Benefits And Benefits Of Retirement Savings - 1275 Words

he talked about her, he got choked up and had to clear his throat and took a minute before he continued the interview. I explained to him to take all the time he needed and that we can change the subject and he agreed. Mr. O talked about being financially insecure and lacking savings for retirement, which is one of the biggest challenges he faces during the aging process. Not having enough finances to pay for his daily needs is a challenge he faces frequently. Retirement usually rely on pension, social security and personal savings , but ethnic seniors rarely have a pension or personal savings and rely heavily on social security benefit alone. In the last decade, there has been a significant shift from pension benefits and towards personal savings, leaving only two incomes to rely on for retirement. (Cawthorne, 2010). Mr. O explained that even when he had the option to enroll in pension plans or other retirement savings, he was not able to because he could not afford to lose any money from his paycheck, but he wished someone had explained to him how important it was to save while he was working. He contributed most of his lack of knowledge to a language barrier , cultural change and low income. According to Dumez Derbew, â€Å"Even today, people of color remain less likely to receive pension benefits from their employers, and many people of color, particularly Latinos, are overrepresented in occupations in which worker misclassification limitsShow MoreRelatedBenefits Of Saving For Retirement2600 Words   |  11 PagesIntroduction You have likely read or heard about the looming retirement crisis in the U.S. The vast majority of adults age 50 and older have very little retirement savings, meaning they will be forced to either work well into old age or significantly decrease their standards of living. 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In the event that an individual has accumulated a sufficient amount of assets to provide an adequate standard of living after retirement, the risk of uncertainty concerning the lifeRead MoreWhy Should We Start Saving Early Time?904 Words   |  4 Pagesother things to pay for. Olson (2014) states, â€Å"Your 20s and 30s are the ideal years to put a savings plan in place. It will be much easier for you to free up a few dollars here and there before you have housing expenses, car payments, and children† (p. 52). Saving even a little in your 20’s allows you to take advantage of the compounding interest over a long period of time. Often times, people don’t start saving early for simple reasons. They either don’t know about it yet, they think they have plentyRead MoreFive Steps For Assessing Your Retirement Financial Readiness Essay933 Words   |  4 PagesFive Steps to Assessing Your Retirement Financial Readiness By Donald E. Schmidt | Submitted On August 15, 2013 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on Digg Share this article on Reddit Share this article on Pinterest Expert Author Donald E. Schmidt Do I have enough moneyRead MorePreparing For The Life After Retirement Plan1140 Words   |  5 Pagesfor the life after retirement is an essential strategy that guarantees monetary freedom in the latter stages of life. Therefore, it is necessary that an individual come up with an effective retirement plan to secure a comfortable future. Additionally, individuals who develop such a plan in youth will most likely generate the highest benefit when they retire. It is important to develop a strategy that will enables members of an organization to successfully plan for their retirement that may be fast