Gerontology 485 Week 5 Retirement Research Paper

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Gerontology 485 March 29, 2013 Issue Paper 3 As soon as people age hit between 60s, they start dreading the R word, retirement. At 65 years is when a person is set to retire from the workforce. For most Americans looking to retire at 65 these days, it may prove to be more mirage than reality. When it comes to retirement, people need to face the realities that come with it even before they reach their retirement age. Just a couple years ago it used to be that the retirement is being free from work and just kicking back relaxing. Now, retirement has turned into a headache of financial problems, housing issue and questioning whether or not if they should return back to work. Retiring is a somewhat a rite of passage for older adults. It can either be a good or bad experience. It's always a good experience when the person is financially stable and had a roof over their heads. It can also be a bad experience when the person is in some financial crisis and basically can not afford the lifestyle…show more content…
One reality of retirement is saving funds the older adult has acquired throughout their working life to help them pay for the expenses. Aside from 401k's and IRA's, enough money should be put aside during their working years. This will prevent under saving and also cover any unexpected expenses that come during retirement. Older adults needs to create a budget plan that is realistic of the expenses of what it may look like in retirement. One main social problem that needs to be addressed to improve older adult’s retirement experience is the rise in healthcare cost. At lot of people found out the hard way in their retirement health care cost is actually more than the money they receive from pension and social security. Older adults needs to budget enough for future healthcare costs, including long-term
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