According to The Social Security Bulletin (2003/2004) Baby Boomer retirees will be better off than the current or near-term retirees. The fact of the Baby Boomer generation having higher education and degrees plus remaining in the workforce for longer contributes to higher life time earnings. The Family income at age 67 is projected to be higher for Baby Boomer retirees the for current retirees, per capita family income at age 67 will increase from about $29,000 for current retirees to $44,000 for early baby boomers. (Butrice, Iams, & Smith
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.
As nuclear families replace extended families in industrial societies, older people no longer reside with their adult children. The role of the elderly in retaining and disseminating information has diminished in industrial societies. The elderly have lost much of their economic power. Sociologist Donald O. Cowgill has hypothesized that: a. The status and role of the elderly in the future will increase because the birthrate has dropped to an all-time low.
The work-discouraging substitution effect from Obamacare is clearly bad. For workers who rely on health insurance subsidies created by the law, Obamacare will reduce the marginal return to labor: That is, they'll get less after-tax income for working one more hour. This is because a higher income will mean a smaller health plan subsidy. The effective tax rate will vary based on individual circumstances. For workers who work only part of the year (and therefore can get a cheap subsidized plan during the part of the year they're unemployed) CBO pegs the typical tax rate at 15%.
This potential economic downfall threatens to cause an upsurge in tax rates, while we see less and less available employment, in the lower-level job sectors. Thus, the future of the job market will be greatly influenced by the aging population and the decisions they make. “Work and Workers in the Twenty-First Century,” written by Richard W. Judy and Carol D’Amico discusses the effects of the American population as it ages, life expectancy on the rise and overall decreased family sizes. The United States Public Policy and the employers have not yet realized the unfavorable effects of the “baby boomer's” retiring. By the year 2020, it is estimated that 20 percent of the American population will reach retirement age.
As a country, we are spending over $190 billion a year treating these diseases, diseases that could be prevented by increasing exercise and decreasing calories. The scariest fact is that one in three children under 18 are overweight or obese, a rate that has tripled since 1960. The fact that the obesity rates are so high shows that as a society we accept this lifestyle. We need to be proactive as a country, and stop accepting this lifestyle and work towards a healthier society. If this continues we will have a new generation of people that don’t outlive their parents.
Most christian colleges and 7 other schools offer the option as a strategy boost enrollments in tough economic times. In last fall’s survey, 62 percent said the economy affected where they enrolled. Amherst and Pomona, and other wealthy colleges have eliminated loans from financial-aid packages. Private schools with a little endowment rarely have the option and would lose students to lower-priced public universities. President Peter Samuelson, of a 3 year-old company called LRAP Association uses pooled funds to repay loans for graduates who qualify and that no more than 20 percent of participating students will need the money or for more than a few years.
These people are projected to have incomes too high to qualify for their state’s existing Medicaid programs, but below the federal poverty level (nearly $11,500 for an individual) required to be eligible for federal subsidies to buy private coverage on the new online insurance marketplaces set up by the Affordable Care Act. Medicaid is the state-federal health insurance program for the poor. “Millions of adults will remain outside the reach of the ACA and continue to have limited, if any, options for health coverage,” the study concludes. The law provides full federal funding for three years to states that expand Medicaid to cover residents under 138 percent of the poverty level (or just under $15,900 for an individual). But the Supreme Court made that requirement effectively optional for states, and most Republican led-states have opted against expanding the
Introduction The national expenditure levels in the United States have more than tripled over the last decade (US Census, 2011). Regardless of inconsistencies in national budgets, health care is still in high demand. Unfortunately, nearly half Americans cannot afford health care and are now forced to rely on Medicare and Medicaid. The generation of Baby Boomers, who was once the back bone for American Capitalism, is living with a growing health care crisis. Considering the age of the boomers, health care is essential.
They deserve to have a decent standard of living. The last thing they need to worry about is increasing health care costs. We have to find a better way to fund and develop Medicare so that the standard of living as an older American is improved and they may see their last days with