...Individual Retirement Accounts (IRA) The Individual Retirement Account is vastly known as a IRA and there are two main types; the Traditional IRA (pre-tax contribution) and a Roth IRA (after tax contribution). An IRA is a vital asset to having a healthy retirement portfolio. The first type of account that I want to discuss is the Traditional IRA. The traditional IRA is a pre-tax retirement account that usually provides a tax deduction based on your contributions during that year. The contributions into a traditional IRA can add up to $5,500, $6,500 if you are 50 year old and older. Traditional IRA’s growth income is tax deferred. What is great about this account is that there is no income limit, unlike the Roth IRA. Traditional IRA do have penalties if you withdraw before 59 and ½ years old of 10%. There is a lot to consider when choosing the right retirement account because there are many different characteristics. For example, the Roth IRA is an after-tax retirement account. I personally love this type of account. You pay taxes on that income now then you can decide to contribute to a Roth IRA. This retirement account has tax free growth and the only thing you need to qualify for a Roth is to have income. There are income guideline which also depend on how you contribute. With a partial contribution or a full contribution. For single filers in 2014 the income range is $114,000-$129,000 and Joint filers is up to $181,000-$193,000, depending on how you contribute to your...
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...Crisis in Pension Systems. Many countries are experiencing the pension crisis which means that they don’t have enough money to pay future pensions for old people. This essay analyzing two possible solutions which can resolve pensions system problem. There are number of possible reasons of the pensions system’s problem. Firstly, earlier there can be noticed low birth rates in plenty of countries. As a result in present time the number of people of working age reduced which resulted into low tax revenues. In addition, it can be seen that people’s life expectancy increased and therefore there is higher proportion of elderly people comparing with a total population which can lead to the increased strain on pension funds. Another reason for poor performs of pension funds can be international financial crisis which has significantly resulted into uncertainty in stock market and it has led to the weakness of financial institution. One solution, which is common, is to increase retirement age of people. Public sector workers and people receiving state pensions must work longer. In order to receive their pension they should reach the statutory retirement age. For example, many European countries, including the UK and France, have increased retirement ages. Due to the fact that this solution delays the pension funding, it gives governments more time to adjust economic policies and hope the economy will be stronger in the future. As this solution produces considerable saving it can be...
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...Reflective Questions 1. What was your purpose in writing the paper? What do you want the reader to understand after reading? My purpose was to do an argumentative essay in accordance with Rampage Chapter 14. I want the reader to understand the pro and cons of using privatizing Social Security. 2. What was the most challenging part of writing this paper, and why? Explain. For me it was sitting down and gathering my thoughts. I had a trying schedule with work and needed that time to myself to make it happen. I do have an opinion and I find it difficult to put them aside and argue both sides. 3. What do you see as the strengths of the paper, and what would you try to do if you were to revise it some more? The strength of my paper I feel is that it gives legit and strong facts of the pros and cons of the topic. If I could tweak it some more it would be to not personalize it as much. 4. What is not a part of your paper that you think might help a reader understand or appreciate it more? What didn't you put in? Are there certain events or feelings or memories that led you to write on this topic or to take this approach? What kind of feedback or response would you like from your reader? I think this essay will definitely bring to light the future of social security. I think that individuals don’t know that they could lose their money if they do not take the time to learn the benefits of the programs to include privatization. Jabari Williams Professor Houston ...
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...with different purposes. Text 1 is a poem that shows on a personal level what the poet feels her experience of growing older will be. However, text 2 is an extract from an essay that tells the reader how “the view from 80” looks like. Even though both texts are different, they share the same topic, growing old. It can be easily seen that both texts have different structures starting because text 1 is a poem and text 2 is an essay. Text 1 has 4 short, 4 lined stanzas which follow the rhyme scheme of ABCB that fully describe the way in which the poet pictures how her life in the future will be. The poet portrays the positive aspects of growing old mentioning that peace, relaxation and tranquillity are a few of the things that one can enjoy while being “old”. Nevertheless, even though text 2 shows just an extract from an essay, a clear structure with a beginning, middle and end can basically be seen. It is separated in paragraphs that switch between a first and third person narration and includes an enumeration that visually breaks the structure drawing specific attention to it as it lists the downside of growing old and what symptoms one feel that indicate old age. Moreover, these texts also differ in terms of audience and purpose. Although text 1 and 2 are directed towards people who have thought on retirement and the way their life will be in the future, they are written for completely different audiences. The purpose of text 1 is to entertain the reader and convey a positive...
