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GRT 2100 Lecture : 8. Retirement.docx

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skytoad178
5 Oct 2012
School
University of Ottawa
Department
Gerontology
Course
GRT 2100
Professor
Louise Edmonds

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Document Summary

Life expectancy: the number of years at birth an average person can expect to live. Maximum life span: the maximum number of years a member of a species can live (110-125 years) The employment rate of canadians 55+ has increased from 30. 5% (1997) to. 39. 4% for men and from 15. 8% to 28. 6% for women. Expected working life has increased by approximately three years since 1997. Average retirement age in canada in 62 years. If people are living to be over 100 years old, they essentially will be living close to 1/3 of their life retired. Many seniors keep working because they don"t want to spend this much time retired, they are healthy enough to keep working and want this daily activity. Denied benefit pension plans is on a downward trend. The expected tightening of the labour market due to incoming smaller cohorts. Work is less physically demanding due to technological advances.

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Related Questions

Help please, I have no clue of how to do this.

Suppose that you get married after graduating with your undergraduate degree. During your working years, your household makes an average annual income of $100,000. This includes health insurance but not retirement, so all your retirement savings must come from your savings and investment during your working years. Answer the following questions.

How many years does your household plan to work? This is a number you must specify.

What type of nominal rate-of-return do you expect to earn on your retirement savings?

What inflation rate during your working years are you assuming?

What real rate-of-return does this nominal rate and expected inflation rate provide?

How many years do you expect to live between the day you retire and the day you die?

What is your household’s estimated annual social security income?

What percent of your income do you need to save for retirement during your working years to ensure your annual retirement income roughly equals your income during your working years?

Determine the net present value of the value of your retirement needs at your age of retirement if you retire at the age of 60 using the following criteria (note that distributions will be made at the beginning of each year beginning on your 60th birthday): Life Expectancy 25 Years. Annual Income required $65,000. Discount rate 4%.

As you go through your working life, you’ve been assuming that between your small retirement plans, Social Security, and your ability to continue working at least part time, you’ll have enough to get by nicely in your retirement years. When a neighbor unexpectedly gets quite ill, you realize that maybe you need a backup plan. What kind of annuity that kicks in at your projected retirement age would work best for you?