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

1185 WordsApr 7, 20175 Pages
I am responding to question number 2. “Retirement is the period of life, usually starting between age 60 and 65, during which an individual stops working in the paid labor force.” (Lecture slides) According to our text, “the concept of retirement is a relatively recent phenomenon in Western society.” (Hooyman, Kawamoto, Kiyak. Aging Matters: An Introduction to Social Gerontology) People used to work until they died, but people also used to die much earlier in their lives, so that could partly explain why that was the case. Retirement also used to be mandatory at age 65 for most jobs, but people usually retired before then around age 60. “The average American now (in 2013) plans to retire at age 66 or 67, compared to age 60 in 1995.” (Study…show more content…
It is based on how much you paid into through taxes and not by your income. “Social Security is the major source of income for about 66% of older beneficiaries. For about 24% of beneficiaries it provides 90% or more of their yearly income.” (Study Guide) This is alarming because “the average yearly Social Security benefit in 2013 was about $14,144 a year or about $1179 per month.” (Study Guide) This might be a little hard to live comfortably from. Another form of incentive was pensions and health insurance sponsered by employers. Pensions are usually offered in white-collar jobs. These are usually based on your earnings, unlike Social Security. The baby boomer generation wasn’t very lucky with how their hopes for retirement would be ruined. The baby boomer generation thought they would have enough economic resources when they reached retirement, and they thought if they did work in retirement, it wouldn’t be because they had to. This is not the case for the baby boomers due to global economic downturn and the recession. Instead, they are more likely to put off retirement got financial reasons. “In a 2011 survey, 25 percent of the respondents said they will need to work until at least age 80 because they will not have enough money to retire comfortably.” (Hooyman, Kawamoto, Kiyak. Aging Matters: An Introduction to Social Gerontology) Another reason this cohort does not have
Open Document