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...Renee Kelly Week 3 Assignment OUTLINE Topic: “In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired.” Thesis: Retirement is a time to break away from a hectic schedule and enjoy life. Retirement also can be a time of change and unexpected challenges. Planning for retirement with a solid financial investment is the key to providing financial security for life’s “golden years.” Relying solely on Social Security benefits to fund your retirement will place your financial security at risk. Organization: Order of importance. Purpose and audience: To show a solid financial plan for retirement is possible at any age, and the importance of not relying on Social Security as a sole means of taking care of day-to-day expenses. This essay is intended for an audience interested in learning how to make wise choices for their retirement, especially those who are planning to rely on Social Security benefits only. I. Relying solely on Social Security to fund for retirement may be a recipe for financial failure. A. Current research states the Social Security fund may be depleted of funds by the time most people are ready to retire in the next ten (10) years. B. Provide government statistics indicating current rate of payouts as opposed to program’s available funds. C. Current economic research showing of increasing...
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...Alam, Tuesday 8 - 11 10B8174 It is time that Brunei considered setting up residential homes for the elderly. How far do you agree/disagree with this statement? The ageing population is growing in number as a country develops and its standard of living increases. Countries such as Japan, is which has a high standard of living showing the population aged 65 years and above are at a steady 22.9% (CIA, 2011). Brunei, as a developed nation also is experiencing ageing population and is expected to rise in the coming years. The main reason for the rise is due to the high standard of living and a proper diet with a better medical facility. As a result of this, Brunei is facing several problems and is trying to tackle the problems. In this essay, I will discuss the problems faced by Brunei as a result of its ageing population and explain the alternative solutions for the ageing people. One of the problems that ageing causes is causing a burden to the economy of Brunei. This is because elders do not serve the government any longer and do not benefit Brunei’s economy but is provided with several medical benefits and other incentives. This is considered as a ‘burden to the country’. Furthermore, the elderly are provided with free medical facilities, as well as pensions. For example, medical facilities include, Renal Departments, more doctors for the Cardiology Department and other old age related diseases. Another problem of ageing population is related to the society where the elders...
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...3 THE IMPACT OF DOWNSIZING PRACTICES ON THE PERFORMANCE 4 ALTERNATIVES TO LAYOFF 5 EARLY RETIREMENT 5 DOWNSIZING AND THE LEGAL ISSUES 6 REFERENCES: 6 INTRODUCTION Over the past decade, corporations have been under economic pressures for a long term. Consequently, some of them were eliminated from the local market, the survivors have been driven to reorganize, redesign and restructure their organization with the intention of maintaining their place in the market. According to the decision maker, downsizing can be a solution to many organizations to reduce their budgeting issues and to increase their productivities. ( Labib & Appelbaum,1994) This essay will focus on organizational downsizing. Part one present the downsizing concept, particular attention is paid to downsizing reasoning and stages, its impact on the performance and the legal issues. Part two focus on the early retirement. ORGANIZATIONAL DOWNSIZING – A LITERATURE OVERVIEW The term downsizing refers to an "elaborate decision to reduce the size of the workforce in an organization" to improve the organization performance and decrease cost. (Kozlowski et al., 1993, p. 267). Layoff and early retirement are methods of downsizing; in fact layoff is an immediate act of discharging an employee due a decline, while the early retirement is a personal decision to leave a job voluntary before the retirement age. (http://www.answers.com) There are two terms of downsizing: downsizing by need and downsizing...
