What suggestions would you offer to encourage people to save privately for retirement? What barriers exist that affect people’s retirement savings, and how would your ideas address those barriers?

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Assignment Question

REPLY ONCE PER DISCUSSION POST (2 DISCUSSION POST) Quality and Quantity of Responses Submission of at least two substantive and meaningful responses to classmates or instructor that reflect solid application of concepts covered in the readings. (Comments such as “good post” and “I agree” will not qualify as “substantive” or “meaningful” and will not receive credit.) Submissions must demonstrate college-level writing in grammar, spelling, and punctuation.

DISCUSSION TOPIC The text describes three ways to restore solvency to the Social Security trust fund. Which of these do you favor and why? Would you support means testing of Social Security beneficiaries? Why or why not? What suggestions would you offer to encourage people to save privately for retirement? What barriers exist that affect people’s retirement savings, and how would your ideas address those barriers? Include supportive material from the reading assignment in your posts. Be sure to credit your sources properly with APA-formatted citations and references.

DISCUSSION POST 1 (MINIMUM 100 WORD REPLY) Three ways to restore solvency to the Social Security trust fund would be raising the retirement age, reducing benefits, and increasing revenues. (Quadango, 2021) Which of these do you favor and why? I think I would choose increasing revenues. I have parents who are participating right now in social security. Reducing the benefits and increasing revenues would cripple them financially. An equally popular option is to eliminate the tax cap on earnings. In 2019, workers paid payroll taxes on the first $132,000 of earnings and then nothing after that. So high earners pay no payroll taxes on any amount they make over the tax cap. Or the tax cap could be increased to cover ALL earnings, which would also help reduce the funding shortfall. As you might imagine, all of these proposals are controversial. Higher-earning individuals do not want to pay more in taxes or see their benefits cut, and all workers oppose increases in the Social Security tax rate. Still, some compromises must be found to keep Social Security solvent for future generations. It’s also important to remember that Social Security does more than provide income in old age. It also reduces inequality in a variety of ways. Diversity in the Aging Experience discusses the challenges facing Social Security beyond the concern of restoring the trust fund to long-term solvency. (Quadango, 2021, p.322) Would you support means testing of Social Security beneficiaries? Means testing is a more drastic idea for people on Social Security. It would eliminate benefits for retirees with high incomes. For example, one proposal would eliminate Social Security for individuals with incomes higher than $110,000 and $165,000 for a couple. Why? People who have saved a significant amount of money during their working years would be penalized in old age by being denied benefits. It produces a system fraught with fraud, with nearly everyone trying to hide income and find a way to get benefits. (Quadango, 2021, p.323) What suggestions would you offer to encourage people to save privately for retirement? I would recommend that you rathole the money. My dad has always shared that we should have cash for emergency purposes. He would recommend that you save 10 years’ worth of your salary. He has saved money, the government doesn’t know about it and the banks don’t know about it. It’s a clever idea as long as you let your loved ones know what is going on. What barriers exist that affect people’s retirement savings, and how would your ideas address those barriers? Age would be a barrier. Many people don’t start savings until they are much older nowadays. I would start saving as a young person in their 20s. The market is another barrier. After 9/11, retirees lost millions and could never work to get it back. Quadagno, J. (2021). Aging and the Life Course: An Introduction to Social Gerontology (8th ed.). McGraw-Hill Higher Education (US). https://ccis.vitalsource.com/books/9781264169818

