GTY 154 - Chapter 10V2

GTY 154 - Chapter 10V2 - GTY 154 Retirement and Work Social...

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GTY 154 Retirement and Work
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Social Origins of Retirement Trend toward retirement Industrial societies “retirement principle” Fixed retirement age that began with first pension plan Reduced need for seniority system in the workplace The “retirement wage” Social Security benefits
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Retirement in the US Today Men and Retirement Participation in labor force dropped between 1950- 1985 Some increase since that point End to mandatory retirement More liberal Social Security earnings test Increase in normal Social Security retirement age Increase in defined benefit private pensions
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Retirement in the US Today Women and Retirement Proportion age 55-64 in labor force doubled 1950- 2002 Lower pension benefits required longer working life More varied career paths than men Work longer than men due to financial need More likely to have bridge jobs
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Reasons for Retirement
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Minorities and Retirement Less likely to have private pensions than white workers Less likely to have adequate saving for retirement Poorest report greatest confidence in retirement security Many expect to work past retirement age Black, Hispanic, and females face more involuntary pre-retirement job loss than Whites
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Minorities and Retirement Blacks Varied retirement patterns due to within-group diversity Secondary labor market Research has not focused on retirement for Blacks Hispanics Little is known about retirement experience Mexican American Less confidence in retirement security than all other workers
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Why do people retire? Poor health Loss of job in later life Eligibility for Social Security Good private income Retirement of a spouse Desire for leisure activity Having enough savings
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This note was uploaded on 10/20/2011 for the course GTY 154 taught by Professor Fenster during the Spring '11 term at Miami University.

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GTY 154 - Chapter 10V2 - GTY 154 Retirement and Work Social...

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