Response to Gerontology

1. Living ONE AWAY from Financial Crisis: What caught my attention in this video is when Myrt Bowers explains how individuals like Bettye are just one event away from a financial crisis. It was shocking to hear how Bettye, someone used to giving, may face a serious financial crisis from any event, small or big. The event doesn’t have to be big, as Bettye only has $62 a month after paying expenses. I was shocked to hear how vulnerable retirees can be after working so hard to earn a retirement. As Myrt Bowers says at the end, we must provide financial security for our elders. Her saying that really makes me feel confused because I thought that’s what social security is meant to do. When I get older, I don’t want someone taking care of me financially. However, examples like Andre and Maria show me the dilemma occurring among elders of not being able to rely on social security to deliver them financial safety in the later years.

Retirement Plans: Last Week Tonight with John Oliver:  I was laughing when John Oliver would say how being a financial advisor isn’t a profession that requires much work to be. His situation with the mysterious broker reminded me of friends who took internships as financial advisors, believing they were finance related. In reality, these jobs require little finance and more selling. My friends who took internships as financial advisors later quit after a couple of weeks because they felt the company lead them to believe that they would get hands on experience dealing with financial portfolios. Instead, they were cold calling people and making money from commissions. It’s a very hard industry to work in, but I think it’s because of individuals who try to cut corners and make money a dishonest way. Just how the mysterious broker accidentally made a mistake on the financial which would’ve costed over millions. It’s a really tough business to be in but I think it should be observed legally on a much higher basis.

Social Security: Just the Facts: I found it very interesting when the video stated that 2/3 seniors get more than half of their income from social security. The video failed to mention that on average people with social security get around $1200. I don’t think $1200 is a very good number to make up more than half of your income. I think they were trying to convince viewers how good social security is if it can provide you with over half of your income. The whole video was a bit weird to me but the way they tried to slide this statistic in the video was surprising to see. It would’ve convinced me if I didn’t already see the other videos and read the articles.

Between student debt and part-time work: What stood out to me the most in this video is when Jen Mishory is describing the obstacles facing Millennials in saving for retirement. How things like paying for student, expecting to financially support their parents, a trend in lowering wages, and access to affordable housing are all obstacles that can blur a Millennial’s visions towards saving for the future. I found it to be very personal because I see myself in the same situation. I always ask myself if it’s worth it to put my money in a 401(k) and hope that it pays out in the end. I understand that I have to take the steps towards saving, as David John explained, but I want it to be more on my own terms.

How Much Money Do You Need to Retire?: I found it very interesting when the lady explained how the age 65 is a young age to retire, and to push retirement to age 70. I started to wonder if by the time I’m close to retiring, will 75 be the new retirement age? I don’t want to keep working and have the age of retirement being constantly pushed back. I understand that there’s an age that you have to reach in order to get the full benefits of social security. If in the past 65 was the goal for retirement, and 70 is the goal now, what will it be 20 years from now? Also, why is the age continuing to rise? Are people not prepared for retirement and have to work longer, or are people choosing to work more to avoid retirement? These are questions that I found asking myself during the video.

Saving for Retirement in Today’s Economy: The fact that stood out to me the most was the “34% of adults say they have no money saved for retirement.” It’s really astonishing to see because it doesn’t take much to put aside some money for retirement. Even I have started to save for retirement with a paid internship and previous jobs. I feel like I always have stuff to pay for, but I can budget my spending enough to put aside some money every week for my retirement. With my dad working a union job with really good benefits, things like retirement, pension plans, and healthcare have always been something to plan for once I start my career. I didn’t know that many people are retiring with no money saved. It would be scary for me to go through a situation like that because it would feel like I failed myself.

Ways to invest money for retirement: The portion of “How the Middle Class Spend” was part of the video that made me think about my own life. I always considered my family to be a middle-class family, and I think that even more after watching this video. My dad always used to spend money on cars, boats, vacation trips and other commodities. It was fun growing up but he never really budgeted his expenses until the past 5 years. My dad started looking at ways he could acquire assets and stakes in business for the future. The formula presented in this video is one my own family applied to our lives. It makes sense because this formula of buying assets is what will secure a future financially. I’m glad my dad started spending his money this way because it’s been a good example to try and follow in the future.

1. Will Social Security Be Around for Millennials: The wow moment I found in this article is the paragraph the author writes “While Social Security will, in all likelihood be around for millennials, it probably won’t do a great job of sustaining them during retirement.” It shows me how Social Security really shouldn’t be my main option going into retirement. Although there’s so much surrounding whether Social Security will be there for me, this article shows how that really shouldn’t be the focus. The focus should be to accept that Social Security will be here, but to move on and find better options to set up a financially secure retirement. I was surprised to read how the article settles the debate on whether social security will be here on not and moves my attention to other options that will better help my retirement.

A Social Security Surprise Awaits: I was really confused when I read how Social Security will pay out more in benefits than will be collected in revenue. I was confused because I found it hard to believe that a government program with the size and impact as social security could end up practically in debt. It’s a really weird notion to wrap my head around because Congress has these figures available to them, yet they choose to ignore the issues. If this goes on, I’m sure there will be huge implications with the way Social Security is operated.