DISCUSSION POST 2 (MINIMUM 100 WORD REPLY) There are a few proposals for restoring solvency to the Social Security trust fund. This particular suggestion considers the gradual growth in life expectancy. Raising the retirement age would result in people contributing to the system for a longer length of time and receiving benefits for a shorter period of time. Essentially, this would ensure long-term stability and would be more in line with demographic shifts. There is also a proposal for reducing benefits, but I feel this would be the least likely supported proposal. According to Quadagno (2022), benefits are preserved but progressively lose value due to inflation. This strategy has been used in a few Latin American and Eastern European nations. The issue with eliminating benefits uniformly is that the people who are least able to pay the reductions would suffer the most from them. That’s because seniors with lower incomes depend far more on Social Security than do seniors with higher incomes (p. 320). It truly requires that there be a striking a balance between a number of variables to guarantee a fair and long-lasting Social Security system for next generations. There is also the proposal for eliminating the tax cap on earnings, which is the one I would be more in favor of. Essentially, eliminating the tax cap would bring in more money to support the system. All earnings would be liable to the payroll tax if the limit were removed. By decreasing the anticipated deficit, this would raise the amount of money entering the Trust Fund and perhaps prolong the solvency. Whether means testing Social Security recipients is viewed favorably or unfavorably is a matter of opinion and values. According to Quadagno (2022), means testing may weaken public support for Social Security and deter individuals from saving up money (p. 318). Essentially, I would not support means testing. One of the tenets of the Social Security system’s foundation, which is universality, would be compromised by means testing. People may be deterred from seeking promotions, raises, or extra employment if they are aware that their benefits would decrease as their income rises, which in turn, might impede economic mobility. Essentially, it would take away the incentives. More importantly, choosing the right asset limitations or income criteria for means testing may be difficult. If these standards are set too high, those who could manage without the benefits may be included, while others who may still be in need may be excluded. In order for people to save privately for retirement, Individual Retirement Accounts may be suggested. Individuals may establish IRAs without the assistance of their employer. There are traditional IRA’s and Roth IRA’s. Also, setting up an automatic savings account can help people make consistent contributions to their account and overall, build wealth over a period of time. Also, financial planning is huge. Therefore, seeking advice from a financial advisor could be very beneficial. Some common barriers that I have seen that affect people’s retirement savings include a lack of financial literacy, not enough income, inconsistent saving, and poor investment choices. Understanding the different between an asset and a liability is very important. In having an automatic savings account, the lack of consistency in saving could be solved. Especially, since many people fail to save regularly. Also, if someone gets a financial advisor, this could eliminate the need to make poor investment choices based on inexperience or knowledge. Quadagno, J. S. (2022). Aging and the life course: An introduction to social gerontology (8th ed.). McGraw-Hill Education. RESOURCES (use these resources plus the uploaded screenshots/screen recordings) – E-Text Aging and the Life Course: An Introduction to Social Gerontology -Quadagno, J. (2021). Aging and the Life Course: An Introduction to Social Gerontology (8th ed.). McGraw-Hill Higher Education (US). https://ccis.vitalsource.com/books/9781264169818 – Five Wishes: This website provides information and resources on developing advance directives using the Five Wishes model. – https://agingwithdignity.org/programs/five-wishes/ – Compassion and Choices: This is an advocacy group that provides information and resources about advance directives and also promotes the expansion of options for dying persons. – https://www.compassionandchoices.org – Hospice Foundation of America: This professional organization provides information about hospice care and grief. It also offers membership to hospice professionals. – https://hospicefoundation.org – National Hospice and Palliative Care Organization: This is a professional organization that offers information to individuals about hospice and palliative care and advance directives. – https://www.nhpco.org – The Suicide Tourist: is a PBS Frontline documentary depicting Craig Ewert’s decision to pursue physician-assisted suicide in Switzerland. Ewert uses the services of Dignitas, a nonprofit organization in Switzerland, that provides these services. Ewert wrestles with issues or morality versus reality in deciding to die. – https://www.pbs.org/video/frontline-the-suicide-tourist/ – The Social Security Game: Learn the myths, realities, and effects of Social Security reform by playing this game. – https://www.actuary.org/socialsecurity – Retirement Estimator: This website allows you to estimate the Social Security funds you will have available when you retire. – https://www.ssa.gov/prepare/plan-retirement






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