Midterm 2 (Economic Well-Being: Retirement, Employment, and Poverty)

Question 1

retirement is….

Answer 1

• relatively recent phenomenon
• not always an irreversible event
• leaving the workforce either due to choice or financial necessity

Question 2

why was the retirement age set at 65

Answer 2

-Decree by Von Bismark, because it was the life expectancy.

Question 3

what __________ looks like is constantly changing.

Answer 3

what RETIREMENT looks like is constantly changing.
Retirement is not the same for everyone
ie. for the baby boomers more leisure and travel then before.

Question 4

What factors affect when (the timing) of retirement

Answer 4

1. adequate retirement income and economic incentives to retire.
2. Health Status (functional limitations, access to health insurance)
3. The nature of the job.

Question 5

What has changed regarding the employer and retirement age

Answer 5

• previously early retirement was encouraged.
• due to the change in demographics (not enough skilled young to fill positions) older employees are given incentives to keep working

Question 6

Factors that affect retirement satisfaction

Answer 6

• a retirement process that involves choice.
• retirement activity that provide autonomy
• financial security
• a suitable living environment
• strong social support (reciprocal)
• personality trait

Question 7

which factor may be the the most important according to research

Answer 7

1. Retirement process that involves choice.

whether retirement is your own choice is important . (the voluntariness)

Question 8

A suitable living environment

Answer 8

this is more important than the persons preferred living environment for retirement satisfaction.
ie. aging in place is the societal expectation for s
uccessful aging. However, individual abilities may require other situation.

Question 9

What should retirement planning involve?

Answer 9

• finances
• place of living
• relationships

Question 10

What facilitates a positive retirement transition

Answer 10

PLANNING facilitates a positive retirement transition

Question 11

What barriers are faced by older adults seeking employment?

Answer 11

• employers looking for more long term (assume will be a short term employment)
• worried that they will have to pay the older employee more.
• worried that they will require more sick time, family events etc. (research shows this is actually less likely due to age)
• new education standards bump those previously in a position (sometimes ‘grandfathered’)

Question 12

those ______ working has increased steadily

Answer 12

Proportion 55+ working has increased steadily – though many are involuntarily unemployed