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...In discussing and evaluating Alice’s goals, I will use the SMART planning model in the form of answering and evaluating her goals to see how achievable the goals are. a) Pay off student loan Specific: Alice has to pay off her student loan of $ 53,000. She is paying $7,720 annually. Measurable: At the end of the year she has to make a total payment of $7,720. Achievable: It is possible for her to make this payment since she does this from her income. Results: She has to pay back this loan in order that she will have sufficient disposable income that can be saved to acquire assets Time: Paying $7,720 annually will mean she will complete the student loan in a little after 6 years. b) Buy a house and save for children’s education Specific: Alice needs to buy a house and save for her children’s education Measurable: Presently she saves $400 annually. Saving this amount annually cannot enable her to buy a house and save money for her children’s education. It will be difficult to accomplish this goal. She will have to have more income to accomplish this goal. Achievable: It will be possible for her to buy a house and save for the education of her children if she increases her income. Alice is already paying her student loan, and when she finishes payment, she will have more income to save for education and buy a house. Saving enough money for her children’s education will what Alice has to look into seriously as she will need more income to do that. Results:...
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...Pension Crisis Solutions Crisis in Pension Systems. Many countries are experiencing the pension crisis which means that they don’t have enough money to pay future pensions for old people. This essay analyzing two possible solutions which can resolve pensions system problem. There are number of possible reasons of the pensions system’s problem. Firstly, earlier there can be noticed low birth rates in plenty of countries. As a result in present time the number of people of working age reduced which resulted into low tax revenues. In addition, it can be seen that people’s life expectancy increased and therefore there is higher proportion of elderly people comparing with a total population which can lead to the increased strain on pension funds. Another reason for poor performs of pension funds can be international financial crisis which has significantly resulted into uncertainty in stock market and it has led to the weakness of financial institution. One solution, which is common, is to increase retirement age of people. Public sector workers and people receiving state pensions must work longer. In order to receive their pension they should reach the statutory retirement age. For example, many European countries, including the UK and France, have increased retirement ages. Due to the fact that this solution delays the pension funding, it gives governments more time to adjust economic policies and hope the economy will be stronger in the future. As this solution produces considerable...
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...Many individuals believe they can rely on Social Security to cover their needs when they retire. However, if they do not take the responsibility of planning and saving for their retirement today, they will find themselves working far longer than they expected or living at a lower standard of living. Social Security was introduced during the Great Depression by President Franklin Roosevelt to provide benefits to those who qualify for retirement, disability, and death. The system is set up so that it funds itself. It uses the funds that working individuals pay into it through taxes and pays out to those collecting Social Security. This means that even though working individuals are paying the Social Security taxes today, it does not necessarily mean the money will be available for them to collect when they retire. This is because the money does not go into a retirement account for each individual paying the taxes and saved for their retirement, but instead is used to fund the system for today’s retirees. When the amount collected from tax deductions is greater than the payout to participants, the excess money is saved in the Social Security Trust Fund. Many people believe that relying solely on the Social Security System for their retirement needs is a secure plan. They assume that as people retire, there will always be a younger generation working to fund the system for current retirees’ Social Security benefits. However, this is not exactly the case. As Baby Boomers are retiring...
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...In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired. Outline for persuasive essay that retirement planning is crucial due to Social Security will not provide sufficient benefits to main a bare existence. Thesis statement: For those that plan on dying at an early age there is no need for retirement planning, however many of us hope to enjoy our golden years; therefore planning for retirement is a grave issue (excuse the pun). Points for Paragraph One: a). Social Security was designed as an anti-poverty program. b). Social Security only provides 40% of retirement income. Points for Paragraph Two: a). Living expenses only marginally different during retirement. b). Cost of living and inflation factors. c). Poverty level. Points for Paragraph Three: a). Federal government is not here to completely take care of us. b). Personal responsibility. c). Options. Conclusion: We make a choice as to whether we want to live well during retirement, or barely exist. What will your choice be? Placing my key points that I want to make in a logical order is important to how my essay flows, and to create a steady rhythm of hard information. Here is you income, here are your expenses, and here are your options. This is very similar to creating a budget. My main references for information are the Social Security Administration, United...
