Retirement: Perspective Differences

In: Social Issues

Submitted By faithash
Words 1286
Pages 6
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). Mary was not scared of retirement, in fact she welcomed it. Not having to work gave her more time to spend with her family and be there for everyone in her life. Today Mary babysits 3-4 days a week two of her great grandchildren, attends church on Sundays morning and night, plans other social events for the church for Saturdays, is the church treasurer, attends the women’s church group…...

Similar Documents

Retirement

...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......

Words: 912 - Pages: 4

Major Theoretical Sociological Perspectives: Similarities and Differences

...Major Theoretical Sociological Perspectives: Similarities and Differences Sociology: the scientific study of the development, structure and functioning of human society (Oxford). When the topic of discussion is sociology, Auguste Comte, the “father of positivism” would come to mind, as it was he who first coined the term “sociology” (Kreis, 2009). Comte also emphasized that the study of society must be scientific and he pushed sociologists to employ the use of qualitative methods such as observation, historical comparative analysis and experimentation. Sociological Perspective is the way in which we view sociological phenomena (Long, 2011). Among the many perspectives that exist there are three theoretical perspectives that are widely acknowledged by sociologists, these are the symbolic-interactionist perspective, conflict perspective and functionalist perspective. The analysis of social phenomenon occurs at varying levels by one of the three main theoretical perspectives or paradigms which provide sociologists with an orienting position or rather a philosophical position used to guide their questions about a society and its inhabitants. These phenomena range from evident interpretations to sweeping generalizations of society and its social behavior. Everything is studied from specific events straight up to the “big picture”, this would include the micro levels and macro levels of a society’s social patterns. The origin of the symbolic-interactionist theory traces back......

Words: 2448 - Pages: 10

Retirement

...  Even thou Americans have Social Security, Americans need to plan for their retirement because of the failing economy and the rise of government debt. The failing Social Security program has been in the news for years. It has become a growing issue and a major concern to most Americans. With all the issues facing the government and its economy, the Social Security program needs to be overhauled. Still, people should also take matters in their own hands and make investments in a retirement plan. With the current predicament the Social Security program is in, the results of this system failing could be catastrophic for retiree’s. The results of this would place many retired Americans into poverty and losing everything they have worked for. However, this issue can be avoided by investing in their own retirement instead of putting their trust in the failing Social Security system. The structure of Social Security is expected to fail in years to come. With people living longer and family’s being smaller, less revenue is being poured into the Social Security system keeping it up and running as an active source of retirement income. It has been suggested that early actions to reform Social Security is needed to protect the program from failure. As we all know, the economy is in shambles and the U.S. Government is in a predicament with its own debt. With the governments need to solve its debt ceiling, money has been used from Social Security for funding and a way to pay debt. This...

Words: 922 - Pages: 4

Retirement Home

...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......

Words: 404 - Pages: 2

Retirement

...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......

Words: 1036 - Pages: 5

Tax-Advantaged Retirement Plans

...ACCT 530 Tax-Advantaged Retirement Plans April 30, 2014 An important part of tax planning includes planning for retirement. There are many different types of plans available, some with immediate tax benefits and others with deferred benefits. Effective retirement planning should begin as early as possible; and continue through the remaining work life expectancy. The ability to save for retirement as well as the timing and risk of investments factor into which retirement plan(s) an individual should utilize. This review will analyze various types of plans and include the prevalence of these plans, as well as the tax savings or cost to the federal government. There are several major sources of retirement income for the retired, including Social Security, employment based pensions and annuities, part-time work, and personal savings and investment. According to the Employee Benefit Research Institute, nearly 90% of all retirees receive some type of benefits from Old Age, Survivors and Disability Insurance (OASDI), or Social Security. This is the largest source of income and accounts for 40% of all income during retirement. These benefits are extremely important for the lower income population, who rely on Social Security for nearly 90% of their income. In fact, 21% of retirees rely solely on these benefits. The highest income population relies more heavily on earnings, with Social Security, pensions, and investments accounting for approximately 20% each of their......

Words: 4198 - Pages: 17

Retirement

...production", for example, factories and machines. That is to say, person can invest in human capital and the person’s outputs depend partly on the rate of return on the human capital the person invests. We can via education, training or medical treatment to invest in the human capital. Thus, human capital is a means of production, into which additional investment yields additional output. Human capital is substitutable, but not transferable like land, labor, or fixed capital. (2) Theory of Human Capital There are two fundamental theories in the field of Human Capital, Human Capital Theory and Signaling Theory. Becker developed the human capital theory and he thought education is viewed as a source of future income if wages reflect differences in productivity. In other words, when we spend time to go to school or train our ability instead of getting a job, we miss the chance to make money compared to other people who have jobs. However, because our investment in human capital, it may make us earn more when we finish our schooling or training to find jobs. The productivity between the people with human capital is higher than the rough worker. In order to compensate the time and money people put into the investment of human capital, the wage rates of higher productivity workers are higher than the others. It is self-evident that improved productivity on the part of a wage earner leads systematically to an increase in his/her wage even in a perfectly competitive labour......

Words: 2918 - Pages: 12

Retirement

...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......

