GERO 14029 Lecture Notes - Lecture 15: Home Equity, Employee Retirement Income Security Act, Baby Boomers
29 Apr 2016
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Document Summary
Public policy on aging: improvement in older adults" economic position since 1935, still, many live below the poverty line, inequality in income increases in retirement, accumulated disadvantage, lower income, lower benefits, less access to pensions. 13. net worth= all assets minus the debts: assets: real estate, savings, and personal property, home equity largest asset for older adults. Social security: main features: more than a retirement program. Largest source of income for 65 and older. Vital for poorest elderly: minimum income for almost all older adults, universal program benefits both poor and affluent. Benefits increase with cost of living: which president did this, nixon. If people continue to retire in their early 60s, they will not have enough money to comfortably support themselves in retirement -alicia munnell social security benefits. Benefits calculated based on 35 highest years of earnings. The amount of earnings it takes to earn a credit changes each year (2016: 1 credit for each ,260 )
