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intoduction about aging
retirement planning conclusion
retirement planning conclusion
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“You can be young without money, but you can’t be old without it” -Tennessee William As we age into wisdom, money becomes more essential to our daily lives. Discouragingly, we who are opportune to have jobs, misuse our finances on desires, like cell phones, computers, iPods, and other miscellaneous commodities. Rather than what is profoundly essential to ones futures, as we age, we steadily realize this, but in several cases it may be too late when we finally pick up on this information. When retirement is convenient, we are looking forward to a unwinding life. It becomes apparent we cannot, owed to financial demand. Consequently, all of our prospects lead to health coverage and monthly bills. Clearly one cannot exist in the absence of these essentials as we slip away with age. Many of our elders turn to our government not only for support, but for financial support, health care, and essentially, a way of life. Is this honestly adequate to pay the bills and perhaps to live pill by pill? Life demands that we have money saved for any number of situations that can and do occur, i...
I believe Life is a gift and a responsibility to gain from society and gives it back all the good things we learn from our surroundings and our community we live in. Finance Management in an effective way is required for self and for the society. I believe a successful management of finances is interlinked to oneself and the surrounding society which we live. To improve upon the effective management of my finances I discovered my monthly income than I checked upon my monthly expenses on f...
The quote “What does it take to be rich? My father has gold teeth, my mother has gold teeth, and my brother has a fountain pen” (269). I love this because it describes what it is like when you are a child in a poor family. Until you are around others who have more than you, you do not realize that what you have isn’t a lot. You think, “Wow, gold teeth, we must have a lot of money to afford those.” And then once you begin to interact with those around you that may be from different affluent backgrounds, is when you begin to realize that things are not as they
Many seniors are sitting on more money than they need while family members no longer living with them are destitute or have financial problems.
Social security, since instituted in 1935, has kept many elderly people from running below the poverty line (Hosansky). In 2015, the Social Security Administration predicted that the funds would be depleted by 2034 (Max). This poses a serious threat to the living situation of future generations when they retire. Our elderly, by today’s standards, enjoy a comfortable lifestyle. They are able to retire and still make over one thousand dollars a month. Some people also have private pensions which allow them to live even more comfortably. But with social security funds running out, we must ask the inevitable question. Is it worth having social security anymore? Social security should be kept. One must never fully rely on social security. In addition
Carnegie opens his essay with the statement that there are three main ways most wealthy people use or distribute their money. First, some pass their money on to the next generation. Children...
In addition, declining birthrates may cause people to have less familial care and support as they age. To be able to provide the necessary care for senior citizens, a government funded long term care insurance program is needed. Medicare is the federal program that provides health coverage for people who are 65 and older (Green, 2003). Although many assume that Medicare provides long-term care, these benefits are very limited and are not efficient enough to accommodate the much needed care services for older adults. For example, Medicare programs do not help pay for personal care services such as eating, dressing or using the bathroom, even though these “activities of daily life” are the most needed services for most seniors (Green, 2003).
Making improvements on our financial literacy results in a wave of impacts on our economy and the financial health in our society because of responisble behiavior with our finances. These modifications to our behavior are neccesary because it let's us address primary cultural problems, for example over-credits on your purchases, mortgages possibly resulting in debt, dealing with expectations on inflation and also planning on your retirement.
Being successful at budgeting our personal finances is not strength within our household, and I often find myself nervous thinking about our cash flow. I don’t recall having conversations with my parents concerning finances; I only remember learning to balance a checkbook while in high school. Considering that most Americans will have the need to create a budget and manage their finances at one point of their adult life, I feel that a series of personal finance classes should be a part of a high school education. In these tough economic times, I’ve learned that having a handle on our personal finances is not a luxury – it’s a requirement. Therefore, making money while effectively managing and tracking how you spend it is closely related to stress levels and living a comfortable life.
Parents may not feel comfortable enough with their own financial situation to discuss personal finance with their children (Williams, 2009). Additionally, the parents, or other influencers, may not have a full grasp of certain concepts of financial literacy. In an article by Carlin and Robinson (2010) it was noted that “many retirement-age adults lack the financial literacy to understand the basic features of their retirement plans.” Financial literacy through socialization and practice may not be enough for students; whether it be “disadvantaged” youths who often lack a high quality of life at home, or youths whose parents have stable jobs with retirement
This chapter shows the readers five reasons why financially literate people may still have trouble increasing their assets.
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.
Retirement is one of the most important crossroads we face in life. It involves a fundamental change in lifestyle, one that calls for a totally new outlook on how we approach each day. All our lives we have been conditioned to think in terms of saving for our retirement years. Society has created this mystique about this time in our lives when we magically transform into different people with different lives when really we are the same people with different day to day lives. According to Medina, (2012) planning for retirement isn’t a "walk in the park" because for many people, debts are high while income is low.
Allers, Kimberly Seals. "How Fit Are Your Finances?" Ebony 68.9 (2013): 93-97. Academic Search Complete. Web. 15 Nov. 2013. Bauer, Gabrielle, and John Southerst. "A promising retirement: your life, your way." Maclean's 18 Feb. 2013: 37+. Opposing Viewpoints in Context. Web. 15 Nov. 2013.
Money is essential for our everyday lives and people have to face choosing whether to save up or spend their money. Of course earning our money can difficult considering that it is a necessary asset that affects every aspect of our life. Every day we see people working hard to earn as much money as the can. However how they use using the all the money earned is a frequently debated topic have seen many people who earn money and can no restrict themselves from spending .They usually act like wild animals fighting for food and being separating from the delusions of business. People are usually confused and frustrated by the amount money the use in a week without knowing that their daily impulse buying objects have piled up. Although it can be very hard to control there are many easy steps to stay away y from spending and instead saying up. Setting a goal, recording the amount you spend and even lowering your expenses can be small steps that will lead to great success in saving for the future
Having money saved away for emergencies is a must! People do not always know exactly what is to happen in their future, but having money set aside for certain purposes can make the process much easier. For example, one day someone could be making $28 an hour and living financially well, to being laid off and not having any other source of income until