...Retirement Abstract Retirement is a great is one of the biggest developmental changes that life has to offer. It can affect you in many ways if you are not prepared. Although, it may have negative effects on a physical and psychological level, it also can have its benefits. It depends on how prepared you are, going in to this stage of life. In most cases, the economical status of an individual can be a major factor in being prepared for this event. As human beings, we are not able to depend on our own selves and that is where psychological stress may impair our vision of retirement should be. Now, I ask, why do we retire? Obviously, to enjoy what we have achieved from all the hard work that have had to endure. For some it may come easy; for others it becomes a difficult stage where independence becomes dependence and that is where anxiety and depression come in to play. In this paper, I will discuss the findings psychologists that have studied the effects of this life stage. First, let’s review the psychological perspective of retirement. As stated by Kenneth S. Shultz and Mo Wang, “Retirement is an interdisciplinary topic studied by researchers in psychology, sociology, social work, demography, economics, and organizational sciences…” Because of this, literature on retirement has grown a great deal and has research has taken many different forms. The basic...
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...Retirement: The End of the Road? Retiring is another life decision that many have to make. It’s not always easy or well thought out because like many choices people are forced to think and react quickly. There are different factors that influence one’s decision and the choice is not always what you had planned. Studies and researchers have suggested reasons why people retire and have explained life after work, but times have changed which means people have changed. Retiring does not have the same value for everyone; it is not what some look forward too because everyone will not retire and live a life of luxury. Retirement is not the same experience for everyone, but it does open doors to a new life experience. Although there are many reasons and different views and outlooks, retiring could be full of opportunities and possibilities. Retirement is what you make it. Sixty-five is not the magical number of retirees anymore. Some are retiring early while others sixty-five and older are still working. Family, health, race and gender are some aspects that influence one to retire. “Men are more likely to decide to retire when their wives become eligible for Social Security ben¬efits; wives are more likely to be influenced by their husbands’ decisions and the couples’ overall eco¬nomic situation”, (Markson, E. W. & Stein, P. J., pp. 212, 2012). Women earn less so they have less money saved. They don’t know how to plan so they don’t know what do. They don’t invest and if they don’t...
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...RETIREMENT Everyone may ask once in his lifetime, “What does one need to have a comfortable retirement?” When people are young, they think they have many years ahead before planning for retirement. People look forward to retiring, maybe moving to another state, going on vacation, or simply just enjoying the golden years. While Social Security was not intended to be a retirement plan, but rather a retirement supplement or safety net, many American retirees have relied heavily on this monthly benefit to sustain him. Many Americans were/are not fortunate enough to have worked for a company that provided an ample pension or any pension plan. The lower and middle classes in the United States, out of necessity, have survived in their post working years on Social Security. Even though that may not have been the intent of the program that is the hard reality. Middle class and upper class individuals have had the luxury of acquiring a little extra money to set aside or to invest for their retirement. Most Americans expect Social Security to provide for them in their retirement years. However, as many people know from reading, listening, or watching the news, Social Security is in financial distress. Congress is discussing changes that need to be made for Social Security to survive even as a reduced entitlement. Therefore, Social Security may no longer be relied on as sufficient for even the barest necessities of life. Therefore people should consider alternatives for future...
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...Retirement Planning and Social Security In the United States, we do not need to plan for retirement. Social Security will cover our needs when we retire. This is a common misconception among Americans simply because the Social Security program has been such a vital part of most everyone who has retired in our country for so many generations. We as Americans have grown to trust that our country is going to be not only able to give a portion back to us in our older years, but we feel it is our right as Americans to finally receive a little financial peace after a lifetime of labor and dedication. While all of these feelings are completely justified, there are a few questions we need to ask ourselves to ensure that freedom. We need to decide what exactly are our needs going to be at this point in our lives, and what we can realistically look forward to from Social Security, and finally educate ourselves on the alternatives and supplements that may be offered to us. Naturally you will want to know how long your retirement money will last you. First you must tackle an even tougher question; How long will you live? The life expectance for both men and women has increased over the past several years mostly due to such great strides in healthcare. If we only knew what to expect it would make planning much more precise. There are a few fun ways to gather an educated guess, by going to the Paul Beson Faculty Scholarships Aging Research Program you are able to fill out a life expectancy...
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...TRANSITION TO RETIREMENT BY JONATHAN GUTIERREZ BSHS/325 6/17/2014 UNIVERSITY OF PHOENIX In our early adult lives, a lot of us gets used to the routine of getting up in the morning, work till the evening, and come home for many years, but if we are lucky enough to reach the good age of 65, we get to retire, and that will change our roles and lives from here on end. During this time since we have no more jobs to worry, we have different roles in our social groups. In many TV shows it is common to see a grandma and grandpa, being put in a nursing home or living under the same roof as their kids and grandkids. Life at this stage is not all fun and relaxation; we have more health problems then our younger adult life, and we have to watch our diets to reduce any more problems to can give us complications. A question that arises at this age is “can I afford to retire, can I continue to work past 65”, many older people that is about to retire will wonder this question, because the social security might not be enough to sustain their old way of living when they had jobs. This is our later adulthood, its experiences, and expectations. We all had jobs that required us to set aside time for work, put food on the table and we do this for 40 something years, but now your retired. Retirement is great, but it takes a while to adjust to this new life, because when you first wake in your first day of retirement, you will find this great you all the time in the world to do whatever...
