...RETIREMENT: HOW PREPARED ARE YOU? The Actuary asks A Faculty Lecture by Arnold Ouendo Department of Mathematics & Statistics University of Cape Coast OUTLINE • WHAT IS RETIREMENT? • THE FIVE PILLARS OF RETIREMENT SECURITY • REASONS TO PLAN FOR RETIREMENT • HOW TO PLAN FOR RETIREMENT • POST-RETIREMENT RISKS • SUMMARY • CONCLUSIONS WHAT IS RETIREMENT? • As we grow old, we work less, produce less, and earn less; • We need to secure sources of income other than wages to support ourselves; • Used to contrast a period of gainful employment with a period when an adult is no longer gainfully employed; WHAT IS RETIREMENT? • People often work continuously up to 40 years prior to retiring; • Upon retirement, the retiree relies on the public or private retirement system and/or personal savings for income; • Some workers are beginning to look for opportunities to gradually ease into retirement – often called “phased retirement” THE FIVE PILLARS OF RETIREMENT SECURITY • • • • Social security (SSNIT in Ghana) Employer-sponsor retirement plan Personal savings Earnings from employment after retirement • Income from family members, life insurance, health insurance, and general insurance. REASONS TO PLAN FOR RETIREMENT • Break down of the informal systems – Changes in the family structure – Urbanization, mobility, war, famine, and aids – Family attitudes HOW TO PLAN FOR RETIREMENT TOP 9 WAYS TO BEAT THE CLOCK AND PREPARE FOR RETIREMENT HOW TO PLAN FOR RETIREMENT • Know your retirement...
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...ANALYSIS OF THE PHYSICAL PARAMETERS INFLUENCING BEAM PATTERN OF A UNIFORM LINEAR ARRAY OF ANTENNAS Final Year Project Report Presented by SAJID UR REHMAN CIIT/SP08-BET-090/ISB USMAN ULLAH ASIF CIIT/SP08-BET-121/ISB In Partial Fulfillment Of the Requirement for the Degree of Bachelor of Science in Electrical (Telecommunication) Engineering DEPARTMENT OF ELECTRICAL ENGINEERING COMSATS INSTITUTE OF INFORMATION Technology, ISLAMABAD JAN 2012 Declaration We, hereby declare that this project neither as a whole nor as a part there of has been copied out from any source. It is further declared that we have developed this project and the accompanied report entirely on the basis of our personal efforts made under the sincere guidance of our supervisor. No portion of the work presented in this report has been submitted in the support of any other degree or qualification of this or any other University or Institute of learning, if found we shall stand responsible. Signature:______________ Sajid Ur Rehman Signature:______________ UsmanUllah Asif COMSATS INSTITUTE OF INFORMATION Technology, ISLAMABAD JAN 2012 ANALYSIS OF THE PHYSICAL PARAMETERS INFLUENCING BEAM PATTERN OF A UNIFORM LINEAR ARRAY OF ANTENNAS An Undergraduate Final Year Project Report submitted to the Department of ELECTRICAL ENGINEERING As a Partial Fulfillment...
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...For instance, in 1981 the government phased out the student benefits program, which stopped parents from receiving social security income when their child reached the age of 16. It also limited the lump-sum death benefit and reserved payment of benefits if you were earning income before the normal retirement age up through the age of 70. A cap on disability payments was made and changes to the minimum social security benefit. Penalties for misuse were increased and for reporting of late death notices, which offend amounted to two social security checks going to one household after a spouse passed away. In the 1990’s, bills were passed that required all Social Security payments to new beneficiaries to be made through Electronic Funds Transfers instead of mailing a check at the beginning of each month. They also added measures to prevent new non-citizens from receiving benefits and all existing non-citizens would...
