthful and mentally young and view retirement as an active period of their life. Theirinterest in health , fitness, looking young and attractive and longevity is quite phenomenal. They can expect to live longer due to medical advances however stress and burnout could impact on this expectation of longevity. They are well educated, thirsty for information interested in travel and will want to stay involved in the political processes. In addition they are optimistic, forward thinking and undoubtedly redefine old age. As the oldest of the nation's 75 million baby boomers approach the age of 60, a Pew Research Center survey finds many are looking ahead to their own retirement while balancing a full plate of family responsibilities either raising children or providing financial and other

Economic factors will play a role in baby boomers working beyond the age of 50. Due

In today’s society, the work industry is comprised of numerous generations from baby boomers to millennia’s. Due to reasons ranging from increased cost of living to political policies, Americans are being forced to work longer in order to obtain the social security benefits they’ve contributed to during their careers. Each generation has certain generational influences such as war times and civil rights for the baby boomers and social media and the technology boom for the millennia’s. One constant that has not changed, however, is that the average American has to work for a living, and with the evolution of the US economy, they are having to work longer and are retiring later.

The amount of people reaching late adult hood in large quantities is not unique to the U.S. As the Peterson (2002) article states, a combination of a rise in the longevity of people, and the fall in birth rate has other countries seeing a large percentage of their population fall into the “elderly” category. The article recalls that Japan was once the “youngest society in the developed world. Within five years, it will be the oldest.” (Peterson, p. 197). Now, the U.S. is considered the youngest society, and is in one of the best situations to maintain that title while also providing for their old. With older retirement ages, in addition to social security and social benefits, people in late adulthood are better taken care of than in other developed countries (Peterson,

While the physical, emotional and social aspects with aging may be experienced in varying degrees and in a variety of ways, the milestone of retirement is a prospect that is universal in the Western world. In most countries, the idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Nowadays most developed countries have systems to provide pensions on retirement in old age, which may be sponsored by employers and/or the state. Today, retirement with a pension is considered a right of the worker in many societies. ("Retirement," 2013, p. 1) Retirement is a milestone which, to most, marks the entrance to “old age”, the point at which an individual is socially recognized for their long years of service and permitted to spend the remainder of their “golden years” enjoying the fruits of their labors. While this perspective is an ideal, retirement carries with it a social status that can be both beneficial, when viewed as a reward, and detrimental, when considered by the retiree to be a sign of being obsolete. Preparing for the changes that come with retirement, and in this day and age the inability to

The majority of people age 65 or older in the United States are still working in full time positions. This opens the question if they planned for retirement, or what if anything went wrong while working? How do they feel about still having to work? Have they taken proper steps in preparing for retirement? Are they only working to pass time? These are the questions that everyone should be asking themselves about their own retirement plans, and what they have done to financially prepare for that stage in their life.

The age markers are slowly changing and so is the concept of retirement. The modern aged community is unwilling to declare themselves as retired. One of the respondents made a statement that he wishes to work as long as he could do. A self declared retirement will make one detached from activities thus speeding up the ageing process. An earlier retirement will most probably make the individual feel old soon and this emotional drift will have a dramatic influence on his physical as well as mental and emotional health as well.

It was exciting and informative hearing about Bill, Harold, and Rose transition from the workforce into retirement. All three participants, stated that when they were growing up no one ever considered themselves retired or not part of the workforce. If you were unable to work anymore, then you assisted your family in other ways. For example, if you were physically unfit to work you could still be needed around for meal preparation, gardening, sewing, or other daily activities; which is why in Harold’s mind he’s not truly retired. Yes, he retired from his career, but he still saunters around his farm mowing, working in the garage, cooking, and fixing machinery; however, both Bill and Rose consider themselves fully retired and they wouldn’t want it any other way. It’s interesting to look at the progression of those entering the workforce to fill those positions left behind by those who retired.

Retirement.Social Security 's retirement program provides a lifetime monthly income for qualified workers once they reach their full retirement age. Depending on when they were born, that age ranges from 65 to 67. The amount of retirement benefits that a worker receives depends on his or her income while working. Workers also have the option of receiving a lower monthly income starting at age 62.

However that is not the case in today’s society amongst seniors. Seniors still have the desire to work or they actually have to work in order to sustain their own well-being. In this article it discusses the motive for what drives seniors to continue working, “Polling of CARP members shows that about half of seniors want to work and half need to work, Eng says. Those who choose to work enjoy the sense of engagement and contribution that paid employment brings” (Luke, 2014). This context ties in with the age stratification theory, which states that it “focuses on the movement of age cohorts over the life course” (Novak et al., 2014 p.26). Seniors wish to continue working which will cause conflicts between two age cohorts. Age cohorts are defined as a group of people born in the same period of time (Novak et al., 2014 p.26). Baby boomers are individuals born after World War 2 and the younger individuals are either from the MTV generation or boomerang generation Younger generations whom are searching for job opportunities will be facing further competition. The notion of old age in previous is to stop working and retire. However this article states that “The idea in the past that at a certain age you just quit — you stop working, stop dressing, stop getting engaged in politics — is changing,” The agenda for seniors now is to continue working rather than

Allen, S. G., Clark, R. L., & Ghent, L. S. (2004). Phasing into retirement. The Industrial & Labor Relations Review, 58(1), 112-127. Gelfand, D.E., & Bechill, W. (1991, Summer-Fall). The evolution of the older Americans act: a 25-year review of the legislative changes. Generations, 15(3), 19-22. Zastrow, C. H., & Kirst-Ashman, K. K. (2010). Understanding Human Behavior and the Social Environment (8th ed.). Mason , Ohio: Brooks Cole/Cengage.

Retirement in the United States of America, officially when an individual turns 66 or 67 years old, depending on their year of birth, is a time span that many look forward to in their latter years before they pass away. It is a time of relaxation and enjoyment that is usually spent with their friends and family. It seems to be that the main concern of retirement has to do with financial security once the pay checks stop. The amount of benefits in Social Security received depends on how much someone works and their annual income. Another important factor that contributes to the amount of benefits is their actuarial projection, a plan that has been set forth by someone who examines the amount of time that a person is expected to live,

Although mandatory retirement is not largely popular, it still has an effect on many older workers and how they plan for retirement. "Mandatory retirement involves less than 1 percent of the work force and so opens up only a small fraction of the total jobs", because