The Provision of Pensions Upon Retirement - Research Paper Example

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The paper describes retirement, where the individual terminates the total number of working hours completely or partial retirement where he or she reduces the number of working hours. Globally, most individuals choose to retire when they are eligible for pension or retirement benefits…
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The Provision of Pensions Upon Retirement
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Download file to see previous pages Greater wealth owned by individuals and high standards of living contributes to earlier ages of retirement (Jeffrey, 2006). This is because they are more secure about their futures and are more inclined to enjoy their wealth without commitments of employment. In addition, they feel insured against the risk of poverty. The effect of wealth on individuals and their retirement ages is difficult to determine through empirical means because the source of the wealth might be as a result of lifetime savings over their productive life. This is partly due to the anticipation of early retirement. Economists have determined the effects of wealth on retirement and found that these effects are considerably small. According to Jeffrey (2006), “receiving an inheritance increases the probability of retiring earlier than expected by 4.4 percentage points, or 12 per cent relative to the baseline retirement rate, over an eight-year period” (p. 79). The effects of wealth shocks on employment are evaluated. In the United States, Americans are increasingly working past the traditional age of 65. The percentage of citizens past this age that is working has increased steadily in the recent decades from an average of 11.4 per cent in 1990 to 16.2 per cent in the year 2010 (Broom, 2012). In fact, the trend is expected to increase or accelerate as the number of baby boomers entering the retirement age increases. A negative effect of senior citizens occupying jobs past the accepted retirement age is that they hold onto jobs thereby reducing the number of openings that are available for new candidates and younger members of the society. ...Download file to see next pagesRead More
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Excellent paper! Used it to complete an assignment for a sociology course. It was easy as ABC, for the first time in my life.

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