Impact of Retirement



Impact of RetirementAn Amazing PERRLA CustomerA Great Undisclosed InstitutionGender and AgingImpact of RetirementThe impact of retiring is a progressive change like starting a new job with added dimensions of responsibility for the retiree. When starting a new job, the employer may provide some support like providing health care, retirement plans and disability insurance. When retiring, the retiree is responsible for maintaining a healthy, happy life. A retiree needs income, health care, housing, transportation and a plan for achieving and using the needs. A retiree may have a fancy activity life style during retirement or a simple easy life course during retirement. The selected basis for retiring is simplifying the process and goals. Chinese studyIntroduction. A study conducted in China on retired Chinese provides information about a simple retired life style. The study was face to face interviews with ten Chinese born in the 1950s and are now retired or will retire soon (Liang, 2011). The participants in the study transitioned into retirement from work with little bother (Liang, 2011). The study identified four main themes of retirement (Liang, 2011). The four themes are shared experiences, family, mind, and leisure.Discussion and study results. Shared experiences in America are different from China but have similar influences. The Chinese were influenced by a communist life style and Americans born in the 1950s progressed through many changes including civil rights. History shaped retirement expectations on retirement life by the study participants (Liang, 2011). Both Chinese and Americans had suffered through life style choices. Family is similar since Chinese are allowed one child and the average American family has decreased from three children since the 1950s. Retirees provide help with children and grandchildren in America and China. Finding peace of mind is easier for retirees since competition for jobs is gone (Liang, 2011). Health care was a concern for some of the Chinese participants and the Americans have Medicare available at age sixty-five. Early retirement for an American may be challenging for providing health care. Most of the Chinese study participants lacked plans for retirement (Liang, 2011). Some of the Chinese study participants considered retirement a natural process (Liang, 2011). Being leisurely provided a chance for the study participants to rest, do hobbies, help family or relax (Liang, 2011).Retirement incomeIntroduction. Retirement income is an important aspect for retiring. Social Security provides many with the necessary income for achieving an easy, comfortable retirement. Net worth is a recent change modifier for some people since Social Security was modified to push the age for full Social Security retirement benefits. The changes are a message from the federal government to workers about increasing net worth in preparing for retirement.Study. A net worth study of 7,544 people ages fifty-one to sixty-one in 1991 and followed up with 5,711 people in 2001 uses the RAND Health and Retirement Study to determine net worth (Ozawa & Yeo, 2011). The study interviewed the same individuals in 2001 and 1991 (Ozawa & Yeo, 2011). The study was divided into waves from wave one in 1991 to wave five in 2001 (Ozawa & Yeo, 2011). The study was divided into five quintiles from low income to higher income (Ozawa & Yeo, 2011). The study focused on net worth for older adults approaching retirement age (Ozawa & Yeo, 2011). The study questioned individuals about capital, debt, net worth, and if net worth declined or increased ten years later (Ozawa & Yeo, 2011). The study included information about income, marital status, education, employment, health condition, children, age, race and gender (Ozawa & Yeo, 2011). The study used the information to judge relationship between income and net worth (Ozawa & Yeo, 2011). The income in 1991 averaged $8,243 for the first quintile to $110,429 for the fifth quintile (Ozawa & Yeo, 2011). The income in 2001 averaged $7,374 for the first quintile to $117,669 for the fifth quintile (Ozawa & Yeo, 2011).Results. The study found married couples have more net worth than unmarried and education proved to be an important indicator for increasing net worth (Ozawa & Yeo, 2011). The study found income declined for most individuals from 1991 to 2001 (Ozawa & Yeo, 2011). The study found average net worth increased for most individuals (Ozawa & Yeo, 2011). The study found the net worth of the bottom quintile decreased (Ozawa & Yeo, 2011). Many in the study retired early (before age sixty-five) and provide the reason for lower net worth (Ozawa & Yeo, 2011).HealthStudy introduction and discussion. A person’s health before and after retiring can significantly change the comfort of retirement. A study was conducted using Health and Retirement Study information determining the effect of new and existing health problems on retirement (Hyungsoo & Lyons, 2008). The study used data from the 2002 and 2004 Health and Retirement Studies (Hyungsoo & Lyons, 2008). The study is a national longitudinal study of older Americans sponsored by the National Institute on Aging (Hyungsoo & Lyons, 2008). The 2002 Health and Retirement Study interviewed a national representative sample of 18,167 respondents born before 1948 (Hyungsoo & Lyons, 2008). The study uses 10,867 responses from individuals age sixty-five years or older in 2002 and was followed by 9,394 responses in 2004 (Hyungsoo & Lyons, 2008). The study collected health conditions including mild chronic condition and severe health condition (Hyungsoo & Lyons, 2008). Other characteristics used