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Communication in Economics(Econ 479) - Essay Example

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The flexibility given to US citizens when it comes to withdrawing money from retirement accounts has always elicited mixed reactions from different quarters. There are those who argue that the flexibility is required while others claim that it is having a negative implication in…
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Communication in Economics(Econ 479)
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Download file to see previous pages Some nations have put in place strict rules in the retirement plans with the intention of ensuring that the wellbeing of the citizens is secured even after they come out of employment. This is the argument which David Harrison raises in the article. The article reports that there is need for more reforms to be initiated so that people are not permitted to withdraw the money prior to reaching the eligibility age. The suggestion in the article is valid but may not be hopeful in dealing with the retirement and financial issues facing employees today. Americans should be allowed to continue benefiting from their retirement account funds when need arises. What needs to be done is the formulation and enactment of procedures and policies that will help in striking a balance between the current financial needs which force them to use their retirement funds and the needs they will have to meet when they are out of employment.
One major reason why I believe that should be allowed to choose when to use their retirement funds is the fact that most employees still find themselves in difficult financial situations because of the prevailing economic conditions. Factors such as economic recession have directly affected the financial stability of most Americans. At times, employees are faced with heavy financial needs which in one way or the other affect their wellbeing and even their productivity. Without the flexibility in the rules, some people will not be able to meet their financial needs.
Needs like medical bills, eviction and foreclosure of a person residences makes it necessary for workers to look for immediate sources of funds (Ezra, Collie and Smith 58). Claims have been made that there are other avenues through which people can meet their financial obligations. However, some of the available options like loans from banks may apply only to those who still have more years in employment. The flexible ...Download file to see next pagesRead More
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