Words: 1590 - Pages: 7

Differences Between Sociological Perspectives

...theoretical perspectives in sociology are the functionalist perspective, the conflict perspective and the interactionist perspective. The functionalist perspective focuses on society as a whole, and that each member of society contributes equally. Theorists involved with the functionalist perspective are Emile Durkheim, Talcott Parsons, and Robert Merton. Durkheim was a major theorist involved in the observation of “anomie”, a state where norms are unclear, confused or not present. In the conflict perspective, society is viewed as a struggle. The theorists involved are Karl Marx, W.E.B Dubois and Ida Wells-Barnett. Karl Marx concluded that the power struggle between social classes was inevitable, in the Marxist View. Lastly, the interactionist perspective focuses on everyday social interactions and explains society as a whole. The theorists involved in the interactionist perspective are George Herbert Mead, Charles Horton Cooley and Erving Goffman. With all three of these sociological perspectives, there are both similarities and differences. The functionalist perspective and the conflict perspective are similar in that they both focus on the relationships and behaviors amongst themselves. They both explain how the effects that society has on people and how people affect the society. Both the functionalist perspective and conflict perspective have a macro level analysis, meaning that they focus on large-scale phenomenon or entire civilizations. The differences between the......

Words: 815 - Pages: 4

Retirement Planning

...Retirement 1 Bob Davidson is a 46-year-old tenured professor of marketing at a small New England business school. He has a daughter, Sue, age 6, and a wife, Margaret, age 40. Margaret is a potter, a vocation from which she earns no appreciable income. Before she was married and for the first few years of her marriage to Bob (she was married once previously), she worked at a variety of jobs, mostly involving software programming and customer support. Bob’s grandfather died at age 42: Bob’s father died in 1980 at the age of 58. Both died from cancer, although unrelated instances of that disease. Bob’s health has been excellent: he is an active runner and skier. There are no inherited diseases in the family with the exception of glaucoma. Bob’s most recent serum cholesterol count was 190. Bob’s salary from the school where be works consists of a nine-month salary (currently $95,000), on which the school pays an additional 10 percent into a retirement fund. He also regularly receives support for his research, which consists of an additional two-ninths of his regular salary, although the college does not pay retirement benefits on that portion of his income. (Research support is additional income; it is not intended to cover the costs of research.) Over the 12 years he has been at the college his salary has increased by 4 to 15 percent per year, although faculty salaries are subject to severe compression. So he does not expect to receive such generous increases......

Words: 961 - Pages: 4

Retirement Security

...Retirement security Name Institution Course Date Income Inequality: A Hindrance to Retirement Security Holland, K. (2015). On retirement security, US rank far behind others. CNBC. Retrieved 8 November 2015, from http://www.cnbc.com/2015/02/09/ In this article, the author suggests that America lags behind 18 other countries in retirement security because of the high-income inequality observed in many states in America. The author suggests that according to the recent study, the United States offers little support for retirement security services unlike other developed countries. The author quotes Sweden, Denmark, and Switzerland as among countries that have good retirement security systems. Many characteristics define these economies. First, most of the nations that score higher than the United States in retirement security have high tax burdens. However, these countries have a narrow income inequality. In addition, most countries are also improving on the gap between the poor and the rich. The universal healthcare schemes provided by these countries have also contributed to the good ratings of the most countries that have better retirement schemes than the United States (Holland, 2015). The author has focused on highlighting the importance of retirement security as a key pillar in economic developments. The author clearly states that the United States social security problem lies with the expanding income inequality. The author states that in order......

Words: 960 - Pages: 4

Retirement Security

...Retirement security Name Institution Course Date Income Inequality: A Hindrance to Retirement Security Holland, K. (2015). On retirement security, US rank far behind others. CNBC. Retrieved 8 November 2015, from http://www.cnbc.com/2015/02/09/ In this article, the author suggests that America lags behind 18 other countries in retirement security because of the high-income inequality observed in many states in America. The author suggests that according to the recent study, the United States offers little support for retirement security services unlike other developed countries. The author quotes Sweden, Denmark, and Switzerland as among countries that have good retirement security systems. Many characteristics define these economies. First, most of the nations that score higher than the United States in retirement security have high tax burdens. However, these countries have a narrow income inequality. In addition, most countries are also improving on the gap between the poor and the rich. The universal healthcare schemes provided by these countries have also contributed to the good ratings of the most countries that have better retirement schemes than the United States (Holland, 2015). The author has focused on highlighting the importance of retirement security as a key pillar in economic developments. The author clearly states that the United States social security problem lies with the expanding income inequality. The author states that in order......

Words: 960 - Pages: 4

Retirement Security

...Retirement security Name Institution Course Date Income Inequality: A Hindrance to Retirement Security Holland, K. (2015). On retirement security, US rank far behind others. CNBC. Retrieved 8 November 2015, from http://www.cnbc.com/2015/02/09/ In this article, the author suggests that America lags behind 18 other countries in retirement security because of the high-income inequality observed in many states in America. The author suggests that according to the recent study, the United States offers little support for retirement security services unlike other developed countries. The author quotes Sweden, Denmark, and Switzerland as among countries that have good retirement security systems. Many characteristics define these economies. First, most of the nations that score higher than the United States in retirement security have high tax burdens. However, these countries have a narrow income inequality. In addition, most countries are also improving on the gap between the poor and the rich. The universal healthcare schemes provided by these countries have also contributed to the good ratings of the most countries that have better retirement schemes than the United States (Holland, 2015). The author has focused on highlighting the importance of retirement security as a key pillar in economic developments. The author clearly states that the United States social security problem lies with the expanding income inequality. The author states that in order......

Words: 960 - Pages: 4

Retirement Planning

...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......

Words: 1311 - Pages: 6

Retirement Plan

...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......

Words: 958 - Pages: 4