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...university, who lead and support these efforts. A key part of success is the stability of the workforce and the implementation of the transference of leadership and the community culture to those who will be members of the faculty and staff in 2010 and beyond. Compounding the need for planning is the widespread concern that the imminent retirement of the “baby boomers” will cause an exodus of talent in a very short timeframe. Without a firm plan, such turnover of talent could make it difficult to sustain the quality of the faculty, leadership and staff of Grand Valley. To assure university leadership, our community, and stakeholders that Grand Valley is prepared for its workforce of the future, President Haas charged the Human Resource Planning Task Force to study this important issue and report to the campus community. The task force studied Grand Valley data, considering projections of retirements, faculty growth, and programmatic needs of the university. Additionally, we considered compensation, benefits and the budgetary impact of our planning. While retirement is voluntary with no mandatory or encouraged age of retirement, the typical retirement age for Grand Valley faculty and staff members is 64 years old. In reviewing our demographics, particular attention was paid to units in which more than...
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...This is author version of article published as: Price, Robin A. and Colley, Linda (2007) Assessing HR Strategies for Retaining and Aging Workforce. In Proceedings 15th International Employment Relations Association Conference: Working Lives, Working Choices, pages pp. 1-18, Canterbury, England. Copyright 2007 (please consult author) ASSESSING HR STRATEGIES FOR RETAINING AN AGEING WORKFORCE Dr Robin Price, Queensland University of Technology Dr Linda Colley, Griffith University Contact Details Dr Robin Price Lecturer School of Management Queensland University of Technology 2 George Street BRISBANE QLD 4000 r.price@qut.edu.au Telephone +61 7 31382790 Fax +61 7 31381313 Dr Linda Colley Adjunct Lecturer Department of Industrial Relations Griffith Business School Griffith University NATHAN QLD 4111 1 ASSESSING HR STRATEGIES FOR RETAINING AN AGEING WORKFORCE Abstract An ageing workforce is an issue faced by governments and employers in most western countries (OECD 2005). The generally accepted definition of an aged worker is someone aged 45 years and over (Brooke 2003). At the level of the organisation, a range of HR strategies are recommended to deal with an ageing workforce, including attracting younger workers and retaining ageing workers for longer. Recruiting younger workers changes the demographic structure of the workforce, and is not the focus of this paper. Here we identify potential strategies derived from the literature that could be adopted to retain an existing...
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...NBER WORKING PAPER SERIES DEFINED CONTRIBUTION PLANS, DEFINED BENEFIT PLANS, AND THE ACCUMULATION OF RETIREMENT WEALTH James Poterba Joshua Rauh Steven Venti David Wise Working Paper 12597 http://www.nber.org/papers/w12597 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2006 We are extremely grateful to Tonja Bowen for extraordinary and tireless research assistance, to Gary Engelhardt and Anil Kumar for graciously providing us with tabulations from their HRS Defined Contribution Plan imputation algorithm, to Paul Bingley, Peter Diamond, Gary Engelhardt, Jon Gruber, Helena Stolyarova, and many seminar participants for helpful comments, and to the National Institute of Aging for research support under grant number P01 AG005842. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. © 2006 by James Poterba, Joshua Rauh, Steven Venti, and David Wise. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Defined Contribution Plans, Defined Benefit Plans, and the Accumulation of Retirement Wealth James Poterba, Joshua Rauh, Steven Venti, and David Wise NBER Working Paper No. 12597 October 2006 JEL No. J14,J26,J32 ABSTRACT The private pension structure in the United States, once dominated by defined benefit (DB) plans...
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...Age Segregation and Old Homes. | Divided Cities | 5/18/2013 ‘Old age is the most unexpected of all the things that can happen to a man’. -LEON TROTSKY Life cycle changes over time as a person grows old. He passes through different phases of life and gets opportunity to experience changing situations in life. There come situations when a person feels fortunate to have a great life whereas, all the same, situation arrives when a person is made to have worst experiences of life. He is made to feel alone, socially isolated or segregated in the society. Sometimes, there comes a situation, when the houses, which were typically considered to be large and spacious, motivate its residents to consider other housing options. My research, basically revolves around the people who choose to live in old homes. My research question is based upon their perspective about this residential segregation and the bonds they have developed within themselves in the old house. I also tend to disucuss the reasons behind choosing such an institutional living. Literature review. Old age segregation is highly debatable topic and a lot of literature is existing which highlights different perspectives of such segregation. TIME TO MOVE?A LITERATURE REVIEW OF HOUSING FOR OLDER PEOPLE by franceska Richard and Gill Walker, looks into the social context of housing for aged ones. It covers the demographic material, facts about social framework of housing for older people. This includes a review of demographic...