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...environmental values for visitors to parks and natural areas. 4. Identification of needs and provision of goods and services for people living in small towns or rural areas. 5. Climate change – changing and managing workplace attitudes. 6. Climate change – Implications for management resulting from scepticism and inaccuracy of the scientific reports. 7. The management of visitors on Anzac Day at Gallipoli. 8. The removal of the compulsory retirement age and the viability of employing people between the ages of 65 and 80. 9. The impact of personality on leader-member relationships. 10. The impact of corporate social responsibility on organisational effectiveness. 11. Investigating service failures in a particular organisation. 12. Determinants of population change in regional compared to metropolitan Australia. 13. The role of SMEs and their relevant industries in economic growth in regional Australia Word length: 1000 words Format: Essay or Management Report 1. Select an overall topic area that you wish to explore. Give a description of the topic and the particular area in which you are interested. You will need to refer to other sources on this topic – these should be in addition to those used in Section 2 (200-250 words) 2. Write 2 to 3 research objectives for a study that you may wish to conduct. Discuss how your objectives will add to the current knowledge on the topic. (100-150 words) 3...
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...Asmar Ali Shah Microeconomics Essay Assignment. 10/23/15 Social Security What is social security? What is the importance of social security in a citizen’s life? Different type of questions occurs when we discuss about the social security. This is one of the problems that United States has faced is their economy, but then again every country faces these kind of problems. Social security future solidity is one of the major issues in United States. What are the requirements for receiving social security benefits? How long do they prolong? Technically social security is a government program that helps workers and retired people and gives them benefit to spend the rest of life. Social security has different types of branches or different types of benefits we can call them. It is not only for retired people, it also helps people with disability, and people with no jobs. The benefits that come with disability and unemployment are limited. For example, its common sense if you find a job back you won’t be getting unemployment benefits, and if people that are disable start to show improvement in their health, their benefits will be terminated. Is the working population big enough to support the social security program for the future? However, there are costs and benefits for keeping this program. Is it possible that something else can be added to the social security program to help people more? Issues A lot of people these days’ worry about how to fix the social security issue....
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...Welcome to WritePoint, the automated review system that recognizes errors most commonly made by university students in academic essays. The system embeds comments into your paper and suggests possible changes in grammar and style. Please evaluate each comment carefully to ensure that the suggested change is appropriate for your paper, but remember that your instructor's preferences for style and format prevail. You will also need to review your own citations and references since WritePoint capability in this area is limited. NOTE: WritePoint comments are computer-generated writing and grammar suggestions inviting the consideration and analysis of the writer; they are not infallible statements of right/wrong, and they should not be used as grading elements. Also, at present, WritePoint cannot detect quotations or block-quotes, so comments in those areas should be ignored. Please see the other helpful writing resources in the Tutorials and Guides section of the Center for Writing Excellence. Thank you for using WritePoint. Vulnerable Paper [This title could be more inspiring. Labeling it a "paper" or an "essay" is redundant (what else could it be?), and only a few words as a title are not very explanatory (or intriguing to the reader). An ideal title has between six and a dozen words ] -Part ll Legy George HCS/531 May 7, 12 Doris Chimera Vulnerable Population- Part ll ...
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...FACING A PENSION CRISIS` WORDS COUNT: 797 DATA: 10/03/2012 Going back through human history elderly people were only tiny minority of the population. In 1935 when Social Security Scheme was introduced to prevent poverty in old age elderly people accounted for only 3 to 4%of the population. Nobody suspected that in the future the developed world would face pension crisis caused by shifting demographic. Rising longevity and falling birth rates would cause a lower ratio of workers per retire,which will result in difficulty in paying for state or federal pension. Nowadays people are living longer than ever before and retirement pensions have become a problem. At present “developed countries are experiencing a dramatic and unprecedented demographic transformation” (Jackson and Howe, 2008) which may lead to pension crisis in the nearer future. This essay highlights two key problems that are causing development world aging and emphasise the importance for solution to prevent developed countries from pension crisis. The fact that developed countries are aging is a result of two fundamental trends like falling fertility and rising longevity. Falling fertility is reflected in a decrease in the number of young people. Declining birth rate is a result of changes in women`s life styles. Nowadays women in developed countries getting higher education and taking paid jobs; career comes before having babies. This means getting married later and compromising on having only one child...
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