Background • Retirees are eligible to receive Social Security benefits at age 62, the early entitlement age. However, benefits are reduced for each month that beneficiaries begin collecting before the full retirement age. • The full retirement age is now 66. It had always been 65, but 1983 legislation raised the age for those turning 62 in 2000 or later. The full retirement age will increase gradually again beginning with those turning 62 in 2017, until it reaches age 67 for those turning 62 in 2022 or later (born in 1960 or later).
The Importance of Having Social Security Benefits and the Preparation of Saving Self Saved Funds President Roosevelt signed the Social Security act at approximately 3:30 p.m. EST on August 14, 1935. At that time it was a limited form of the Social Security program beginning as a measure to implement “social insurance” during the Great Depression of the 1930s when poverty rates among senior citizens exceeded fifty-percent. One must have a taxable job to receive Social Security Retirement benefits. Every week from one’s paycheck a percentage is deducted for Social Security benefits. Through dedicated payroll taxes called Federal Insurance Contribution Act (FICA) this was funded.
The present analyses utilize the 1990 - 1994 waves of the National Longitudinal Survey of Youth 1979 (N = 3.481) to examine wives' long-term earnings advantage. Although a significant minority of women outearn their husbands in 1 year, considerably fewer do so for 5 consecutive years. The presence and persistence of wives' income advantage vary by demographic characteristics, economic and human capital measures, and over the individual and marital life course. The findings suggest caution in interpreting women's relative economic gains as signaling absolute progress toward eliminating gender inequality within marriages. [PUBLICATION ABSTRACT] Full text Translate Full text Headnote Recent reports using cross-sectional data indicate an increase in the percentage of wives who outearn their husbands, yet we know little about the persistence of wives' income advantage.
In these kinds of plans, throughout the course of our working life, we contribute a certain percentage of our earnings on a regular basis into our company's general pension fund, and when we retire, we are guaranteed a monthly payment for life, with the amount of that payment calculated based on various factors such as our age at retirement, our pre-retirement salary, and other factors. However, employers these days are more likely to offer a defined contribution retirement plan, the most popular of which is the 401(k) plan. Employees can elect to
One other reason for changes in the divorce rate is increased life expectancy. If a person gets married in their late twenties, they will live for another 50 years and this
This was introduced in the mid 1960’s which allowed women to take control of their own fertility, which saw more women use contraception’s so birth rates decreased as a result of this. Over the past 25 years, 35% of all conceptions for the 18 - 19 age groups have ended in terminations and 20% of all conceptions are legally terminated. Also the legalisation of abortion in 1967 has had a huge impact on the number of birth rates, women were able to terminate their pregnancy & either focus on their career or decide not to have children. For Botting and Dunnell (2000), legal abortions have “contributed to the falling birth rates” amongst various age groups. Moreover because of these birth control techniques family sizes have decreased as more and more women now have more control over births than they did in the 1900’s, so they are choosing to have less children as a result of this.
Life expectancy in 1900 was only around 47 for men and 50 for women whereas it now in 2013 83 for men and 87 for women. There are many reasons for the decline in the birth rate, the reduction of the infant mortality rate, meaning less children are dying in their first year of life, due to advancements in medical care meaning that families don’t need to reproduce a larger quantity of children on fear of death. Contraception was formally introduced in 1961 to the UK for married couples only, this meant that married couples could control the amount of children they could, which has become increasingly popular over the last 50 years because it has enabled couples and others to have sexual relations without resulting in a child. During the industrialization and up until around the 1900s, children were seen as a source of income to working class families as they could be sent out to work, so families had large amounts of children to bring in money. But due to the introduction of a law restricting the age of employment and compulsory education meant that children were now seen as a drain on money so families began to become smaller because of the expense of having a child.
Parents can top up the hours by paying themselves for any extra hours. Some 2-year-olds in England can also get free early education. You must be getting one of the following: • Income Support • income-based Jobseeker’s Allowance ( JSA ) • income-related Employment and Support Allowance ( ESA ) • support through part 6 of the Immigration and Asylum Act • the guaranteed element of State Pension Credit • Child Tax Credit (but not Working Tax Credit) and have an annual income not over £16,190 • the Working Tax Credit 4-week run on (the payment you get when you stop qualifying for Working Tax Credit) Children looked after by a local council are also entitled to a place. If your child’s eligible, you can start claiming free early education after your child turns 2. The date you can claim will depend on when their birthday is.
Widening the grounds of divorce caused the divorce rate to double almost overnight. The introduction of legal aid in 1949 lowered the costs of divorce and with each change in the law, divorce rates have risen. Although changes in the law have given people freedom to divorce easily, this does not itself explain why more people choose to take advantage of this freedom. To explain the rise in divorce rates, other changes need to be looked at. E.g.
This is also true of high medical expenses. 2) Jobless spouse can have an IRA A spouse may contribute to an individual retirement account (IRA) even if he or she doesn’t work. Additionally, the point at which the IRA benefits are phased out based on income are dramatically higher for married couples than they are for single people. 3) A married couple can get greater charitable contribution deductions There’s a limit to the charitable contributions that may be deducted in a year, based on income. Having a spouse can raise that limit, 4) Marriage can protect the estate Being married can help a wealthy person protect the assets he leaves behind when he dies.