in the study include age, gender, race, education, homeownership, and employment status (Hyungsoo & Lyons, 2008).Results. Blacks and Hispanics and having a child increased financial strain while more education and being a homeowner helped for retirement (Hyungsoo & Lyons, 2008). Health problems increased the financial drain for older individuals (Hyungsoo & Lyons, 2008). Individuals age sixty-five or older spend about nineteen percent of income on health care (Hyungsoo & Lyons, 2008). Individuals save before retiring and spend after retiring until dying (Hyungsoo & Lyons, 2008). The study found families earning low income had increased debt while families earning higher incomes had reduced debt (Hyungsoo & Lyons, 2008). Someone who develops a chronic medical condition before retiring will have less chance of building net worth for use after retiring (Hyungsoo & Lyons, 2008). Someone who develops a chronic medical condition after retiring may reduce retirement standard of living until dying (Hyungsoo & Lyons, 2008). Health problems reduce an individual’s ability to work and earnings are reduced (Hyungsoo & Lyons, 2008). The study found some spend more on health care after retiring and struggle with finances (Hyungsoo & Lyons, 2008).Long-term careIntroduction. Long-term care is a new term used during recent decades about how to provide care for older adults. Long-term care is based on testing if an older adult can do activities of daily living. The activities of daily living cover personal hygiene, self-dressing, self-feeding, mobility, and using a bathroom. Long-term care is an important consideration for retirement. Insurance policies for long-term care are becoming more popular. Anyone who prepares for retirement should consider alternatives or have long-term care. Without long-term care, an older individual must consider alternatives if lacking ability to do some or all activities of daily living. The retiree can pay for care or use government aid, or depend on grown children to provide care.Study. A study was based on eight years of study for Ohio’s long-term care (Applebaum, Mehdizadeh, & Straker, 2004). The study examines nursing home use and residential care use admissions, releases, and occupancy rates with data from the Ohio government for the period 1992 to 1999 (Applebaum et al., 2004). Ohio changed policies by adding a pre-admission review before granting home care or nursing home access (Applebaum et al., 2004). Other Ohio health agencies worked with the state on providing long-term care (Applebaum et al., 2004). Results. The study found nursing home use fell while in-home service and assisted living use increased (Applebaum et al., 2004). Past emphasis recommended using nursing homes instead of providing options of home or assisted living care (Applebaum et al., 2004). Providing home care costs less than nursing home care (Applebaum et al., 2004). The study found nursing home use evolved from being a long-term answer to being a short-term use facility while home care became a long-term alternative (Applebaum et al., 2004). The study found occupancy rates in Ohio similar to other states (Applebaum et al., 2004).Alcohol consumptionIntroduction. Many obstacles can have an influence on retirement and one is excessive alcohol consumption. The French are popularized for drinking alcohol. Excessive alcohol drinking has ruined the lives of many Americans and should be managed as a concern for retiring. Study. A study was conducted using a French company with employees similar to civil servants and provides information covering many years since employees usually stayed with the company for many years until retiring (Zins et al., 2011). Developed countries list excessive alcohol use as a disorder (Zins et al., 2011). The study population was the Gazel cohort of 20,625 employees (Zins et al., 2011). Information collected included health, lifestyle, alcohol consumption and surveys of questionnaires were used to collect data (Zins et al., 2011). The information was subdivided into groups (Zins et al., 2011). The groups included two for men born from 1939 to 1943 and born from 1944 to 1948 and women added a third group born from 1949 to 1953 (Zins et al., 2011). The study covers 3,384 retirees from 1995 to 2004 with an average age of fifty-five (Zins et al., 2011).Results. The study concluded men and women drink more alcohol just before and just after retiring but alcohol consumption reduced later after retiring for men while some women continued heavy alcohol consumption (Zins et al., 2011).Mental healthStudy introduction and discussion. Government fiscal policies may result with retirement age people working past retirement age to maintain a reasonable standard of living after reaching retirement age. A study investigated if working after traditional retirement age affects mental health (Mairmaris, Hogan, & Lock, 2010). The study identifies many people want or need to work longer in life due to increased life expectancy (Mairmaris et al., 2010). The study was a review of ten other studies (Mairmaris et al., 2010). The results are the effects of working beyond retirement on mental health (Mairmaris et al., 2010). The review was conducted in March 2009 and includes two types of studies (Mairmaris et al., 2010). The study used information about physical health, age, gender, race, marital status and income (Mairmaris et al., 2010). The cross-sectional studies had information from America, Australia, and Japan and sample sizes from 292 to 23,247 individuals (Mairmaris et al., 2010). The longitudinal studies have information from America (Mairmaris et al., 2010). The study had a population