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...Retirement is an important aspect in life that many people don’t ever get to experience. I know many people that work their whole life; which is mostly because they can’t afford to retirement. Having a retirement plan helps you prepare for the future so you can enjoy the final years of your life. Some people also enjoy working their whole life because it’s what keeps them going. I honestly wouldn’t mind working my whole life unless I wasn’t physically able to. Everyday throughout the world people are getting ready or finished planning their retirement plan. There is so much to look into on how to organize a plan very well on what you want for your retirement. Many focus on what stocks and bonds they will want to invest in and also about the 401k. I don’t plan on working a normal job in the future, but if I did a 401k would help me out the most when in retirement. What I want more than anything is to have my own business because that’s what I’m going to school for. If my business works out good and generates plenty of profit then I should be able to have a nice retirement. The two main problems in everyday people in trying to organize their retirement plan is what kind of stocks they would want to invest in. There are so many different stocks in the stock-market that it makes it difficult for people to figure out which one will go best for you in the future. A different problem would be what bonds they would also like to invest in. Investing in stocks and bonds will not make...
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...Retirement Planning and Social Security In the United States, we do not need to plan for retirement. Social Security will cover our needs when we retire. This is a common misconception among Americans simply because the Social Security program has been such a vital part of most everyone who has retired in our country for so many generations. We as Americans have grown to trust that our country is going to be not only able to give a portion back to us in our older years, but we feel it is our right as Americans to finally receive a little financial peace after a lifetime of labor and dedication. While all of these feelings are completely justified, there are a few questions we need to ask ourselves to ensure that freedom. We need to decide what exactly are our needs going to be at this point in our lives, and what we can realistically look forward to from Social Security, and finally educate ourselves on the alternatives and supplements that may be offered to us. Naturally you will want to know how long your retirement money will last you. First you must tackle an even tougher question; How long will you live? The life expectance for both men and women has increased over the past several years mostly due to such great strides in healthcare. If we only knew what to expect it would make planning much more precise. There are a few fun ways to gather an educated guess, by going to the Paul Beson Faculty Scholarships Aging Research Program you are able to fill out a life expectancy...
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...Associate Level Material How Retirement Planning Fits within your Financial Planning You want to know how long your retirement money will last. Who doesn't? But first you must tackle an even tougher question: how long will you live? Ah, if we only knew. But you can have some fun coming up with an educated guesstimate by going to the Paul Beeson Physician Faculty Scholars in Aging Research Program Here's how: type in Beeson-- beeson.org/livingto100 – if only we could --/quiz.htm. The life expectancy calculator asks 23 questions ranging from do you smoke to eating habits to a little family history. According to the calculator, I can expect to live a fraction more than the male average of 84 years. Obviously you really can't predict how long you'll live, just as you can't know how well your portfolio would do over time. But a new generation of calculators will compute the odds that your mix of stocks, bonds and cash will support your desired standard of living during retirement. These Monte Carlo simulations work out the probability by running thousands upon thousands of results including worst case scenarios. The best known is offered by financialengines.com. So let's go to financialengines – one word --.com. And from the home page, put our cursor on my info. The advice costs money, but you can get a free forecast and see if you like the service and whether you like looking at the world through the lens of probabilities rather than certainties. Don't forget your Social...
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...location in our specific region: There are hundreds of retirement villages around the Dalla/Ft. Worth area and almost everyone claims that they are the best. Separated by only 30 miles, Dallas and Ft. Worth are full of retirement homes competing with each other. In the last 10 years, Dallas’ growth has increased the smallest amount since the late 1800’s but the current citizens are growing older and retiring and the retirement homes are at high capacity. More are needed and the retirement communities are growing. Retirement homes and retirees are growing in the area of Dallas/Fort Worth, Texas so competition is high. The location of the company needs to be easy access for many major retirees and close to most of the retirement homes but not too far for families to go and receive most of their healthcare needs. Many of the retirement homes on the map below, as indicated by all of the red dots and letters, are concentrated all around Dallas and Fort Worth. An explanation and map of the specific location: Location - Close to major highway arteries and close to retirement communities - We have chosen to place the facility next to interstate highway 30, Tom Landry Freeway, and by state route 360. It is close to the two major highways to make it easy access if the patient is coming from Fort Worth or Dallas, Texas. The location is a little closer to Fort Worth and not very close to any major retirement homes but it is mostly in the middle of all of them...
