Examples of retirement age in the following topics:
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- The elderly, sometimes referred to as senior citizens in the United States, are a demographic group usually defined by being retired or over the retirement age (which is dependent on life expectancy changes).
- Roosevelt's Social Security Act funded medical care for aging Americans.
- This law forbids employment discrimination against anyone who is at least 40 years old in the United States; the denial of benefits based on age; mandatory retirement; and prohibits statements of age preferences in job notices or advertisements.
- A large component of non-monetary compensation is retirement funding and similar benefits.
- Employers will often offer matching or retirement accounts for employees.
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- Retirement benefit plans (pension, 401(k), 403(b)) - Employees are entitled to various retirement-related benefits such as long-term investments, pensions, and other savings for retirement age.
- The primary draw for most of these benefits is the tax benefits, whereas withdrawing this capital past the retirement age is tax free.
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- When retiring prior to age 59½, there is a 10 percent IRS penalty on withdrawals from a retirement plan like a 401(k) plan or a Traditional Individual Retirement Account (IRA).
- At age 59 and six months, the penalty-free status is achieved and the 10 percent IRS penalty no longer applies.
- To avoid the 10 percent penalty prior to age 59½, a person should consult a lawyer about the use of IRS rule 72 T.
- It allows the distribution of a IRA account prior to age 59½ in equal amounts of a period of either 5 years or until the age of 59½, which ever is the longest time period without a 10 percent penalty.
- This bubble map shows the global distribution of population aged at least 65 years in 2005 as a percentage of the top nation (China - 99,142,000).
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- The Employee Retirement Income Security Act of 1974 (ERISA) was enacted on September 2, 1974.
- In general, ERISA does not cover retirement plans established or maintained by governmental entities, churches for their employees, or plans which are maintained solely to comply with applicable workers compensation, unemployment or disability laws.
- Studebaker's pension plan was so poorly funded that only 3,600 workers who were of retirement age received full pension benefits, 4,000 workers aged 40–59 who had ten years with Studebaker received lump sum payments valued at roughly 15% of the actuarial value of their pension benefits, and the remaining 2,900 workers received no pensions .
- It was not unusual for a plan to provide no benefit at all to an employee who left employment before the specified retirement age (e.g. 65), regardless of the length of the employee's service.
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- This strain is occurring in the United States, where people born into the baby boomer generation of the 1950s–1960s are aging and reaching retirement age, thus tapping into Medicaid and social security funds at unprecedented rates.
- Growing life expectancy is not the only factor contributing to global aging.
- There are several possible reasons for this trend: first, in poorer countries, it may be important to have many children because infant mortality is high and children provide financial support for households and support for their parents in retirement.
- These two trends, stemming from the growing global economy, cause global aging.
- This map illustrates global trends in aging by depicting the percentage of each country's population that is over the age of 65.
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- There are several social policy challenges relating to the elderly, who are generally over the age of 65 and have retired from their jobs.
- The elderly, often referred to as senior citizens, are people who are generally over the age of 65 and have retired from their jobs.
- Social security is a social insurance program consisting of retirement, disability, and survivors' benefits.
- In 1965, Congress created Medicare under Title XVIII of the Social Security Act to provide health insurance to people age 65 and older, regardless of income or medical history.
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- Old age cannot be exactly defined, but it is often associated with certain activities, such as becoming a grandparent or entering retirement.
- The boundary between middle age and old age cannot be defined exactly because it does not have the same meaning in all societies.
- For example, people may be considered old when they become grandparents, or when they begin to do less or different work (retirement).
- Traditionally, the age of 60 was generally seen as the beginning of old age.
- Discuss some of the implications of old age, particularly in relation to Erikson's "Eight Stages of Life" and age discrimination
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- Age is an important factor in U.S. politics because there is a correlation between age and rates of political participation and because it is a determining factor in the issues people care about.
- Given that there is a correlation between age and the issues relevant to those populations, some organizations have capitalized on these relationships in order to push political agendas.
- The AARP, formerly the American Association of Retired Persons, is a United States-based, non-governmental organization and interest group, founded in 1958.
- Its mission is to improve the quality of life for retired people and people over the age of 50.
- Politicians such as Obama focus on issues that are relevant to certain age groups in order to mobilize support.
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- While aging, itself, is a bio-social process, the ways people and cultures interpret ages (e.g., "old," "young," "mid-life") and the ways these interpretations are distinguished by varied biological age markers vary dramatically.
- In Western societies, where youth is highly valued, people are considered "old" at much younger ages than in Eastern societies where age is often seen to beget wisdom.
- The activities that are expected of one at different ages is also socially constructed and relative to culture.
- For instance, retirement only became a "universal" American ideal in the post-World War I era, as the growth of Social Security and private pensions dramatically expanded the safety net available to aging workers who were leaving the labor market.
- While age will eventually take its toll on everyone, the association of vigor with youth is a cultural construct and does not necessarily reflect the reality of biological aging.
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- The number of individuals living into old age is growing worldwide.
- While the trend of an aging population is obvious, it can be difficult to assess because the definition of "old age" depends entirely on the cultural norms of a given society.
- Biological markers for old age (such as wrinkles, grey hair, memory loss, etc.) exist, but old age can also be defined by when an individual begins to fill certain social roles, such as becoming a grandparent or retiring.
- The South had the largest number of people aged 65 and up, while the Northeast had the largest percentage of people aged 65 and up.
- This means that 1 out of every 5,786 Americans is over the age of 100.