This essay focuses on Personal and Societal Responsibility. Following are several brief descriptions of how a number of different people live their lives. After you read these, you will be presented with a series of questions relating to personal and societal responsibilities for “retirement income” support in old age. Person “A” graduated from college and got a good job.
Firstly, Following are several brief descriptions of how a number of different people live their lives.
Secondly, After you read these, you will be present with a series of questions relating to personal and societal responsibilities for “retirement income” support in old age.
Person “A” graduate from college and got a good job.
Firstly, “A” has had steady salary progression, has save about 12% of salary every year, paid the maximum amount of Social Security tax (FICA), and retire at 65.
Secondly, “A” is getting a good company pension, and has a retirement income from all sources at about 120% of final salary.
Person “B” graduate from high school and went into the armed forces, serving 5 years in a combat zone.
On leaving the military, “B” went to work as a mechanic on heavy equipment (road graders, bulldozers, etc.).
At age 62, “B” is physically worn out and retire.
Firstly, “B” has save a little money, mainly in the form of a house, which is paid off.
Secondly, “B” also gets a small company pension and a reduce Social Security benefit.
Retirement income from all sources is at about 40% of final salary.
Person “C” graduate from college, got an MBA from a prestigious school, and got a job as a trader for a major investment firm.
After 5 years, “C” went independent and made $500,000 to $600,000 annually the remainder of their career.
Moreover, “C” live very well
In addition, only the best of everything
Further, and saved almost nothing.
Finally, “C” has earn the maximum social security benefit available but no company pension.
Retirement income from all sources at age 65 is about 25% of final salary.
Person “E” came from a wealthy family, got a college degree in business, and work in white-collar jobs.
The family supplement “E’s” income and “E” spent every penny earn and every penny received from the family.
Unfortunately, “E’s” family had everything invest with a pyramid scheme and on their death “E” was surprise to find the estate worth nothing.
“E” is now 65 retire and looks to have very little from Social Security or an employer.
“E” will retire with about 10% of final salary.
Person “G” has a college degree and an MBA and has a steady income growth for an entire career, making upper management at age 45.
“G” saved 15% of salary and got a pension from the company. “
G” was an early casualty of the Great Recession – got laid off at age 63.
“G’s” pension was vested at the time but the company went bankrupt
a few months later and the pension was taken over by the government but was limited on payouts.
“G” has not been able to get another job at the previous salary level.
Unemployment insurance payouts ran out two years ago and “G” has worked at Home Depot and Wal-Mart since.
Retirement income for “G” (including Social Security, company pension and savings) is about 40% of final salary and other work earnings bring it to about 45%).