Week 13 Flashcards by Anna Dickson

What are false assumptions behind the concept of retirement

-We enjoy doing nothing instead of being productive
-We can afford to live well without earning money for decades
-We can afford to support others doing the same

How well did you know this?

Not at all

Perfectly

Why do some argue that retirement “frees up jobs” for younger workers?

-Because it removes older workers from the labor market, creating space for new entrants

How well did you know this?

Not at all

Perfectly

What is the “greying” of Canada?

-A demographic shift due to the aging baby boomer population (ages 60–80)

How well did you know this?

Not at all

Perfectly

How has life expectancy changed in Canada, and why?

-It has increased due to better nutrition, health interventions, and access to medical care

How well did you know this?

Not at all

Perfectly

Why do women often retire later than men?

-They may not qualify as early for pensions due to interrupted work histories, and often have a more complex relationship with retirement due to caregiving roles

How well did you know this?

Not at all

Perfectly

What is the dependency ratio?

-The ratio of income-earning individuals to retired individuals who rely on public support

How well did you know this?

Not at all

Perfectly

What are the differences between a defined benefit and a defined contribution pension plan?

-Defined benefit: you are entitled when you retire to a certain number or dollar value guaranteed to get at the end
-Defined contribution: You and your employer put money in so you are promised money at the end. If your money doesn’t make gains in the investments then you won’t get as much as you’d hoped

How well did you know this?

Not at all

Perfectly

What are RRSP and TFSA accounts?

-RRSP: Tax-deferred retirement savings
-TFSA: Tax-free savings for various purposes

How well did you know this?

Not at all

Perfectly

What is longevity risk?

-The risk of outliving your retirement savings due to increased life expectancy

How well did you know this?

Not at all

Perfectly

What are some unexpected life events that can disrupt retirement planning?

-Divorce, illness, layoffs, caregiving duties, natural disasters, or financial mismanagement

How well did you know this?

Not at all

Perfectly

How does homeownership vs. renting affect retirement finances?

-Homeownership involves higher utilities and maintenance, but renting requires consistent income; both impact budget planning

How well did you know this?

Not at all

Perfectly

What is Old Age Security (OAS)?

-A government pension paid to Canadians 65+, regardless of work history

How well did you know this?

Not at all

Perfectly

What is the Guaranteed Income Supplement (GIS)?

-A top-up for low-income seniors who qualify based on income

How well did you know this?

Not at all

Perfectly

What are the CPP and QPP?

-Canadian and Quebec Pension Plans – government-run pensions funded through payroll contributions

How well did you know this?

Not at all

Perfectly

What barriers to retirement exist for immigrants and racialized groups?

-Late entry into high-paying jobs or pensions, forced early retirement due to unemployment, lack of eligibility

How well did you know this?

Not at all

Perfectly

How do gender roles affect retirement decision-making?

-Women may retire earlier due to caregiving responsibilities or later due to weaker pension eligibility

How well did you know this?

Not at all

Perfectly

What is phased or partial retirement?

-Gradually reducing work hours before fully retiring

How well did you know this?

Not at all

Perfectly

What is bridge retirement?

-Transitioning into a new (often part-time) job before retiring fully

How well did you know this?

Not at all

Perfectly

What is “unretirement”?

-Returning to work after retirement due to boredom, finances, or fulfillment

What does continuity theory say about retirement?

-Retirees continue past patterns and interests, rather than making abrupt life changes

What does role theory say about retirement?

-People maintain or adapt roles (like grandparent, volunteer) which shape their post-retirement identity

Who struggles the most with retirement?

-Those with strong professional identities who lose a major source of meaning and structure

What is freedom 55

-Move towards earlier retirement, but this view began to diminish and individuals continue to work longer

How does owning a house impact living expenses in retirement compared to renting?

-Homeowners must pay property taxes, maintenance, and higher utilities; renters pay consistent rent but may not build equity

What are common additional expenses homeowners may face in retirement?

-Appliance repairs, home maintenance (e.g., roof, plumbing), increased utility bills, property taxes

How does renting affect financial flexibility in retirement?

-Rent can rise over time, and you must budget for it indefinitely, but you avoid major maintenance costs

What has become a greater concern with regards to the age at which people are retiring

-Life span statistics and expectancy have largely expanded, so people have begun to worry that the will outlive their savings long into retirement

What is the “ideal worker” norm and how does it disadvantage women?

The ideal worker is expected to work long hours, be available at all times, and not have career interruptions This disadvantages women due to caregiving responsibilities and life course interruptions

How do fitness tests for police work illustrate structural job discrimination?

Tests often emphasize male-typical strength (e.g., push-ups, grip strength), which systematically screen out women, even though these skills are rarely required on the job

What is the primary goal of activist groups in the labor context?

To use collective action to influence employment and trade practices by exerting pressure on governments, employers, and consumers.

What strategy do activist groups use to push for labor reform?

Name-and-shame” — mobilizing public opinion to pressure employers to change exploitative practices.

What are two limitations of grassroots initiatives?

Limited resources and reach Gains can be undone if companies relocate to “employer-friendly” areas.

What is one critique of focusing labor reform at the local level?

It often leads to confined, small-scale changes that don’t impact broader systemic issues.

What has been one of the biggest successes of activist groups?

Raising public awareness about labor and environmental abuses, leading companies to reform trade practices.

What 5 challenges have contributed to the decline of unions in the U.S. over the past 50 years?

Decline of manufacturing legal barriers gig economy public skepticism smaller workplaces

Despite diminished power, how do unions still impact the workforce?

They influence job contracts and remain a substantial political force, especially within the Democratic Party.

What was the significance of the Justice for Janitors campaign?

It successfully organized low-wage workers and improved conditions, showing union viability in right-to-work states.

What is “social movement unionism”?

A model where unions work with other activist groups like environmentalists and anti-globalization movements.

What are worker centers and what do they do?

community-based organizations that help low-wage and immigrant workers with legal help, advocacy, and organizing.

What is a key limitation of modern unions according to the textbook?

They have historically benefitted men more than women have had limited impact on nonmembers.

How are unions beginning to shift demographically?

They are becoming less dominated by white male workers, with growing relevance for women and minorities.

What causes class chasms in the new economy?

Low pay, job insecurity, lack of upward mobility, and unequal access to education and job opportunities.

What are gender chasms linked to?

Outdated assumptions that women handle care work and men are the primary earners, impacting job design and expectations.

What is the main barrier to equal opportunity?

how resources are distributed a small wealthy group holds a large share of income and access to services, leaving less for others

What is a key issue with U.S. working poverty?

Wages and assistance are insufficient to lift families out of poverty, unlike in other advanced nations.