Issues Affecting the Life of Old Americans
Question one:
According to Brenda Kelle the ARRP director in Connecticut about 2 million Americans aged 55 and above had no employment by February. The job rate for people aged 55 and above stands at 7.1 according to this data. This is a high rate, never experienced since the late 40’s. Older people are unable to secure jobs that are any similar to those held before their retirement. This is because some of them lack skills such as competency in computer applications. This renders them less competitive when considered against young college graduates. Additionally, there are many younger graduates willing to offer cheaper labor, and with greater competency.
As a result most of these old people find entrepreneurship to be their sole greatest provider of self employment to supplement their financial needs. As a result, most of these old people open up personal businesses that they may run with the help of their families. Those able to find employment may land in the service industry where they may work in hotels, motels, cafes and gas stations. Others find work in departmental local and grocery stores where they may be offered clerical or sales jobs. Other retired individuals may continue to do jobs along their fields of profession. For example accountants and nurses may be able to find jobs within accounting firms and healthcare facilities where they may be offered part time duties. Similarly, some of the old people may result to teaching within academic institutions where they tutor in their areas of professional practice. On line jobs are also available for older people that may be computer literate. On a personal opinion, I would prefer to be a self employed entrepreneur after retirement, because this will offer me great flexibility in working and less strain or stress that may result form working under a fixed schedule.
Question two:
Inflation creates many complexities and problems to the older people that make them unable to cope with their life after retirement. This is because they find that at retirement they have different expenditure patterns, a less flexible mindset, their earnings drop by a half after retirement and they find the retirement period becoming lengthy rapidly and significantly. Worst of all the challenges posed is the devaluation of their savings that occurs due to inflation. Old people greatly depend on their dear savings collected over their working life. However, with the onset of inflation their money loses value, and thus becomes of little assistance because it gets spent faster as prices rise. This devaluation of savings and erosion of pension schemes is the worst problem that retirees have to face during inflationary periods (Dyson, 2009). Inflation also leads to adjustment cuts on expenditure. As a result, producers may also cut down production leading to the occurrence of high unemployment. The rise in unemployment may also affect the old because they will be unable to secure any jobs to supplement their retirement benefits and savings.
Question three:
It is the wish of any person to die a peaceful and less painful death rather than be placed on life support for longer times. This choice is everyone’s right, and it can be exercised by the legal use of advance directives of any form available (HCPOA- Health Care Power of Attorney, NR- Do Not Resuscitate). Many at times people fear talking about death, but they fail to realize that they may need to have a decision made when they may be unable to talk and deliberate about it. For example if an individual got into a comma and is placed on life support for long.
The medical bills may exhaust the insurance cover and eat into the family’s saving as well as leave the family a burden of expenses at death. Yet in the actual sense the deceased may have opted to be withdrawn from the life support system in order to save his/her family from a financial crisis. This may not be made possible because family members may not agree unanimously to make that decision. In the lack of an advance directive the worst may happen. Therefore, advance directives are important in averting legal loopholes that cause families great financial harm, indecision and disagreements as well as in helping individuals have a peaceful and less painful death (Advance Medical directives, n.d).
Question four:
Your retirement plans sound good, but you should ask yourself whether they really fit in to your desires. According to your belief, you will be really burned out at retirement and you would also like to engage in something pretty laid back. In my opinion, the choice of taking up teaching may not be appropriate for the kind of after retirement life you desire and the burned out state you will be in at that time. Remember that some institutions may have a very busy schedule and you may find yourself really tied up and stressed because you may have to stick to a tight schedule. Additionally, the need to upgrade your credentials may become an expense consuming both time and your money. Therefore, I would rather you consider becoming an entrepreneur by setting up a fund that will enable you to start a business at retirement. This may be appropriate because you will be your own boss and you could be able to work flexibly. Additionally, if you feel burned out or stressed you could get a supporting hand in the business from your family. Alternatively, you could hire someone to avoid stress and strain in running your business. Consider saving your credential upgrade money for capital.
Question five:
Inflation is some sort of a natural phenomenon, just pretty much like demand and supply, and as such it is beyond the control of any individual. The practices of buying plenty supplies for the future may not be a practical solution because inflation may rise or fall unpredictably. All people get affected, but the worst hit are the old people in society depending on their fixed savings that get devalued and at times they are unable to secure jobs or service their insurance schemes.
However, there are at least some precautionary steps that an individual can take in order to cushion themselves from the effect of inflation at old age. These measures include upgrading their levels of savings annually by a certain percentage to cater for the devaluation of money (inflation) that occurs with time. This will ensure one has saved an amount high enough to support themselves in cases of higher inflation rates. In cases of low inflation rates this extra savings will act as an additional surplus and added advantage.
References
Advance Medical directives (n.d), Considering Life and Death. Retrieved from http://www.cpt.org/files/PP%20-%20Advance%20Directives.pdf, on 11th August, 2010.
Dyson, R. (2009). Inflation and Deflation: The twin threats. Retrieved from http://www.thisismoney.co.uk/investing/article.html?in_article_id=480558&in_page_id=166 on 11th August, 2010.
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