The Retirement Gamble Analysis

The records provided from the Army reviewed an estimation of the actual impact on the rates of retirement in the past. The level pensions replaced approximately 30 percent of the unskilled laborer for today’s income or previous wage. It is very interesting to realize the difference in the adjustment for income on just a regular pension or one of

The purpose of this paper is to provide an opportunity to explore the social, cultural, health and economic issues pertaining to the older adult, specifically the older adults interviewed for this paper, and this includes their preparation for, subsequent adjustment to, and special needs and concerns of retirement. The information that follows in this paper, is taken directly from the two interviewees, a male and a female who differ greatly in age, and two nursing journal articles that relate to a common issue they both express in there interviews. The two individuals interviewed for this paper are, I.W and D.D. I.W. is an eighty-five year old woman who lives with her daughter, her son in law, and granddaughter.

Today's average middle-class American can no longer look forward to security in retirement. “But Washington is just catching up to what too many Americans have already discovered the hard way: that the American dream of maintaining one’s standard of living in retirement after a lifetime of work — never a reality for millions of workers — is endangered for nearly all but the wealthiest among us”(Altman). The American dream should be able to be attained by all even if you have to work harder than others but it is just no longer possible for most. The truth is for many Americans reaching the retirement age is that if they want to maintain their style of living they will have to keep working. Without the constant income from their normal job or getting a part-time job after retirement they cannot live the way that they are now. “Almost 19 percent of people 65 or older were working at least part-time in the second quarter of 2017” (Sterman). Almost 20 percent of adults 65 years of age and older cannot enjoy the full benefits of retirement that are 20 percent of people who are not achieving the American dream. This is, even more, proof that the American dream does not exist. 20 percent of Americans have to work a part-time job just to maintain their way of life therefor the American dream is dead.

We assumed that our clients are a married couple, who are 55 years old, and based on that we calculated their total income, costs, as well as the expected return of the portfolio based on their retirement demography. According to the US Census Bureau, Americans now have an average retirement age of 62.9, and an average death age of 78.7. Thus, our clients have to work for 7.9 years before they retire, and they have 15.8 years of their retired lives. We assumed that our clients have the average savings for 55-year-old couple of $117,000 and annual salary of $60,580, and we also presume their incomes do not increase anymore. Considering pension and social security income, the couple will have a total income of $1,392,281.20 till they pass away.

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

Another key element of the American dream is having a “long” prosperous life. In order to achieve this, one must be financially sound and have saved enough money for retirement and beyond. It is a well-known fact that American’s are not saving enough for retirement. 20% of workers that are nearing the age of 65, have saved NOTHING. (Eskow) The majority of lower and middle class people have not saved nearly enough. Due to this

Purpose: To inform the audience about how small sacrifices today can result in huge dividends in retirement.

How many will make poor choices on where to invest their money? Will financial advisors pressure people to make unwise decisions?” (Kraft & Furlong, 2015, p. 317). Finding out if this system would work is a huge gamble that puts the livelihood of retired individuals at stake. If privatization efforts turn out to be a disaster, either elderly individuals would have to take devastating cuts to the Social Security funds they were promised or the federal budget would have to take serious cuts in other areas to make up for the losses (Kraft and Furlong,

Are you one of those hard working middle class Americans that believes what the corporate world and what the government tells them? Do you believe that investing faithfully in your 401(K) is your path to a successful retirement? Or, are you one of those Americans that can not figure out, despite your best efforts, why you can not get ahead in life? In either case, keep reading because this article is for you. As a former financial advisor I had the opportunity to meet with and talk with all types of Americans. From the poor, to the middle class, to the rich, and to the wealthy and I can tell you that the true path to financial freedom is not hard work, although it pays a large part, it is in fact knowledge! What good does it do you to work 18 hour days and invest in a 401(K)

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.

Most people do not invest because of their lack of knowledge. In chapter three I learned over a dozen financial myths and statistics. Some of the truths to the myths are no brainers but millions of people fall into the ensnared traps leading them down the path of financial misery. President Gordon B. Hinckley tells us that being in debt is like becoming a slave working to pay it off.

When people are asked how people will plan or rethink for retirement, the first thing that people will think about, is saving. There are some positive ways to save money, the author suggests to the readers to sign up for 401(k) plan. It is a plan help employees save for retirement, 401(k) should allow anyone to build up a nice nest egg. For example, “In Dave Ramsey’s The Total Money Makeover, for instance, he gives us “Joe and Suzy Average” who invest $7,500 per year ($625 per month) using their tax-free retirement account. They do this from age 30 to 70, getting 12 percent interest per year. At the end, they have $7,588,545 to their names.” When people invest in 401(k) plan, it is safer and more money in retirement and it also has a benefit that you don’t need to pay for tax when you take the money out. Beside 401(k), people prefer to invest money in the stock market for retirement-plan. According to author “ During a recent 40- year period,

When attempting to save better to ensure you have a better quality of life in retirement age is not a venture you have to go it alone. The daunting task of navigating the options of retirement, getting out of debt, and preparing for unexpected events can seem impossible; employing a trustworthy retirement advisor greatly decreases the

Suze Orman’s The Money Book for the Young, Fabulous, & Broke stands as an in-depth guide to the financially struggling, younger generation in today’s prospering yet wallet-emptying economy. Through 300 pages of detailed advice and explanations, Orman shares her expertise. She is the author of New York Times bestsellers and national bestsellers including The 9 Steps to Financial Freedom, The Road to Wealth, and Suze Orman's Financial Guidebook and the host of her award-winning CNBC-TV show, The Suze Orman Show. The start of her big financial career began early: she was an Account Executive at Merrill Lynch from 1980-83, served as Vice President of Investments for Prudential Bache Securities from 1983-87, and directed the Suze Orman Financial

Financial Editor Adam O’Daniel reported on the Charlotte Business Journal about Prudential pulling a Retirement Challenge stunt at the NASCAR Hall of Fame Courtyard in Charlotte, N.C. “The company toppled a 30-foot-tall domino stone, beginning with just a normal-size domino, to illustrate the long-term outcome of systematic retirement investing. The stunt involved Harvard professor and best-selling author Dan Gilbert asking bystanders how much money they had in their pockets. He then calculated how much that amount, $45 in one example, would grow into if saved on a weekly or monthly basis. ‘We are our own worst enemy when it comes to saving,’ Prudential VP of Advertising Colin McConnell told me before the dominos fell. ‘We have this