Stage I: Accumulation
This period starts when a person enter the workforce and start putting aside finances for later in one’s life, and closures when a person really resign. On the off chance that one’s employer offers pension plans, the person would have to join and would also have to make a decision regarding contributions to the fund. In the event that a person is independently employed or a businessperson, they would have to take care of registering themselves with an insurance plan and with the social security networks .
Stage II: Pre-Retirement
This stage happens amid the last years of the collection stage and ought to start when they achieve 50 years of age or are 15 years from resigning, whichever happens first. This is the ideal opportunity to get one’s arrangement set up, ensuring the accounts are lined up effectively for retirement day so nothing will be left to risk. In the event that someone work for an organization with an advantages pro, mastermind an arrangement to end up educated about the different ways someone can change over the employer retirement funds into a flood of salary or an IRA. Think about utilizing as an apparatus known as "situation arranging." Start finding out about Social Security and the choices for starting to get retirement advantages. Acclimate yourself with the essentials of Medicare.
Stage III: Early-Retirement
This stage endures from the day someone resign until someone are 70 years of age. (For the individuals who don't plan to resign until a ways into their 70s, a few undertakings in this stage might happen later.) A key motivation behind this stage is to make a reasonable correspondence channel with the family so data can be shared, questions asked and replied, and choices made in a quiet, steady manner. It's likewise an ideal opportunity to evaluate how well the funds are functioning now that people are utilizing the retirement reserve funds. Calibrate the pay and cost projections, contemplating how people will meet least dispersion necessities from the expense conceded accounts .
Stage IV: Mid-Retirement
This stage starts at age 70 and keeps going till the length of the person is healthy and advanced. In spite of the great wellbeing, starting to take a risk at what steps one might want the family to take ought to the condition decrease altogether. Much of this time the capacity to settle on all the own choices, nurture oneself, connect with the world on the terms, and deal with the issues does not vanish in a brief instant. It takes fearlessness to jump into a discussion about surrendering and exchanging control .
Stage V: Late-Retirement
This stage starts when the wellbeing has gotten ugly and there is little probability of it being completely restored. One require huge capacity every day. The trust is that by this point all the arranging done in former years makes this move as sensible and invigorating as could be expected under the circumstance.
Stage 3 or the Early Retirement Phase is probably the most important, both from a financial and a mental health perspective. This is because the person needs to adjust to a new lifestyle as well as to new realities during this period. The sudden lack of a regular large income flow, substituted by a smaller income flow, would mean cutting down on some discretionary expenses. This can take a toll on the sense of happiness and self-worth among some. Also, suddenly having to abandon a regular routine for 5 days a week and not having “a place to go” on workdays can be difficult to adjust to for recently retired people, and can take a couple of years to get used to .
Factors that a person has to consider while contemplating retirement:
Factors that a person needs to consider while contemplating retirement are chiefly financial and social. Financial factors are the biggest since retirement means not actively working – and thus living either on deferred earnings, i.e. pension paid by employers and social security, and living on accumulated interest on investments and savings from insurance and similar programmes. Thus, he has to make sure that his financial plans and savings are in order and he will have enough to spend after tax deductions. Thus, he or she also has to choose savings and investment options wisely to minimize the effect of inflation/deflation and taxation.
Different factors that can have an impact on retirement:
Numerous different components, frequently life choices made decades before, influence retirement. For instance, having kids in the late 30s and mid 40s implies that in the 50s and mid 60s, noteworthy wholes that could be building up one retirement portfolio are going for instruction and different costs, while the counterparts who completed the process of having kids in their 20s are sparing critical sums amid their prime winning years. The quantity of kids one have, paying little heed to when in life one have them, additionally can influence the retirement. The instruction and occupation additionally significantly affect the nature of the retirement. Another critical element is the timing of moving starting with one employment then onto the next. Leaving a vocation in no time before one vest in the business' commitments to the retirement arrangement, for example, could mean an avoidable punishment of a large number of dollars .
Own retirement plan and planning process:
My own retirement plan would involve a standard pension plan on investment and premiums, combined with quarterly pension payments from my employer, and investment in bank savings, stocks and market equity. My plans are still in the Stage 1 or accumulation stage.
Factors to consider while planning my retirement:
The main factor to consider is saving in investment options with the best tax plans that will be worth value even after some inflation. So, apart from inflation-adjusted pension, long term stock and equity options in growth industry is a useful factor to consider as it will pay back dividends in the long term.
How increasing number of retirees affect retirement plans:
A regularly developing number of studies report that those sufficiently fortunate to still have a vocation now hope to work numerous years longer since they can't stand to resign.
Retirement arranges as of now record for the main part of bosses' spending on advantages, however medicinal services will soon be the most obvious advantages cost. The social insurance framework is portrayed as being in "emergency," with the rate of wellbeing cost development debilitating the advantages guaranteed by managers, Medicare and Medicaid. Yet, for more than half of all retirees, Medicare and Medicaid are the main significant wellbeing and long haul care assurance they have in retirement — and, once more, that reliance will increment for people born after WW2 .
Retirement arranges, retirement programs and the very idea of retirement are all changing at a fast pace. The current monetary "war" will drive more change at a few levels: government strategy, managers' arrangement outline choices and laborer and individual choices on cooperation, commitments, resource designation and circulations. Numerous retirees are as of now being compelled to change their choices on spending, speculations and way of life, in addition to other things. Numerous retirees might now want to come back to work. Staged retirement, which has been upheld as of late as an approach to keep people from leaving the work compel completely, could now move to turning into an approach to steer individuals into retirement earlier than expected.
Comparison between retirement conditions in the United States to another country:
In the US, most retirement pension options are in the private sector and privately financed. In Australia, they are financed by a mix of public tax-funded contributions, private financing, and employer contributions. Australia usually has a base pension for all working people who retire after working 35 years, and this enables them to live at above poverty levels with very basic spending. Employees can improve upon this on their own contribution and effort, but are guaranteed security from a life of destitution. This is the main difference with that of the US which still doesn’t have an all-encompassing pension system; it is instead maintained by a patchwork of Federal, State and Local social security nets. Moreover, retirement in Australia can involve stays at a publicly funded retirement home where retirees can interact with each other and have a social life. This is less common in the US, where retirees have to make their own arrangements for socializing with other retires of the same age .
Techniques other countries are planning for new influx:
Other countries are increasingly lessening taxation on pension funds to enable retirees to have more funds available, while at the same time making the minimum retirement age higher to get more productivity and efficiency out of the system. This is especially true of counties like Australia and Germany, where taxation funds a significant part of pensions and retirement benefits. As with an ageing population, while they are keeping the quality and volume of tax-funded pensions the same; they are increasing the minimum age of retirement to be eligible for benefits. It has been increased up to 67 years for white-collar workers and 62 years for blue-collar workers .
References
Clarke, A. (2013). The Sociology of Healthcare. Abingdon: Routledge.
Germov, J., & Poole, M. (2015). Public Sociology: An introduction to Australian society. Crows Nest: Allen & Unwin.
Milner, J., & O’Byrne, P. (2002). Assessment in Social Work. New York: Palgrave Macmillan.
Walsh, J. (2009). Theories for Direct Social Work Practice. Mason: Cengage Learning.
