Envision sitting in a rocking chair and having an” idle” lifestyle or idle time. When one 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 retirement planning now can make a huge difference later and should not be put off. Retirement is a strategy for the future and a vision of the future. Retirement begins with reviewing the financial assets and understands what withdrawing from work means and the impact to family and friends. The State of North Carolina’s State employees retirement plan has lost it punch and many people will not be able to endure if retirement is selected. Trying to develop a solid financial …show more content…
Many State employees have worked most of their lives for the State and giving that up is a challenge. The State should provide seminars or counseling to help employees mentally adjust.
Often many retirees are not involved in community, church or family due to past lifestyles, or working all the time and the solution may result in group home. Retiree find it hard to sit on the porch and have idled time and must find something to do or will consider a second job. No matter what the strategy for transitioning into retirement, there must be a strong financial income or enough funds to live during retirement comfortably. Change is hard at any age, but life style and transitioning into something new could be devastating. Family and friends are being impacted, which could cause pain and concern of the retiree. No one wants to become a burden to a family member or friends now or in the
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Medicare is a type of insurance to help pay for some of the medical cost the State may not cover or pay. Another big issue with State employee is the insurance price and coverage after retirement. It was stated by many retirees the price was too high and the cost too much. If a person has many health issues and need expensive drugs the retirement pension may only cover a small portion under this plan. All retirees should get a supplemental insurance plan to help with health coverage. The State offers a supplemental health plan at a very high premium. Another area in which the State should reconsider to help retirees is by decreasing the
The push for Congress to pass legislation protecting the rights of employees and their retirement was inevitable. Retirement plans are extremely important for all working individuals. Having funds to keep or exceed ones current standard of living and to enjoy one’s life beyond expectations after retire...
Medicare and Medicaid are two of the United States largest broken systems, which must sustain themselves in order to provide care to their beneficiaries. Both Medicare and Medicaid are funding by a joint effort between the federal government and the local state government. If and when these governments choose to cut funding or reduce spending, Medicare and Medicaid take the biggest hit. Most people see these two benefits as one in the same, two benefits the government takes out of their pay check to help fund health care. While the government does deduct a sum from paychecks everywhere, Medicare and Medicaid are very two very different programs.
The elderly in America are thought of to be part of the population that have already lived their lives and are waiting to pass away. They are the last priority in society because they are the past and the country is focused on the future. What America tends to forget is that the elderly were once in time able to work for a living, and able to contribute their assets to add to what the country is today. As people age they are eventually not able to work and will have to retire. After the retirements, although they may receive government assistance, they still have to maintain homes and things to keep their lifestyle going for the rest of their years. Some elderly are paying a great amount of money to live in regular homes. Other seniors are
With less than 5 days left until the referendum the polls are at an impasse on whether the United Kingdom should stay or go. As markets await the decision, volatility has drawn a considerable amount of attention. Investors are frantically parking themselves in safe havens and volatility hedging instruments to prepare for the fallout from the vote. We have seen gold and the CBOE Volatility index spike in value last week but in the event that Brexit sparks an international crisis, cash might be the safest investment.
The luxury of a defined-benefit pension plan could become a nightmare for thousands in the next couple decades. This type of retirement plan pays benefits to people a sum based on years they have worked and how much they were paid while with the company. Defined-benefit pension plans currently hold billions more in liabilities than they hold in assets leaving retirees all over the country with underfunded pension plans and soon-to-be retirees to continue working. This underfunding does not start with the financial crisis and recession but has been steadily increasing for the last ten years. Underfunding is measured by either the Government Accounting Standards
At present, the healthcare system includes two programs, Medicare and Medicaid, and both have different policy designs. Medicare has a universal design, although it is just for the elderly. It guarantees that all seniors in the U.S. receiving social security will have access to it. Furthermore, Medicare has a two-part scheme, A and B. Part A corresponds to the plan for hospital care, the short-term nursing care, the home health care and the hospice care. Also, part A is paid by the working class through taxation. While part B, corresponds to the insurance plan, which is funded by the federal and state government. This part of the programs pays for doctors and outpatient medical costs. The other component of the health care system consists of the Medicaid program which is a targeted insurance plan administered by states and localities. The targeted population are the elderly and the dependents (mothers, disabled and children), which have weak power but a positive construction. (Schneider and Ingram, 1993). Nonetheless the way that the Medicaid program is structured, in which the States have the power to decide who is eligible or who is excluded from the program, significantly alters equality and a fair
Investing in your future now can lead to many positive investment outcomes in the future. Some of these include traditional IRA, Roth IRA, Coverdell Education Savings account, Keogh Plan and one of the most popular, the 401 (k) Plan. All of these retirem...
