Financial Independence of Elderly - Statistics Project Example

I've always wondered what happens to people after they retire. Most people will start work between the ages of 18 and 25, and then continue to work until they reach 65 years old-approximately 40 years. What happens next Do they then celebrate their 65th birthday and then retire and live a comfortable and happy life Researching this question provided some shocking answers. According to the Social Security Administration in 2006, Americans at age 65 live in four different ways.The above graph shows that 45 percent of Americans at age 65 were financially dependent on relatives.

This means tough times not only for these senior citizens, but also for the families who are supporting them. Around 30 percent live on government aid, such as Social Security. Unfortunately for those who are approaching retirement age, the ever-increasing numbers of people eligible for Social Security means that the government may, in future, exhaust its allocated funds. The most interesting statistic here is that 23 percent of people aged 65 are still working. Some may be working voluntarily, but the majority of people are working simply because they have no other means of financial support.

Many must take jobs that are far below their professional capabilities, and pay much less than they were once able to earn-competing with the younger generations is just too difficult. Only two percent of people aged 65 in the United States are financially independent. What did this two percent of people do that the remaining 98% did not Whatever the answer may be, it is evident that the vast majority of 65-year-olds do not enjoy financial freedom after working for more than 40 years. A recent Time Magazine article noted that those who are aged 65 and over often have one or even two jobs to support themselves.

It occurs to me that the question of how to live like one of the lucky two percent is a very important one for me to answer, so that I don't have to live like one of the 98 percent.