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...Design for Elderly Friendly Nurul Hidayah Ahmad Alemi SYS 705 Advanced Interaction Design Universiti Teknologi MARA nurul0903@yahoo.com Abstract—A number of senior citizen population or elderly people increased every year. There are many difficulties and weaknesses involve as we get older such as cognitive disabilities, memory decline, poor vision, thus the assistive technology nowadays should follows some design specification that suitable for an elderly to satisfy and simplify their everyday life needs. Hence, this paper attempts to discuss about the issues, concept, applications and design for elderly friendly in details. Keywords—Elderly: Assistive Technology: Design for Elderly. II. ISSUES In the past few years, people assume elderly pathetic, poor and unfortunate also useless. They have been national development and nation. On the other hand, designer should follow some design guidelines on how to design the assistive technology or application that suitable for the elderly depending on their type of impairment or disabilities. considered not so important in the community. Nowadays, community realize that the elderly should involve or participate in the social and community activities as they had a lot of knowledge, experience and I. INTRODUCTION Elderly is defined as aged 60 years and above. The number of older people is rapidly increasing in Malaysia and also in developing countries [1],[2]. The rapid wisdom that can be shared to give some ideas in the requirement...
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...feel like they are based on the same principles because social security is Work Related and enables economic security for workers and their families is based on their work history. Entitlement to benefits and the benefit level are related to earnings in covered work. Benefits are an earned right and are paid regardless of income from savings, pensions, private insurance, or other forms of no work income. How much a person gets and under what conditions are clearly defined in the law and are generally related to facts that can be objectively determined. 3. Do you think workers should be permitted to invest all or part of their social security taxes into a personal retirement account? I do think that workers should be permitted to invest into a PRA because it would let the\m save and invest for their retirement and provide workers with a property right to the funds contributed into their accounts and reduce dependency on the government. 4. How does social security affect the economic well-being of blacks relative to whites and Hispanics? According to statistics blacks have a shorter life expectancy than whites and Hispanics, blacks are more likely to pay a lifetime into social security and see little of it. Hispanics have an above average life expectancy and therefore derive a higher return rate than both whites and blacks. Blacks also have a lower return rate due to their shorter life expectancy. 5. Does the current social security system promote income equality...
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... stores are targeting the business furni ture market. Identify and evaluate t\\OOonline leases apartments, sells condominiums, a provides housekeeping, basic utilities, cab television, and recreational activities for its re stores that sell business furniture, Briefly sum marize your findings. idents. The retirement village is locally owne and managed; however, a residents' advisor board has Significant input when changes ~~o. /::5:h. :2. Hoosier Burger The Hoosier Burger project development team recommendations to the retirement village a contemplated. has met several times with Bob and Thelma Mellankamp. During these meetings, Bob has stressed the importance of improving Hoosier Golden Age Retirement Center's manager Mary Lou Tobias, has recently approached y for help with the retirement center's outdate Burger's inventory control, customer ordering, and management reporting systems. Demand for information system. Currently, the retirement office has five employees, including Ms. Tobia Hoosier Burger food is at an all-time high, and She explains that all data concerning residents this increased demand is creating problems for financial matters, suppliers, employees, an Hoosier Burger's staff, creating stock-out prob lems, and impacting...