Those men and women who were readying themselves for retirement have found much of their nest egg lost and are needing to work longer into their retirement age. This is slowing and even stopping advancement opportunities in many organizations.
Even though approximately 95 percent of older Americans are covered under Social Security there are many factors to consider when planning for retirement (Hooyman, 2011, p. 508). In forty years Social Security may not be as widely available anymore, and it was never meant to be sufficient to live off of alone (Hooyman, 2011, p. 508). Instead, utilizing the proper education, research tools, guidelines, and determination, retirement plans can be set in place early enough to leave room for fluctuations in the economy over time. It is no one else’s responsibility but one’s own to prepare for their future, and therefore should take matters in their own hands. 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. Taking the time to research and plan for a retirement can make a person prepare for the necessities that will be needed after retiring. Through researching, people can figure out the cost of living that will be required to support that individual upon retirement. Cost of insurance (health, life, auto, homeowners, etc.) and medical expenses will be higher and need to be planned for accordingly to create as close to an accurate estimate of retirement needs as possible. Of course, all of this assumes that work is available, steady and lucrative enough that there is enough left over to save and/or
One of the issues that must be studied in retirement is how people adjust to this significant change in their lives. Retirement adjustment has been broadly conceptualized as “a person's positive retirement experiences” (Atchley, 1999; Donaldson, et al., 2010, p. 280). The concept of this transition to retirement life has become a focus in the media as well as academic literature in recent years (Wang, Henkens, & Van Solinge, 2011). While early retirement researchers often viewed retirement ...
America is a country where everyone is free to live however they like, but it is possible for some people to live a happy life, if no one is around to take care of them. Nearly three hundred million people reside in the America, and out of those three hundred million populations, senior citizens make a 12 percent of the entire population. A senior citizen is commonly known as a person who is over the age of 65 and living on retirement, or known as social security benefits (Census Bureau). Ever since Franklin D. Roosevelt implied the act of Social Security in 1935, seniors are regularly provided a financial help, but seniors, along with financial help, seeks also accompany of someone who can look after them. Because of constantly growing needs of senior citizens, government as well as many non-profit organizations is working on helping seniors. Therefore I decided to research on this particular issue in my community, and I found that 64.5% of seniors are living alone in metropolitan area of Atlanta.
The Great recession that began in 2007 has had an effect on elderly people. They have a struggle between having to work and retiring. Seniors can enjoy life after retirement. There are benefits of retiring at 65 years old and there are reasons why they retire at 65. Some retire and work part time to make sure they have groceries. There are advantages and disadvantages of working and retiring and there are reasons why people choose to work or retire.
The finance in health care is complex and it has different sources of spending healthcare money. Health insurance is one the “finance mechanism that protects the insure from using their personal funs when expensive care required”. (Nancy 214). Most of the people have insurance and the insurance covers their health care. For instance, Medicare is one of largest insurance that provides care to people who are 65 and older, people who are disabled and people who have end-stage renal disease. Medicare is “an entitlement program because people, after paying into the program for years, are entitles to receive benefits.”. (Nancy 215). Therefore, Medicare insures many elderly people. It is estimated that New Jersey is one of the states that has the
It is necessary to introduce a pension scheme and health care system for the elders. Otherwise demographic transitions would be a financial problem in their families.
Estate planning is the process of managing and parceling out an estate to reduce the taxes owed and to transfer assets to beneficiaries after someone dies. The goal being that all of your financial wishes are met upon your death and are not determined by a court.