3 legged stool retirement benefits from social

Info icon This preview shows pages 3–5. Sign up to view the full content.

“3-legged stool” Retirement benefits from social security Income from employer-based pensions Likelihood of being covered depends on job tenure, occupation, education, union membership, and gender. Funds from personal savings or other assets Gender: “While differences in coverage are great between low earners and high earners of both sexes, overall gender differences in coverage have shrunk in recent years to nearly zero.” There is a wage gap that exists between men and women Among women in minority groups, there is a pattern of cumulative disadvantage that results in less economic security in retirement Controversy in how to take account for women’s experiences in family roles and these characteristics gender difference should influence social security Women receive spousal benefits based on their husbands earnings; this benefit is the amount to the couple as if the wife had never worked at all Ethnicity/Race: There is a variation in income when looking at different ethnic groups who are over 65 years old
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

It seems that white people earn more in social security, asset income, pension and earnings but earn way less in SSI Since it is shown higher in white this is able to show that whites have a more stable retirement income (having a stool of 3 or 4) The common source of all groups is social security and the rest vary Asians and whites have the highest earnings out of the other ethnic groups (blacks and Hispanics) Socioeconomic: Economic well-being should not just be based on income, but also economic responsibilities(such as supporting family and tax liabilities) and other economic resources( such as values of home ownership or health insurance) Economic status is measured by: A person’s income Salaries and wages; interest and dividends; income from public or private sources (such as SS, unemployment compensation, or child support payments) In-kin income Noncash benefits that contribute to the economic well-being by reducing expenditures (ex. Publicly funded health benefit b/c it reduces expenses for participants) Describe the definition and prevalence of poverty across older Americans? Rates of poverty Poverty Rates The percentage of the population living below a minimum level of income defined as necessary for survival Poverty thresholds Minimum levels of income Income levels below which people are defined by the government as poor This threshold is linked to eligibility for many of our nation’s safety net (need- eligibility) programs It is important to understand the way the U.S. government calculates poverty thresholds and poverty rates Among Older People There has been striking improvements over the three decades This is reflected by the sharp reduction in poverty rates among older Americans mentioned above Has provided support to those with political and social agendas seeking to reduce government entitlements to older people However even though there is a decline in the poverty of Older people this is a significant variation in the economic status of older adults including pockets of severe economic distress in certain social groups This wide income variations mirror the varying rates of poverty for different groups within the older population
Image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.
  • Summer '16
  • AngelaJenks
  • AGING

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern