Table 3 Profiles The Economic And Demographic Factors That

Not only that, but many parents are postponing their retirement because they are helping their young adult children with their debts, studies or their housing. This can be very costly for the parents since they oftentimes have to worry about their own future and the costly expenses that come with retirement, and to provide for their kids who are currently relying on their support. This situation is even worse if the parents are a part of the sandwich

My middle adulthood plans are determined by how these plans are able to affect even later life stages but also maintain a healthy current state. In the current state of middle adulthood, I will pursue my career in the medical field; with this intention, I will have new expenses to pay such as food, shelter, and clothing for me and my family, property and other bills, health insurance, and transportation costs. Regarding future thinking, maintaining a budget and utilizing a savings account is critical to retirement plans as this will make the most out of investments and my monetary state (Jesse Campbell, 2015, p.

When it comes to the data and methods, this study used the Federal Reserve Board’s Survey of Consumer Finances (SCF), which is a repeated survey that includes the information on household income and wealth holdings; the Federal Reserve conducts this survey every three years. To test the hypothesis there are

The equitable wealth disproportion between African Americans and Whites is still on the rise. Researchers have identified systematic barriers affecting the ability for African Americans to accumulate wealth. In addition, researchers indicate several possible factors such as, less intergenerational inheritance, higher unemployment and lower incomes (Desilver, D, 2013). Impoverished generations have been unable to escape their restricted economic condition. Whites have gained an economic opportunity for every unfavorable condition that has impeded African Americans economic opportunity over time forging grounds for economic disparity. Because of unfavorable conditions due to the effects of slavery, generations of African Americans have had to bear racism and inequality. According to Pew Research the median household income of a family of three in 2011 was $39, 760 for African Americans in whereas White American Family median household income is $67, 175 a household income difference of $27, 000 (Morin, R

Housing and home ownership in the United States have continued to increase among different races even though it was hit by the great recession period. The wealth of white households was 13 times the median wealth of black households in 2013. This is an increase when compared to

According to a study by Philliber (1977), “As the United States emerged from the Great Depression with a revitalized economy, Americans boasted of an unprecedented standard of living extended to an increasing but already very large proportion of citizens” (p. 375). This increase in standards of living proved good for the economy as businesses flourished with consumers drive to purchase new things. Philliber did a study to explain this in reference to how African-Americans perceived affluence, and the findings of Philliber’s study suggested that because blacks are not in the socio-economic level in regards to education or income, they perceive greater affluence in America (Philliber, 1977, p. 379). This is mainly because they have been turned down by a number of opportunities because of their race believing that the affluence was left only to the whites in the country. To compete with this and achieve a personal level of affluence, African-Americans would spend more money on things that would display affluence, such as cars and other things. Without having the same economic status to maintain these items, credit debt was often the result. Without the education or income necessary to maintain such a lifestyle, it became apparent that this drive and aspiration for affluence left a negative impact in the economy and African-American

In America, we can describe wealth inequality as the unequal distribution of assets within a population. “The United States exhibits wider disparities of wealth between rich and poor than any other major developed nation” (Wealth inequality). The way wealth is

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

Student Loan Crisis Beginning in the 1960’s the distribution of federal and non-profit funds have given students all over the United States the opportunity to pursue post-secondary educations. Although this method has given students the ability to go to college financially, the majority of the students are not able to pay

According to the US Census Bureau, as of July 1, 2015 the estimated population of the United States was 321.4 million. Of this number, the percentage of people who identified as Black or African American alone was 13.2 percent. There were no estimates for people who identified as Black or African American in combination with one or more additional races. (Population). According to the 2010 U.S. Census, on April 1, 2010 the U.S. population was 308.7 million and out of that number, 13 percent or 38.9 million people identified as Black or African American alone and one percent or 3.1 million people identified as Black or African American in combination with one or more additional races. These two groups combined total 42.0 million, or 14 percent

The Federal Reserve Board’s Survey of Consumer Finances (SCF) is a triennial cross-sectional survey of U.S. families. The study is sponsored by the Federal Reserve Board in collaboration with the Department of the Treasury. The survey data include information on family incomes, net worth, balance sheet components, credit use, pensions,

This model predicts that White pre-retirees have a significantly higher positive impact on the accumulation of financial assets as compared to non-White pre-retirees. This finding supports the hypothesis and previous research that addresses the income and wealth differences between races. As expected, the log of income was statistically significant to

Planning for retirement should not be based on Social Security alone, but rather by saving portions of personal earned wages and putting finances into long-term investments. Depending on Social Security as the only income after retiring is an unsafe and undependable way to prepare for retirement. People who contribute to