Retirement is supposed to be an enjoyable experience. Most seniors hope that their lifestyles will continue in the same fashion as it is at the time of retirement. Retirement is anticipated as a time of more leisure, a time for slowing down from the daily rat-race and enjoying life. Many retirees hope to take advantage of the opportunity to embrace a simpler lifestyle and experience less stress. Unfortunately, for many, this turns out to not be the case.
Although some retirees have planned adequately for retirement, many are ill-prepared. The statistics, when viewed, are alarming. Only 53 percent of workers have retirement plans and only 48 percent actually participate in a 401(k) or retirement program offered by their employer. Some thirty-eight million, approximately 45 percent of current households with working-age individuals, state that they have no retirement savings at all. “The median retirement account balance is $3,000 for most working-age households—with and without retirement accounts—and $12,000 for near-retirement households.” (Farmer, 2015) (Carlozo, 2014) “Even for those who do have a 401k, IRA or other retirement fund, the median balance at retirement is $120,000. That may sound like a lot, but for the typical household, that amounts to only $400 a month.” (Sherter, 2014)
There are various reasons seniors might not have a retirement fund. A significant reason, says Anthony Webb, a senior research economist at Boston College’s Center for Retirement
For this paper, two separate interviews were conducted with two retirees. One, M.Q., is a 66 year-old white woman who lives in a beach area. The other was JH, a 78 year-old African-American man who lives in a very rural area. Both interviews were conducted over the phone, as M.Q. is recuperating from a bilateral knee replacement and JH lives several states away. These two were chosen because they are complete opposites. While both currently live in the Southern United States, M.Q. was raised north of the Mason-Dixon line, while JH has lived south of the Mason-Dixon line his entire life. The only similarity they share is that they are retirees living on the East Coast. Because they are complete opposites, interviewing the two of them as opposed to a married couple, two sisters, or something of the like, I was able to get a more complete picture of what it means to be retired. This gave me more information, and a better idea of what I needed to look for in the articles I used.
The author argues that since Millennials do not trust the retirement system, they cannot wait for their “golden years” to travel (Machado “How Millennials…”). This assessment is dead-on. I have heard this generation be called “the pessimist” generation. How could we not be? Coming to age in turbulent economic times have made us skeptical of any promise to have anything that we have seen taken from so many people.
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.
According to a USA Today article from last year, nearly sixty percent of Americans have more than $25,000 put away for retirement. Thirty-six percent of Americans have less than $1000 saved for later in life. This means that as more people, especially the baby boomer generation, retire, there will be more strain on program such as Social Security and Medicare, and ultimately the federal budget that is responsible for these programs. If steps are taken now to close this gap, we will insure the continued longevity of these programs by raising the tax contributions flowing into both Social Security and Medicare.
In comparison of retired and working, retirees are usually ones to stay to themselves, but yet on the other hand are still
Envision feeling cold, starved, petrified, and alone, just getting home to find an eviction notice, perhaps a letter of foreclosure hanging from the door. As the room goes grey and begins to spin, four words begin to echo in the background, “Is this really happening?” All resources are exhausted and Social Security proves ineffective. Fear has taken over. Thoughts of life in a shelter cloud the room. The bills are piling high, as bank accounts begin to dwindle. Unfortunately, this is the harsh certainty of many people in the aging community. Retirement is a critical life event that everyone has to undergo, through being unprepared, many fall victim to poverty in old age. Individuals should utilize Individual Retirement Accounts,
The Baby-Boom generation is nearing retirement and it is clear that millions of aging Boomers are financially under prepared. Reasons are many - poor savings habits, rising medical costs, the demise of guaranteed corporate pensions, and the dreaded squeeze faced by many: i.e. having to pay college costs for their children, care for their elderly parents, and save for retirement, all at the same time.