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...Getting and Staying Active in Later Life On the occasion of International Day of Older Persons, ASM ATIQUR RAHMAN discusses the plight and prospects of ageing in 21st century Bangladesh. Old age is neither a disease nor an individual problem; rather, it has become a worldwide challenge that must be addressed globally. "Later life" is unavoidable, inevitable, universal and excessively troublesome. No one can stop the process of ageing. The quality of life and the rate of ageing both vary considerably depending on a number of factors such as education, occupation, purchasing capacity, lifestyle, food habit, residential location, belief and culture, etc. Surprisingly, ageing takes place within the context of family members, kin, neighbours, friends, work associates and the state. Lifelong preparations, making intergenerational linkages, using appropriate technology, developing right-based societal relationships, upholding religious values at the personal level, political commitment and governmental undertaking at the macro-level can help ensure a healthy ageing and active later life. Policy responses to ageing until now have tended to focus only on the provision of medical care and income security for older persons, which remain important but have been inadequate compared to the rate of ageing occurring now and projected to intensify in the coming decades. Population ageing is a by-product of scientific development in human societies bound to remain a dominant social...
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...deficit as this huge fund is utilized. “Social Security is a trust fund composed of special bonds that are issued by the federal government for any excess money taken in by the system and that pay interest at the going rate. These bonds are obligations of the US government as much as any other bonds it issues. They are part of the national debt. These assets are IOUs for the money the federal government owes all present and future Social Security retirees” (Durigan, 1994) . This means like any other bond, Social Security is affected by the economy. A deficit will increase the bond price and during a surplus the bond price will drop. Although this is normally expressed by the retirement age. As Social Security is depleted, the age to cash in full Social Security benefits increases. Eventually the retirement age will be so extreme that it will be impossible to receive benefits in a lifetime. Future UoP Student Everyone who goes to college, unless incredibly lucky, has at some point taken out a loan in order to help finance the cost of education. Loans are subject to bank interest rates due to the Fed. Although the Fed doesn’t set individual rates directly, it sets the federal funds...
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...Is Social Security Enough to Rely on for Retirement Will Social Security be around when you retire? Should you rely on Social Security to cover 100% of your needs? Relying on Social Security 100% for your retirement needs could put your retirement years in financial hardship. Retirement could have different meanings for different people. Some people define retirement as no longer working; spending their golden years traveling and spending time with their spouse and/or family. To some, retirement means leaving their job they have worked at for many years and going to work part time at a job. If you plan on relying 100% on Social Security for your retirement, you may find that the part time job is no longer an option but a necessity. Social Security is a much like health insurance, it is not meant to pay all of your expenses. For example, your health insurance has a deductible you have to meet each year before the health insurance company pays 100% of your medical bills. Health insurance is intended to share the cost of medical bills, just like Social Security is intended to share the cost of the retirement needs and help prevent financial hardship. Think of the expenses you currently have, and while some expenses might go away as your become older or retire, the cost of living is constantly going up. The average person will only collect approximately 40% of what they were earning before retirement. If you currently make $70,000 per year and are accustomed...
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...the elderly, taking care of the elderly will rest on the government’s shoulder and this will has implications on the economy, financial security, living arrangement as well as health care system within the country (Chan, 2000). With researches done on the ageing population and the social policies, in terms of economy, living arrangement and health care system, implemented, these can help to ease the ageing process. In order to maintain financial security so that the problem of ageing population will not affect the economy, the government has come out with a few policies. As Singaporeans now live longer, they will thus have to work longer. The government promotes lifelong employability to enhance elderly’s employability. By extending the retirement age of the individual, this ensures that even with the increase in elderly, who can still contribute to the society, stay active and have more savings to support themselves by the time they retire. Another way to ensure that Singaporeans are still able to support themselves and maintain financial security of the country...
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...University of Phoenix Material Appendix I Part I Define the following terms: |Term |Definition | |Ageism |Prejudice against older people | |Baby boomer |A person born Post WW2 between years 1946 and 1966 | |Americans with Disabilities Act |Is a law made by Congress and it prohibits discrimination against people with disabilities| |Visitability |Allows homes to have easy access for people who have mobility impairments | |Accessibility |The ability for disabled people to benefit from some system | |Disability |Disability is an impairment and/or physical limitations | |Inclusion |To ensure disabled students to go to school and to receive the “proper support” in order | | |to succeed as a learner | |Deinstitutionalization |The process of replacing a long time stay psychiatric hospital with less isolated mental | | |health services ...
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