Retirement Flashcards
1
Q
What influences a person to retire - personal
A
- Their expected pension income
- Early retirement incentives (buyouts)
- Loss of job or health
- A spouse retiring
- Family responsibilities (caregiving)
2
Q
What influences a person to retire - social reasons
A
- Mandatory retirement (not a thing in Canada)
- Better pensions at 65
- Positive social attitudes towards retirement
3
Q
Why might people retire early
A
- Poor health / Stressful jobs
- Women typically retire for personal reasons (with their husbands or to care take)
- Those who expect a good retirement income
4
Q
What are the 4 main sources of income in retirement
A
- Private income: Investments or savings
- Private pension plans: RRSPs
- Public pension plans: CPP
- Government transfers: OAS
5
Q
Private income/investments/savings in retirement
A
- Includes employment, rent subsidies, tas exemptions, subsidies for purchase, registered pension plans (RRPs)
- Most public sectors have RRPs but only a 1/4 of private sectors have them
- Most beneficial to men and high income individuals
6
Q
Private pension plans in retirement
A
- Includes plans like a registered retirement savings plan (RRSP)
- Allows you to put away money that won’t be taxed when you take it out in retirement
- Higher incomes benefit the most from this
7
Q
Public pension plans
A
- People pay into CPP and QPP when working
- Up to 5.95% of salary goes into CPP (employers match this for a total of 11.90%)
- Your money pays current retirees and the young people will do the same for us
- With CPP you can retire early or between 60-70
8
Q
Government Transfers
A
- Includes old age security (OAS), Guaranteed Income Supplement (GIS) and The Allowance (ALW)
- Canadians qualify for OAS and GIS, typically reserved for lower income adults
- ALW are for spouses or partners of GIS recipients
- Most used by women
- Low income adults receive 94% of their income from here
- You have to have worked in Canada for 10 years to qualify
9
Q
Examples of Income Inequality in Aging
A
- Unattached, recent immigrants, those with less than 10 years in the work force, and indigenous older adults
- Non-European ethnic decent tend to earn lower retirement income
- Recent immigrants tend to live with families
- Older women have higher rates of living in poverty (especially when their husbands have died)
- Generally there are issues with access to ressources, types of jobs/income and being able to qualify for assistance
10
Q
Part-Time work in retirement
A
- Some do it for money
- Other’s do it for something to do/to ease the transition between working and retirement
- They can bring a lot of experience but can face agism
- Some companies are adjusting work spaces to accommodate older people ex: having chairs that raise up and down to help you get in/out of them
11
Q
Two main groups of older adults
A
- Low activity/ passive leisure: Personal leisure such as watching TV, listening to the radio, or going on drive. Tend to be more focused on managing their medical conditions, have lower education levels, fewer financial assets, and more depressive symptoms
- High activity/active leisure: Physical exercise, civic/religious activities, helping others
- The more engaged the healthier you will be
12
Q
Physical activity with age
A
-Typically decreases with age
- People tend to do the same activities just at a lower intensity
- Exercise has positive benefits on memory, intelligence, and global cognition
13
Q
Community Centers
A
- They offer health services, legal advice, meals, and nutrition programs
- Offer social events and some education programs
- Helps with staying healthy physically, cognitively, and psychologically
14
Q
Volunteering
A
- Helps provide elders with a sense of purpose and psychological well-being
- Fewer older adults volunteer compared to younger adults, but they put in more time
15
Q
Spirituality
A
- Some begin an inward journey as they reflect on life and their future
- Can serve as a good coping mechanism
- They have the highest rates of attendance at religious services
- Yoga, tai chi, meditation, etc. are all great ways to improve overall health
16
Q
Personal Goals in Aging
A
- According to Erikson’s last stage older adults must try to understand their lives
- To achieve integrity a person must come to terms with the events and choices that made their lives unique
- you can either reach ego integrity or despair because of this process
17
Q
Life Affirming Involvement
A
- Realizing that you can live on through your children, grand-children or great grand-children
18
Q
Well-being in aging
A
- Subjective well-being follows a U-Shaped curve throughout life
- May be associated with emotional regulation
- Older adult’s amygdala’s are more controlled resulting in less emotional arousal/being calmer
