AMERICAN REALITIES: BRIEFLY ABOUT MAIN SOURCES OF RETIREMENT INCOME
Journal Title: Ринок праці та зайнятість населення - Year 2018, Vol 2, Issue 2
Abstract
The article considers typical components, of which the income of modern American retirees is formed. As is in many developed countries, the most important sources of income Americans could count on in retirement include the existing system of social security, employer-sponsored pension plans, which are formed on the basis of contributions of employees and employers. The article also underlines such sources of income support, as part-time employment of retirees as well as individual savings outside employer – sponsored plans. It is emphasized that under current conditions, the workers have comprehensive responsibility to set up their retirement savings during all active life in order to support their income at old age. It is very important to have a life strategy and use reasonable financial planning. The article provides data from several published surveys in the field of retirement income, that were conducted by leading insurance companies, as well as some public data from governmental agencies including Social Security Administration and Bureau of Labor Statistics.According to the results of these researches, there are several groups of workers with different approach to life strategies of funding retirement. Depending on age, the researchers identify the older group (Baby Boomers), the group, whose active activities begin in the 21st century (Millenials) and the “sandwich” group between them (GenerationX). Information and analysis included in this article will help to understand current developments in field of retirement income in the US.
Authors and Affiliations
Margarita Shalenko
Keywords
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