Chapter 14 The Economics Of Aging Summary

Elderly people (women and men age sixty-five or older) (Macionis, 2005), Have many obstacles to face as they grow older, many of these obstacles involve social inequality. Not only do the elderly have to learn to deal with many forms of Ageism (the stereotyping and prejudice against individuals or groups because of their age), some also have to deal with the fact that they do not have enough savings or pension benefits to be self supporting, for most people over sixty-five, the major source of income is social security (Macionis, 2005). This forces many elderly Americans back into the workforce to continue to earn money to support themselves and or spouses. Although many elderly Americans may choose

In Josh Barro’s article, he mainly discusses the theme of Social Security. He explains how if we raise the age for people to access Social Security, that will harm poorer Americans who have a lower life expectancy due to the type of work they do or because of lack of other proper benefits. In the video, Coming of Age in and Aging America, they discuss the main theme of aging in America and the difficulties and obstacles these individuals face on a daily basis, especially in terms of Social Security. The video covers a variety of situations that the elderly face and how America can work to make the lives easier especially in a world where our elderly population in growing. One example was in a hospital where they were able to integrate new techniques and systems to make it easier for people to work longer into their lives. The main themes of Sharon Kaufman’s journal article were health care and the reform of current plans, and discussion of life-prolonging procedures. She discusses the three main procedures used in the U.S. which are organ transplantation, cardiac procedures, and cancer treatments. Finally, Segal’s text covers the themes and policies related to aging and elderly population. She discusses the acts and programs that have been put into place such as the Older Americans Act of 1965, social security, pensions, and Medicare/Medicaid, along with a variety of others.

In America, people are changing their views on aging and the elderly. Some of the reasons that the attitudes are changing could be due to more elderly people are remaining in the work place longer, as opposed to retiring early. Riffkin (2014). And there is the fact that we baby boomers are living longer. Even though the U.S. only ranks 53rd with a life expectancy of 79. That’s an increase of one year since 2010. (“The World: Life Expectancy” 2016)

Gerontology as a field of scientific study can be traced back to the late 1800s; a time when research primarily focused on the negative attributes of aging, such as health decline. It wasn 't until the introduction of social gerontology in 1983 that researchers began to more rigorously study the psychological and social aspects of aging. In recognizing that “successful aging depends not just on the prevention of disease and disability, but also on the attainment of peak physical and psychological functioning,” (Quadagno,

In general, countries experiencing high fertility and rapid population growth, have a “young” population structure and the important policy considerations are if there are enough schools and, sufficient jobs and housing to accommodate this population. Countries with “old” population structures face the problems of structuring and developing retirement and health systems to serve this older population and also they have a considerable reduction the number of the working force. The decline of the work force is one of the most dramatic economic tendencies of the past four decades in the United States. The individual’s decision of whether to stay in the workforce or to retire is based on the collaboration of a number of factors including the following: eligibility for Social Security benefits, availability of and benefits under an employer-financed pension plan, work

According to the recent studies the older people as compared to the youth are becoming more economically and demographically attractive. However, there are costs of an aging population that the society bears as a whole. (Andrews, 2009)

The humanity of aging is a concept sometimes hard to grasp. Understanding why we are

The majority of people age 65 or older in the United States are still working in full time positions. This opens the question if they planned for retirement, or what if anything went wrong while working? How do they feel about still having to work? Have they taken proper steps in preparing for retirement? Are they only working to pass time? These are the questions that everyone should be asking themselves about their own retirement plans, and what they have done to financially prepare for that stage in their life.

First and foremost, despite slight recent increases in the amount of income obtained by members of the older population, their economic status is still quite perilous (Federal Interagency Forum, 2012).1 Men in this category have a median income of $27,707, while women continue to lag behind with a median income of $15,362 (AOA & AOCL, 2012). A vast majority of these individuals cite Social Security as their primary source for this income, amounting to 86-percent of the total older population (AOA & AOCL,

Allen, S. G., Clark, R. L., & Ghent, L. S. (2004). Phasing into retirement. The Industrial & Labor Relations Review, 58(1), 112-127. Gelfand, D.E., & Bechill, W. (1991, Summer-Fall). The evolution of the older Americans act: a 25-year review of the legislative changes. Generations, 15(3), 19-22. Zastrow, C. H., & Kirst-Ashman, K. K. (2010). Understanding Human Behavior and the Social Environment (8th ed.). Mason , Ohio: Brooks Cole/Cengage.

Quadagno (2014) notes that the twentieth century brought about a new economic status for the aging population. Senior citizens were living with constant fear of poverty and balancing financial stability. Yet, twenty-first century statistics show that poverty rates have declined substantially; today's elderly have benefited from improved living standards in the post-World War II era and are better educated

Another supporter of changing the way aging is conveyed is author, Margaret Cruiksbank, of the book, Learning to be Old. In her book she is a proponent of changing the way the aging process is described. Her position is that the underlying meaning of popular terms to describe aging weakens its value. She denotes that the term “successful aging” is a false phrase for the elderly as it “masks both the wish to continue mid-life indefinitely and the white, Middle-class, Western values of researchers, causing them to emphasize productivity, effectiveness and independence” (Cruiksbank, 2009, p. 2). She also concludes that the term “productive” aging symbolizes “economic usefulness and social conformity” (Cruiksbank, 2009, p. 2), especially for the female gender. More importantly, these terms can be used to measure. This ability to measure is subjective to the questioner and an individual’s self-worth. She suggests the term “aging comfortably” as it signifies easiness, and a “faint hint” of pleasurable self-indulgence which may not have been possible in younger years (Cruiksbank, 2009, p. 3).

To wrap up, the quality of life for retirees is associated with retirement income retirees, prospective or actual, might achieve or have upon leaving the workforce. The underlying rationale of retirement plans, social security and pensions, is one which is informed by broader political, economic, social, cultural and psychological factors. The current paper highlights some underlying causes for, effects on, opportunities in and challenges encountered with retirement plans as expanded in the 1980s and in comparison to the 2000s.

We all are currently aging. We live in an again paradox. But, it is what we choose to do with our time while we have it that counts the most. As a young adult, and before this class I was very unaware of the importance of planning your retirement as early as possible. There are many things that go into planning for a successful retirement. Such as, but not limited to: Where will I choose to live? What will I do to stay mentally active? Or even, when will I choose to retire. In this paper, I will go over a plethora of aspects for my personal plan for aging.

“The number of workers between the ages of 65 and 74 and those aged 75 and up are predicted to soar by more than 80 percent. By 2016, workers age 65 and over are expected to account for 6.1 percent of the total labor force, up sharply from their 2006 share of 3.6 percent” (U.S Bureau of Labor Statistics, 2008). The majority of older adults remain in the workforce due to the economic downturn and not being able to afford retirement. Older adults continue to work in order to gain financial stability. Many workers age 65 and older are unprepared for retirement.