Answer to Question #272887 in Sociology for Anino

Question

Thinking About Employment and Retirement in a Neoliberal Economy. Who do you feel that you can rely on for financial support during your retirement, and why? For example, the government or government pensions, family, no one. Are you worried about retirement? How about your family or friends? What do you know about retirement security in Canada? What are some sources of retirement income? For example, pensions, savings, RRSPs, TFSAs - what do you know about any of these?

Answer 1

a)     Family. The reason why I choose to rely on my family for financial support during your retirement is because my family comes before anybody else and therefore they can be willing to offer financial support to me during my retirement more than anybody else can be.

b)     Just like Many prospective retirees have deep-seated worries about having enough money to maintain their lifestyle in retirement I am too worried about my retirement because of inflation, sequence of returns, unfilled income gaps, market risk, interest rate risks, taxes, long term care expenses, rising health care costs, technology and medical advancements are all real concerns that one may need to think about. These are without a doubt the biggest retirement challenges that make me worry about retirement. My family and friends also worry about my retirement because I may end up lacking money to cater for my basic necessities hence becoming a bother to them.

c)     The Canada Pension Plan (CPP) retirement pension is a monthly, taxable benefit that replaces part of your income when you retire. If you qualify, you'll receive the CPP retirement pension for the rest of your life. To qualify you must: be at least 60 years old.

d)    Typical retirement income sources include; Social Security, defined benefit pensions, tax deferred retirement savings accounts, private retirement plans such as IRAs, life insurance and annuities, and non-tax advantaged investments.

e)     Pension funds, which are also known as retirement funds, is a kind of savings scheme where you as an employee invest a small portion of your income/salary into a designated savings plan. A pension plan will help you get an income and support your family when you have no other income source.