- Posted November 19, 2012 by
Are The Retiring Baby-Boomers prepared for retirement?
Because of the baby boom, for the first time in history, for every 1 in every 5 people, there will be an elderly person. There will be more elderly people over 60 years old than under 15. Countries don’t seem to realize that they must prepare these elderly people for retirement. Retiring means that you will no longer have a job and must have funds to bounce back on after retirement. There will be so many elderly people that will require medical attention. The impact on the economy is growth, dept, consumption, and lack of resources. The impact on society is family composition, living arrangements, housing demands, migration trends, and heath care demands. Because of these impacts, it will be harder for our economies to focus more on using funds for our own health, paying working people, taking care of children, and paying for education. If our economies don’t stand up and get prepared early, then these growing rates in elderly people could land us into some serious dept.
Most of the elderly themselves aren’t prepared. Way before the elderly retires, they should have pension plans. Pension plans are there to ensure that you have funds to bounce back on after you retire. For every paycheck you receive, a certain percentage out of that paycheck goes towards your pension plan and it adds up. By the time you are ready to retire, all those funds pulled from each paycheck were added up all together as a full amount for you. Having a pension plan is completely safe and it’s your own money that you’ve saved up for yourself. Things we could do to help the retiring baby-boomers is to have them involved in more major policy decisions, and have fundamental reforms in existing pension systems. A solution that the government thought of was to remove the retirement age of 65 and allow seniors to work beyond that age. In the Toronto area there are low-income dental care plans for seniors. The only way seniors can help themselves to prepare for this time without these programs is turn to friends and family for financial assistance or out away money from each pay cheque many years before retirement. If we all aren’t prepared, our economy could end up “down the toilet”.
There is a potential organization in our community that is taking steps to help the elderly that you may take a look at.
Helping the Elderly with Poverty:
Improved nutritional intake, physical and mental health
seniors will be able to cover other personal expenses
every two weeks
100K – resulting in $1500 worth of groceries per senior for 1 year (individually assessed)
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