Retirement is a period of time when many people can relax and start enjoying their lives. 퇴직연금 irp It is also a time when there are many options to choose from. Some of these options include Social Security, working part-time or being self-employed.
Millennials
In recent years, the Millennial generation has challenged the old school ways of thinking when it comes to retirement planning. They have a different view of the workforce than their parents, and they are not likely to follow the traditional path of retiring at 65.
One of the most important things millennials should know is that the social security system is not a reliable source of income. Instead, they should focus on investing for retirement, which may include real estate, passive income streams, and other investments.
Another challenge millennials have is their record levels of student loan debt. A lack of employer-sponsored retirement plans is making saving for retirement difficult. If a millennial has student loans, they should develop a plan to pay them off as quickly as possible.
Although millennials are expected to live longer than their grandparents, many still worry about being able to retire. In fact, one in four non-retired Americans has no retirement savings.
“Mature” workers
If you’re an employer, a mature worker or both, you’re probably on the lookout for the latest and greatest solutions to the ageing workforce. These include a variety of strategies to keep your employees happy, engaged, and productive.
The best ways to entice older workers involve a combination of technology, training, and culture. Companies have to make their jobs interesting enough to make the workers want to stay.
The benefits of flexible working options such as part-time or telecommuting may be hard to quantify. Yet, they are essential to many aging Americans.
While a few companies have made it a point to accommodate this demographic, there are many more that have yet to follow suit. In the United States, for instance, more than half of employers do not actively seek to retain key employees, even if they are retiring.
A number of organizations have undertaken studies and surveys pertaining to the maturity in the workplace. Some of the most notable include the Council on Adult and Experiential Learning, the MetLife Mature Market Institute, and the AARP.
Social security
Social Security retirement benefits are a great way to supplement your retirement income. Unlike other types of retirement income, such as 401(k)s or annuities, they can be a reliable source of monthly income for you throughout your lifetime. It’s important to understand how the system works, though.
Your Social Security benefit depends on your work history. You are eligible for a full Social Security payment if you have at least 10 years of employment in a job that paid Social Security taxes. If you worked at a job that did not, you may qualify for a reduced amount. Survivors’ payments are also available for you and your spouse if you have died.
People who have been employed for 10 years or more may be able to access their benefits as early as the first full month after they turn 62. However, this is not a guarantee of a full benefit.
You can check your eligibility by contacting the Social Security Administration. They can provide you with your earnings history and estimate the monthly benefits you’ll receive.
Working part-time or being self-employed
When planning for retirement, many self-employed workers appear to be less prepared than traditional workers. There are a number of reasons why. However, one of the main factors is the fact that these individuals are not offered a range of nudges through employer-sponsored retirement plans. These include auto-enrollment, default investment rates, and auto-escalation of contribution rates.
One study from Pew Charitable Trusts examined different forms of self-employment and their associated participation in workplace retirement plans. The study was conducted by analyzing the University of Michigan’s Health and Retirement Study, which tracks older Americans over time.
The study found that self-employed workers aged 50 to 64 tend to have lower workplace pension plan participation rates than other age groups. They are also more likely to be male, white, and well-educated.
Workers in single-person firms, meanwhile, tend to work part-time and spend less time working per week than other workers. On average, these self-employed workers spend 14.2 years at their current job.