I believe the most pressing issue facing the aging population on a daily basis is financial security while living on a fixed income. Aging individuals’ sources of income include Social Security, employment, private pensions, and assets. The median household income for those 65 and older in 2007 was only $27, 798 (Hooyman & Kiyak, 2011). I chose financial security as the most pressing issue facing the older population because it influences several other areas. Sources of income for the aging population are sometimes insufficient to maintain proper housing, may cause health problems, and restricts access to nursing homes and assisted living facilities. The difficulty that the lack of financial security can pose for an aging individual leads
A general fear of having flexibility in a seniors retirement years is a concern when
In more detail, much of their savings are tied up towards retirement due to the serious financial crisis of 2008, which means they lack of sufficient retirement funds, even basic living expenses. According to the research of Boomer Expectation for Retirement 2016, which is from the Insured Retirement Institute, illustrates that 25 % of boomers have no retirement savings and 76 percent of baby boomer generation are unconfident about whether their savings can last through retirement (Insured Retirement Institute, 2016). This appears to suggest that boomers might not be prepared for their retirement plan and that they have never tried to figure out how much they will need for retirement. Moreover, they are concerned about not being able to maintain their standard of living. For example, according to a newspaper report from Star Tribune, Judy Davis, 57, of St. Paul, who works for a nonprofit agency, discusses her difficulty of retirement, “If I had to retire I would be broke pretty soon. I could probably survive six months to a year” (Read, 2015). With this in mind, it proves that Davis still works for a nonprofit agency because she does not have any preparation for her retirement or enough money to last through her old age. Furthermore, the lack of retirement savings will reduce their standard of living. Therefore, baby boomers experience significant financial stress because of
Firstly, a key influence on retirement is gender. James M. Henslin, author of “Sociology: A Down to Earth Approach” uses the term gender age to describe how gender has influence on retirement. Gender age can be portrayed as the relative value assigned to men and women by their length of life (Henslin, 372). Symbolic interactionists use four factors to determine whether a person is considered old or not. These include biology, personal history, gender age, and societies idea of old (Henslin, 372). This is significant since gender age plays a crucial role in determining when age cohorts, or people born at around similar time and progress through life in conjunction, are considered old in societies standards. In addition, not only gender, but
As adults enter the stage of later adulthood, many changes will begin to develop for each person. The aging process includes transitioning from work life to retirement, changes to roles, social positions, social policies, determining living accommodations with healthcare needs, and relationships with families and peers. The stage known as the golden years comes with great challenges while adjusting to the many changes in a person’s life. (Zastrow & Kirst-Ashman, 2010). Transition from work to retirement
Aging is described as a sequential, irreversible, progressive, and non-pathological process of maturation in an organism and that translates to a gradual decline in the ability to perform activities optimally. Aging is an individual process that can be a period of stress for individuals especially following their retirement (Hiller & Barrow, 2015). The current study sought to understand the process and experience of aging from the perspective of elderly individuals. In discussing matters of aging and retirement, many assume that women are always eager to retire, and adjust well, as compared to their male counterparts (Bauger & Bongaardt, 2016). Many people assume that since women are generally made as homemakers, they are willing and happy to retire while men, whose nature is to be the main source of family income, find it hard to be out of work (Moody & Sasser, 2014). Indeed, there exists very little literature that sheds some light on this area, particularly on the attitudes of each gender towards retirement and process of aging. Given the significance of retirement to this life stage, the study sought to understand the emotions and views of individuals regarding their retirement through the lenses of (1) Physical health and wellbeing, (2) Friends, Family, and Community, (3) Work and leisure, (4) Finances and lifestyles, and (5) Living
We all are currently aging. We live in an again paradox. But, it is what we choose to do with our time while we have it that counts the most. As a young adult, and before this class I was very unaware of the importance of planning your retirement as early as possible. There are many things that go into planning for a successful retirement. Such as, but not limited to: Where will I choose to live? What will I do to stay mentally active? Or even, when will I choose to retire. In this paper, I will go over a plethora of aspects for my personal plan for aging.
With the workforce in America decreasing due to hard economic times, there is no guarantee the money put into the reserve will sufficiently support a generation when it is time for retirement. Depending on Social Security to support a person financially when ready to retire, will leave that individual in even more of a struggle than the beneficiaries trying to survive in these earlier years of the 21 century. Social Security benefits represent about 41% of the income of the elderly; if there is not enough to support even half of the elderly’s financial needs now, there is no reason a younger person should depend on it alone for retirement (Dewitt, 2010) in the future.