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...Our company is introducing a Group Registered Retirement Savings Plan (RRSP). The plan offers an attractive retirement investment options to our employees'. One of our main goals of this plan is creating a better future for our employees. We decided to offer them an RRSP which consists more benefits. Our plan includes the employee to contribute 1% to 5% of regular wages to the RRSP. The employer will match up to 3 % of the employee's contribution. Per example, if an employee decides to contribute 2%, the contributions of the employer would match the contributions of his employee on each pay period. Therefore, if an employee contributes 4% of the contributions, the employer will only contribute 3%. This contribution and investment earnings until their retirement. The investment could be ended at any age up to the end of the year where the employee turns 71....
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...A Tax Free Retirement by Tom Koziol on November 21, 2009 Doesn’t that sound dandy? Retiring with tax free dollars. Almost reads like a come-on from a certain East Coast based investment hustler. My friends, as of this writing if you own the product I am about to explain, you have a tax free retirement vehicle second to none. How you grow it determines how much you’ll have at retirement. I bring this to your attention because the new Obama administration is making a lot of noise about the 401ks, IRAs, SEPs and other pension funds you now own. They want to roll all of them into something called a GRA – government retirement account. These newly elected politicians have the same thought theology that created the Department of Energy to free us from dependence on foreign oil (that’s working isn’t it?) and the Department of Education to make our kids smarter (our students rank in the top 80% of the world, right?). Oh, lest I forget, the war on drugs. That’s another marvelous program brought to you by the same intellectual thinkers. Social Security Not Really A Worry For everyone who is wondering if social security will be there for them when they retire, quit worrying. It isn’t there today. The government melded the SS funds into the general account so as to make the deficit look smaller than it really was. I’ll let you guess the name of the president who concocted that sleight of hand. By the way, you shouldn’t even have this particular worry – about this thing some call...
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...Retirement: Perspective Differences Faith Ash Walden University Retirement: Perspective Differences Mary Mary is a 65-year-old African American woman living with her second husband of fifteen years, also retired. Mary was a single mother for many years, working two jobs taking care of her children. As they became adults, she continued working for a chain retail store until her retirement two years ago (Johnson, 2012). For many years, Mary had money taken out of every paycheck and put in her retirement plan. She knew that she would need to look out for her future because she knew what it was like to be a single mother struggling and did not want to find herself struggling through retirement. Mary stated, “I watched every penny I had because I always put money away, even when I couldn’t afford it because I knew it was so important.” (Johnson, 2012). After she remarried, she continued working and saving. It was easier now because she had help with finances, as a result, she increased her savings (Johnson, 2012). Today she receives social security and has a nest egg still being invested and growing slowly. When asked how she prepared for retirement psychologically, Mary replied, “I was ready. I have 7 children, 16 grandchildren, and 2 great grandchildren. I love my family am always helping them, but now I do not have to split my time” (Johnson, 2012). The stress of trying to keep up caused her to begin having mini strokes, which lead to more health problems (Johnson, 2012)...
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...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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...Future Trends in Retirement Tamika Mays SOC304: Social Gerontology Instructor Stephen Ulrich June 12, 2012 Future Trends in Retirement Retirement is considered to be a time of enjoyment. It is the time to enjoy your significant other as well as participate in activities that you love to do. However, as the economy and economy has drastically changed over the past several years, so too has the workforce. This essay will reflect on the future trends in retirement. It will also discuss how the percentage of the American workforce has changed and how gender, age, and racial or ethnic groups impact the employment rate. Due to the drastic economy changes as well as the recession many baby boomers have had to change their retirement plans. Retirees and those close to retirement lack the time to properly recover from job losses, falling home prices, and investment portfolio losses. Their retirement options are to work longer, save more, or settle for a lower standard of living in retirement. It has become a trend for many older Americans to dip into their savings to cope with the change in economy. According to Quadagno, about a quarter of American ages 50 and over report exhausting all their savings and that near half of them have had trouble making ends meet because their household expenses have increased, while the household income has fell. Also, many older Americans are choosing to delay retirement because there is not enough money saved or simply because they cannot afford...
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...Retirement Planning: Plan for the Unexpected Many adults are optimistic about retirement, but many will be unsuccessful in preserving the lifestyle and standard of living to which they have become comfortable because they will neglect to plan and save. In fact, some people do not even attempt to calculate what their needs will be when they retire. In the past, Americans could count on Social Security, Medicare, and pension plans directed by their employer to help plan their retirement; however, today it is entirely different. The future of both the Social Security program and the Medicare program are uncertain, and to compound the problem, most employers no longer offer defined benefit plans. Some employers offer contribution plans, such as 401k plans; however, that means that people need to have self-discipline and exhibit regular patterns of investing to ensure a comfortable retirement. Citizens must be active and take responsibility for their own financial security. Not only do people have to calculate how much money they will need for ordinary living expenses, but they will also have to calculate how many years they will live in retirement. In addition, they need to recognize the impact that inflation will have on spending power and determine how much money they will need to cover medical and long-term care expenses if they arise. Although the Social Security program will play an important role in retirement, Americans must create a plan that covers every cost, including...
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