FMLY 1010 Chapter 15: Topic 18

3 Pages

Family Social Sciences
Course Code
FMLY 1010
Christine A.Schippers

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R98729 Retirement age dropped to 61 in 2000, rose to 62 in 2010 and continues to rise Baby boomers who are in their 50s expect to retire at age 63, half say theyll continue working at leastpart time in retirement Age: If a person expects to retire at a certain age, he will be strongly inclined to, regardless of other factors Health: Poor health provides strong push towards early retirement (lowers age by 13 years) Trend commonly found in industrialized countries Family Considerations: (533) Retire later is still supporting minor children Financial Support: Earlier retirement if anticipate receiving pension support in addition to CPP benefits, or if have personal savings Workingclass adults retire earlier than middleupperclass, usually due to ill helth and social norms Adults in higher SES groups have both better health and better pensions (plus more interesting jobs) *lead to later retirement Work Characteristics: 12 of Canadian seniors are employed (twice as many men as women) More nonunionizedselfemployed people expect to work past age 65 Selfemployed adults who enjoy work tend to retire later Selfemployed seniors tend to be better educated and work in more intellectually stimulating jobs Sex Differences: Median age at which women retire is about 2 years younger than men Women often kept in labour force due to lure of higher earnings that will enhance future CPP benefits (especially if took time off to raise children) Effects of Retirement (533) Retirement seems to have overall positive effects on lives of older adults Income: (534) Potential sources of income: Government pensions (old age security, CPP), other pensions (offered through employer), income from savings (registered retirement savings plan), other assets, earnings from continued work o Nongovernment sources provide the largest portion of retirement income You will need 6080 of preretirement earnings to maintain standard of living in retirement Poverty: Poverty rates among Canadian elderly have dropped Senior mens income rose 21, womens by 22 between 1981 and 1998 Due to improvements in workrelated pensions
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