Assignment Response: Meet the Needs of Older Americans (Essay Sample)
Read topic: Where does page 1 end and page 2 begin. They are 2 separate assignments.
Then my response: For the older Americans to maintain the same living standards as they did before requires that they save more. However, this is a challenge in an era where older workers increasingly have to work beyond 65 years and cannot save enough for retirement. Workers who have sporadic work histories or who choose early withdrawals are more likely to receive lower retirement pay. As such, there ought to limit early withdrawals for those with low savings in pension and retirement funds. There is a dilemma to meet the demands of older workers, and as the ageing population increases the US retirement income system will be strained.
Even as the pension plan in the public sector is better funded there are also higher liabilities compared to the private sector. It is likely that the pension liabilities will rise further making it more difficult to fund the pension and retirement plan. There is uncertainty on whether it is possible to maintain steady rates of return when there are unfunded liabilities likely to weigh down the retirement income treatment. It may be necessary for American employees have to contribute more to receive higher pension benefits. Raising taxes is unlikely to receive public support even when the government pension benefits will likely face under-funding.
The rising health care costs will impact the retirement system negatively, and future slowdown in the financial and money is not the only concern, but also the contracting system. The projected higher proportion of ageing population also means that there will be a need for higher income needs, which is unlikely to be met. At the moment, the replacement rate is inadequate to meet
Then 2 peer responses:
I suppose that the premise of the question is that it currently meets the needs of older Americans. which it does not.
The notion of retirement, which grew from the new deal, was originally created to take older adults out of the working system to make way for more productive, younger individuals. Previously most working people either had no savings for a retirement or a company provided pension. Many of these pensions went away with the great depression.
The ability to live well in retirement rests now with your earning ability and affluence in your working years. Because social security taxes are taken as a percent of your earnings, if you are unable to find work, you will not receive a social security check. Also only higher earning individuals now have claim on any employer sponsored retirement, either as a defined pension or a match in a retirement account.
Yes, the US retirement system will fail to meet the needs of most older Americans in the future because it never met them in the first place.
2. I would have to say that I agree that the U.S. retirement income system will fail to meet the needs of most older Americans in the future, but to an extent. I do believe that the system will be able to HELP with the needs of most older Americans in the future, but it will not be able to MEET those needs in its fullest. With the older population growing as rapidly as it is, the system is having to compensate more individuals, which is taking a toll on the amount of money the system holds. More people are living longer, working longer, past the age of retirement, and racking up on more benefits, which also takes a toll on the system. By the time the future arrives, the system will have failed to keep up. We would have to pay more out of our checks to compensate for the loss, which would take the entire system back to the beginning of the circle. The system is on its way to failing today...I can't see that changing anytime soon.
What YOU write: Tell what you liked about each peers response, if you have any questions, make sure you add to the discussion keeping in mind of my response. Please keep each one separate (a page per response)
It will be difficult for older Americans to maintain same living standards after they retire because they cannot save and the increase in pension liabilities would make it difficult for older workers to benefit from the pension and retirement plans. I concur with peer 1 view that the great depression influenced several sectors of the US economy including agriculture, finance, and eroded peopleâ€™s pension. Moreover, the new deal that was established in response of the great depression formed a social insurance program that provided constant income to older workers in retirement. I like peer 1 outlook that the ability for older workers to maintain the same living standards in retirement depends on their earning levels and the accumulated wealthy during their working years. Nonetheless, peer 1 should consider that it is a challenge for individuals to accumulate wealth because older workers are increasingly working beyond retirement age and cannot save enough for retirement.
Peer 1 notes that unemployed people would not receive a social security check since social security taxes are calculated from individual earnings. Peer 1 ...
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