sample representative of America with sample sizes from 2,348 to 7,899 individuals (Mairmaris et al., 2010). The longitudinal studies had two waves of information including a seven year follow-up and a two year follow-up (Mairmaris et al., 2010).Results. Five of the seven cross-sectional studies showed improved mental health for people working beyond retirement age (Mairmaris et al., 2010). Four of the ten studies report post-retirement employment has a positive effect on mental health (Mairmaris et al., 2010). Some European governments are raising the retirement age to balance support for the retired with workers before retirement age (Mairmaris et al., 2010). Economics in industrialized countries will likely result in retirement age being raised soon (Mairmaris et al., 2010).LeisureStudy introduction and discussion. Leisure time increases after retirement. Leisure time physical activity should increase after retirement to maintain a healthy mobile retirement population. A study was conducted in Helsinki Finland using questionnaire surveys with a follow-up after five to seven years and includes a sample size of 7,332 (Lahti, Laaksonen, Lahelma, & Rahkonen, 2011). The study used forty to sixty year old city employees and started in the year 2000 to 2002 (Lahti et al., 2011). The follow-up happened in 2007 and used similar questions as the baseline of 2000 and 2002 (Lahti et al., 2011). The study defines moderate intensity physical activity as walking and heavy physical activity as jogging or running (Lahti et al., 2011).Results. Retirees increased time on physical activity for moderate intensity exercise (Lahti et al., 2011). Heavy physical activity decreased at the follow-up (Lahti et al., 2011).ConclusionsIntroduction. The impact of retirement brings many aspects into question for lifetime workers. The impacts include what is life like after retirement? What are priorities after retiring? Where will time be spent after retirement? Does the retiree have enough income for retirement? Does the retiree need to continue working part-time or otherwise or is retirement income too small to start retirement? Does the retiree have adequate health care? Is long-term care necessary? Does the retiree need to worry about health issues like excessive alcohol consumption? What will the retiree do with leisure time?Results. The answers are different for each but each needs to consider the many aspects of life after retiring before retiring. The Chinese provide a good example for retirement needs by keeping life simple. The history of an individual generates direction or path traveled in the past and provides direction for retiring. Family ties are important for a retiree by providing someone to focus on or provide help to or get help from family members. Adequate income for maintaining a healthy active life after retirement is essential and American government policies may influence retirement. Social Security retirement benefits may need an individual retirement account or part-time employment or attend a college to add income. A person’s health may forestall retirement. Health care for many in America depends on employment for providing until age sixty-five when Medicare is available. Long-term care is an important aspect of retiring if a retiree is unable to perform activities of daily living. Long-term care insurance should be considered while healthy and have low cost premiums or having family members provide care or rely on Medicaid. Hardships like excessive alcohol consumption can easily destroy retirement before or after and need to be addressed. More leisure time is available after retiring and can be used to be healthy until dying. Housing may take different shapes after retiring. Staying at home should be the first choice. Help may be required while staying home if activities of daily living become a concern. The last choice should be a nursing home or hospice. Transportation is critical for a retiree. Having a driver’s license provides independence for a retiree. For married couples, the availability of a driver’s license is easier than for single retirees. Public transportation may be an alternative. ReferencesApplebaum, R. A., Mehdizadeh, S. A., & Straker, J. K. (2004). The Changing World of Long-Term Care: A State Perspective. Journal of Aging & Social Policy, 16(1), 1-19. Retrieved from , K., & Lyons, A. C. (2008, Spring). No Pain, No Strain: Impact of Health on the Financial Security of Older Americans. Journal of Consumer Affairs, 42(1), 9-36. , J., Laaksonen, M., Lahelma, E., & Rahkonen, O. (2011). Changes in leisure-time physical activity after transition to retirement: a follow-up study. International Journal of Behavioral Nutrition & Physical Activity, 8(1), 36-43. , J. (2011, September). Components of a Meaningful Retirement Life - A Phenomenological Study of the 1950s Birth Cohort in Urban China. Journal of Cross-Cultural Gerontology, 26(3), 279-298. , W., Hogan, H., & Lock, K. (2010). The Impact of Working Beyond Traditional Retirement Ages on Mental Health: Implications for Public Health and Welfare Policy. Public Health Reviews (2107-6952), 32(2), 532-548. Retrieved from , M. N., & Yeo, Y. H. (2011, September). Net Worth Accumulation by Different Quintiles of Older Adults Approaching Retirement Age and 10 Years Later. Journal Of Sociology & Social Welfare, 38(3), 9-30. Retrieved from , M., Gueguen, A., Kivimaki, M., Singh-Manoux, A., Leclerc, A., Vahtera, J.,...Goldberg, M. (2011). Effect of Retirement on Alcohol Consumption: Longitudinal Evidence from the French Gazel Cohort Study. PLoS ONE, 6(10), 1-8. ................
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