The Importance Of Replacement Planning

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,

After reading The Age of Dignity by Ai-Jen Poo, I realize that she brings out many good concerns and information about where our country is heading in the upcoming years. Throughout her book we discuss our golden years and the care that we should be able to receive and how crucial it is for our personal wellbeing, independence, and securing our own futures. The 85 plus age group is one of the fastest growing demographics in the US and Poo talks about the possible solutions that need to be created in our infrastructure before we have an even bigger crisis on our hands. It’s a fact that the elderly baby boomers cohort is growing faster than we can care for them, this shows that we need to implement a new system that will be able to care and support our many elders in their life, and how we can do it with financial competency and dignity.

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.

Data from the Census Bureau tell us that in 2015, there are around 47.8 million Americans age 65 and older, up from about 25.5 million just 35 years ago; demographers predict that in another 35 years, there will be nearly 88 million Americans in this age group. The rate of growth of the “oldest old” population—those age 85 and older—is even more dramatic: Their numbers currently stand at approximately 6.3 million, but by 2050, that number will have almost tripled, to 18.7 million Americans. This population explosion is unprecedented in history, and the resulting demographic shift is causing profound social and economic changes.

Aging Americans, like other age groups, are feeling the effects of the declining real estate and stock markets, as well as soaring fuel and food prices. Seniors’ economic security will only increase in importance as the U.S. population ages. The nation’s health and social services resources will face unprecedented demand as 75 million people in the baby boomer generation reach retirement age—some with eroded savings and retirement accounts. Aging people of color are more likely than white

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.

In Josh Barro’s article, he mainly discusses the theme of Social Security. He explains how if we raise the age for people to access Social Security, that will harm poorer Americans who have a lower life expectancy due to the type of work they do or because of lack of other proper benefits. In the video, Coming of Age in and Aging America, they discuss the main theme of aging in America and the difficulties and obstacles these individuals face on a daily basis, especially in terms of Social Security. The video covers a variety of situations that the elderly face and how America can work to make the lives easier especially in a world where our elderly population in growing. One example was in a hospital where they were able to integrate new techniques and systems to make it easier for people to work longer into their lives. The main themes of Sharon Kaufman’s journal article were health care and the reform of current plans, and discussion of life-prolonging procedures. She discusses the three main procedures used in the U.S. which are organ transplantation, cardiac procedures, and cancer treatments. Finally, Segal’s text covers the themes and policies related to aging and elderly population. She discusses the acts and programs that have been put into place such as the Older Americans Act of 1965, social security, pensions, and Medicare/Medicaid, along with a variety of others.

Elderly people (women and men age sixty-five or older) (Macionis, 2005), Have many obstacles to face as they grow older, many of these obstacles involve social inequality. Not only do the elderly have to learn to deal with many forms of Ageism (the stereotyping and prejudice against individuals or groups because of their age), some also have to deal with the fact that they do not have enough savings or pension benefits to be self supporting, for most people over sixty-five, the major source of income is social security (Macionis, 2005). This forces many elderly Americans back into the workforce to continue to earn money to support themselves and or spouses. Although many elderly Americans may choose

Just like other parts of the world, the United States is no exceptional, it is an aging society. Between the year 2000 and the year 2050, the number of the elderly is predicted to increase by 135%. Again, the population of the persons aged 85 years and above, which is the group that will mostly require health and long-term services, is predicted to

Today, the certainty of receiving sufficient benefits solely from Social Security for a quality standard of living after retirement is indefinite. Baby boomers—individuals born post World War II between 1946 and 1964—are beginning to claim their benefits, and given what I have learned in class, the number of individuals entering the workforce is inadequate to sustain such a large population, thus such generation will consume

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.

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.

Instead of relying on income from previous occupation, the elderly population, income will fixate, resulting in dependency on their 401k saving plan and other government related programs to assist with activities of daily living. This is why I choose to work with this population, to ensure that dignity, worth, and respect of a person is maintained. However, the aging population should not feel that they are being treated as a burden by the government or their families. In the United States, we undermine our aging population by treating them as though they are not of any value. In reference to this mistreatment towards the aging population can cause issues such as unemployment, health, and elder abuse.

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 Social Security are mandatorily putting money into the Social Security Reserve; this money is used for older generations that will file for these benefits before the younger people working, in the early 21 century, ever receive a chance. Money controlled by other’s hands will never be a guarantee for a secure future, yet money saved by an individual to put toward personal goals will reward greatly. By taking the time to

(5) Currently SS funds are collected and distributed on a pay - as - you -go (PAYG) system in which Social Security taxes from individuals are immediately distributed by the means of the SS Administration as it sees best fit. This means that taxes collected are not reserved for the individual who has paid them: in Rose 2 the current state he or she must rely on those persons paying SS taxes during the time of their retirement (Becker). For a number of these characteristics and future issues, the Social Security System must be reformed or completely abolished to meet the needs of tomorrow. The leading concerns of Social Security that merits the immediate initiation of reform are the demographic and economic circumstances in the coming century. Even though "forecasting the economy and budget over such a long period is uncertain" there remain many "certainties" regarding problems facing Social Security in the first half of the 21st century (OMB, Budget Perspectives 23). The Federal Government's responsibilities extend well beyond "the five- or six-year window" that has restricted the focus of recent budget analysis and debate. Of these "certainties" are the mounting challenges posed from the baby-boomer generation. This generation, born in the years after World War II, is aging