Future Trends in Retirement

In: Social Issues

Submitted By tmichelle
Words 734
Pages 3
Future Trends in Retirement
Tamika Mays
SOC304: Social Gerontology
Instructor Stephen Ulrich
June 12, 2012

Future Trends in Retirement
Retirement is considered to be a time of enjoyment. It is the time to enjoy your significant other as well as participate in activities that you love to do. However, as the economy and economy has drastically changed over the past several years, so too has the workforce. This essay will reflect on the future trends in retirement. It will also discuss how the percentage of the American workforce has changed and how gender, age, and racial or ethnic groups impact the employment rate.
Due to the drastic economy changes as well as the recession many baby boomers have had to change their retirement plans. Retirees and those close to retirement lack the time to properly recover from job losses, falling home prices, and investment portfolio losses. Their retirement options are to work longer, save more, or settle for a lower standard of living in retirement. It has become a trend for many older Americans to dip into their savings to cope with the change in economy. According to Quadagno, about a quarter of American ages 50 and over report exhausting all their savings and that near half of them have had trouble making ends meet because their household expenses have increased, while the household income has fell. Also, many older Americans are choosing to delay retirement because there is not enough money saved or simply because they cannot afford it. Between 2011 and 2029, the baby boomers will be reaching the traditional retirement age of 65. Their retirements will dramatically affect the workforce of the future. Not only will the demo-graphic profile of the workforce change considerably, including a rise in the number of people with disabilities, but millions of Americans will be faced with balancing work and family, particularly…...

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