Pension Support For Aging Well

PENSION SUPPORT FOR AGING WELL
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Pension Support for Aging Well
After retiring, many people have hard choices to make about how to survive for the rest of their lives after their main source of income is stops flowing. At the moment with the current technological advancement especially in medicine, the mortality rate is about 80 years in most developed countries, and many people get to 90 years or even 100 years. That means retirees have to map out their lives for at least 20 years after the commencement of their retirement. If retirees do not have a stable source of income, they are likely to die sooner or lead a worse quality of life for the rest of their lives. Pension support is aimed to address this problem to ensure the elderly lead a relatively comfortable and fulfilling life in their later years after many years of service to their countries, families, and communities. Though their physical strength has usually deteriorated by the time of their retirement, their utility to the society or importance never decreases, and it is important that there is a formal structure that enables them to lead relatively happy lives into their retirement. Pension support is not to ensure an individual cannot outlive his/her utility but also deserves care for the service they did to the society. Pension support is necessary to ensure retirees live a relatively happy life after retirement by ensuring they can afford the relatively basic lifestyle.
Retiring without a pension can be challenging since the retiree does not have the income to support himself/herself. Some retirees still have mortgages and families to support which makes them vulnerable to eviction from their homes or their dependents suffering for lack of financial support to continue with their endeavors, i.e., Education of their children. After retirement, if the individual cannot raise the money to support himself/herself and his/her family, hard times lie ahead. The pension is designed to cushion the individual and at least guarantee a basic income to support themselves as they are aging. Pension money may not be enough to guarantee the same lifestyle, but it is certainly important to help foot some basic bills CITATION Day18 \l 1033 (Dayana Yochim, 2018). Pension income is usually a fraction of the salary earned by the individual at the time of retirement, but if it is managed well, it can help the individual meet his/her basic needs.
At the time of retirement, some retirees also have some responsibilities in their families. Some retirees have children in college or are still servicing their mortgages and or car loans and in some cases, some have to support their ailing family members CITATION Day18 \l 1033 (Dayana Yochim, 2018). Pension support helps these individuals to continue still fulfilling their responsibilities into their retirement. If they are unable to meet the cost of these responsibilities, they can take a toll on their health and most of them will be unable to live for long after retirement. For example, if the retiree suffers a foreclosure, he/she is now likely to be homeless and get exposed to a cold and poor diet which compounded with the advanced age can take a toll on the individual’s life. Pension can also pro...