Retirement in America Essay Example | Topics and Well Written Essays - 2250 words

Retirement in America - Essay Example6). The auspicate where an individual discontinues his employment completely, which is called retirement, makes one entitled for private or public pension benefits and the touch of retirement in America has changed over the years. In a historical survey of retirement in America, one comes to recognize that the notion of retirement assumed a great impact on America afterward World War II and it has undergone essential changes ever since. Unlike the earlier days, there is an emergent notion in America today that retirement is the outset of a new and busy chapter of life story, a eon for continued learning and development, skill building, forming new and purposeful relationships, and giving back to the community Moreover, retirement is a time to begin a new chapter in life and that, just beyond traveling, volunteering is what older adults look forward to most during this new stage of their life (Johnson, 2003, p. vi). Therefore, the notion of r etirement in America has changed over the years and the well-being of individuals after retirement is considered as one of the major responsibilities of the state and the regimen. Signifi layabouttly, in the contemporary life of the Americans, retirement in America can effectively offer one of the best periods of life through c atomic number 18ful and sensible planning. In this paper, a contemplative analysis of retirement in America is offered in order to determine how it has changed from the past, how it will change in the future, which all are the major organizations doing to retirement plans for their employees, and whether employees can retire in America at 62, 67, or will they need to be older etc. Retirement in AmericaIn the joined States, retirement has been a topic of constant changes over the past several decades - including the consequent attitudes of the people towards retirement, the provisions by the law, Social Security issues, the age of retirement, and early(a) cr ucial aspects concerning retirement. One of the major responsibilities of the social security programs in America has been to ensure that the individuals who have dedicated their service and potential to the growth of the society are offered the best security programs during their period of old age. Social security has traditionally combined the goals of earnings re designatement and income maintenance and the American Social Security body has played a major role in financing retirement. Despite much criticism, the American Social Security strategy works fairly well, however only if you consider Social Security payments a handy supplement to other sources of retirement income. Many people who were young when the Social Security dodge began in the 1930s placed too much reliance on it and were forced into difficult financial circumstances in their old age because of inflation. By the 1970s the government began a comprehensive program of tax incentives for various other retirement funds. Individual Retirement Accounts (IRAs), Keogh Plans, and 401(K) plans are some examples. (Financing Retirement, 2007). Therefore, the American Social Security system has contributed heavily to the great changes that have taken place in retirement in America and it is possible that further changes in retirement take place in the future. In America, the rise of retirement started more than a century ago, unlike the commonly conceived notion that it was with