An important sector of society is older adults and their various contributions to future generations. Billy Graham’s book Nearing Home: Life, Faith and Finishing Well sheds light on the various attributes of growing old and about life in general. An important idea he expresses is the influence older adults have on society as well as their ability to leave a spiritual legacy which is far more important than material inheritances. I also believe that older adults are essential to society and that
Financial planning and retirement planning will not be the same as it was for the previous generations of retirees. As people continue to live longer, they will need to save more money to adequately prepare for a retirement period that may last just as long as their working career. In addition to a longer life expectancy, retirees will also have to deal with the possibility of taking care of their aging parents as well as adult children who may need to move back home for an extended stay. Considering
developing countries were 65 and older. Experts are now saying that by 2050, that total is projected to significantly increase to 1.5 billion. For the first time in our history, there will be more people ages 65 and older than there are children five and under. This phenomenon is due to the “baby boomer generation” now growing older and an increase in longevity. This increase in the elderly population can be seen around the world and will have a significant impact on medical institutions, society
an elderly person in the workforce, whether or not it is the right time to retire is a constant debate. The impact of retirement on an elderly person depends on the attitude the person has toward their reason for retirement. Some people chose to retire because they are tired of work and are ready to quit working. Other people are forced to retire because they might have health issues that prevent them from continuing to work. Financial and health concerns are a major part of retirement decisions.
million are older person. According to the United Nations, person of the age 60 is considered as older person, but many developed countries categorize person of the age 65 as older person. In The Study of Population published in 1959 by Philip Hauser and Otis Dudley Duncan, “aging population” was not appeared in it. At that time, the world did not pay much attention to the aging issue as the world population was still young. But it is a big issue to the world as the number of older person exceed the
Later Adulthood Development Today people who are age 65 or older make up more than one tenth of the U.S. population and are the quickest growing age group (Zastrow & Kirst-Ashman, 2010). As adults reach later adulthood, they begin to undergo mental, physical, and social transformations. All of these changes are experienced and handled differently by each individual. Time and planning help to alleviate stress and can make these changes easier to deal with. Family and friends are an exceptional
Paid employment is probably not the first thing that leaps to mind when the subject of older Americans comes up. Yet many people remain in the labor force well into old age, and their numbers are increasing. In numerous surveys over more than a decade, preretirees have been insisting that they expect to work during their so-called “retirement years,” both because they want to remain active and because they need the income or health insurance that employ- ment provides (Helman et al., 2008;
those born between 1946 and 1964. Over the next few years, the increasing population of seniors and elderly people will impact our economy and it will lead to consequences such as; increased pension contribution, a decline in the workforce and public health care costs which means we will be faced with higher taxes. Can aging populations look forward to a life of retirement and a healthy social status? Increased pension contribution is one of the biggest concerns for governments worldwide.
While using financial ratios to measure wealth adequacey, Love, Smith, and McNair (2008) examined the current wealth adequacy of older U.S. households, those age 55 and older, using the 1998-2006 waves of the Health and Retirement Study (HRS). To establish a benchmark of wealth adequacy, poverty-line wealth was analyzed to establish a base-line level of wealth required to provide income over the projected remaining lifetimes of each household member. Due to the poverty line being an unaspiring goal
reaches the age of 55, it is time to consider retirement planning. Determining a future lifestyle change means making plans or preparation for this life adjustment. A little time used for retirement planning can make a huge difference later and should not be put off. Retirement is a strategy for the life in the future and the dream for many. Retirement begins with reviewing the financial assets and understand what withdrawing from work means and the impact to family and friends. The State of North