Financial Stability in Old Age

NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.

NB: All your data is kept safe from the public.

Table of Contents

Introduction
Perspectives
Primary Concern
Communication
Conclusion
References

Introduction

The primary concerns raised in the interview I conducted connected with financial stability. Initially, the interviewee said that she has a fear of being financially taken advantage of. Her concern is interconnected with the discussion topic of this paper. The concern I have chosen for this assignment is a lack of financial satisfaction. When people get to retire, the financial situation changes for many. The reason for that is that it is more difficult for older people to earn money than the younger generation, who has more energy and new opportunities. Other concerns discussed in class are those associated with staying healthy and physically active. The difference between these and the issue mentioned in the interview is that she gives more value to the material matter than non-material (health and physical state). All of the mentioned issues may bother the aging population since they might be negatively affected by economic, environmental, and social factors.

Perspectives

The reason for me choosing this specific concern to analyze is that it is interesting for me. Being financially literate and considering your retirement when young is rather important if one wants to live comfortably materially. The financial and economic factors are among those aspects that put the aging population at risk of physical and mental complications and expose them to health inequalities (Garcia-Ramirez et al., 2020). Insufficient financial means significantly affects the possibility for older people to take high-quality medical services. Moreover, overworking may lead to an unstable mental state due to increased stress. Lack of physical activity is another factor that negatively impacts physical and mental health. An active lifestyle helps the human body to function better and stay more energetic with time. The one discovery about the interviewee was that she was very much still sexually active, which was not surprising, as she looks much younger.

The one concern the interviewee alluded to was not being able to retire from her job as financially comfortable as she would have liked. However, this issue seemed less burdensome to her in comparison to earlier years. Such a concern is reflected in the literature on the topic, which suggests that a significant segment of the aging population faces fear and anxiety related to financial independence after retirement (Horwitz et al., 2019). Thus, the primary concern of the interviewee is commonly observed in their peers.

Historically, the place of concern changes because of the changing economic situations in different periods. For instance, the economy of the United States underwent significant changes during the past 20-30 years. According to the financial reports, US citizens’ personal savings increased 4-5 times from 2008 to 2021 (Council of Economic Advisers, 2022). Thus, people became more concerned about the importance of saving, and they could do so.

Social, economic, and environmental factors influence the financial well-being of the old person. For instance, the quality of social services and paid pensions depend on the country. Some countries provide more financial and social support for retired people, while some provide less. It depends on the public policy and economics of the specific place. In terms of improvements in the protection of the vulnerable aging population, specific pension strategies are being implemented, including encouraging voluntary savings and detailed retirement plans (Horwitz et al., 2019). Indeed, to ensure that one will have enough financial means when older, there are some protective factors. For example, one can create a retirement fund for themselves as earlier as possible. In this case, a person will not depend on the government’s payments when they retire. It is related to developing financial literacy and savings for the future.

Primary Concern

The first recommendation worth mentioning to ensure financial stability when getting older is to think and plan about it in advance. Indeed, as evidenced by Horwitz et al. (2019), at the psychological level, retirement planning is stressful and is often avoided; however, the recommendation might be implemented through workplace financial education and encouragement of saving for a pension. Therefore, it is essential to plan what savings are needed to have a comfortable retirement. In such a way, older people will be less affected by the sharp changes when they are retired. In some countries, governments do not pay enough for pensions, so people cannot rely roughly on them. Moreover, one can invest money so that when they are retired, they have bonuses from the investments, which is also a good source of income. In addition, some people still run their businesses when they are retired and earn good money. Thus, if an older person has enough energy and chances to do so, they can start their projects. However, it is important to note that not all elderly have this many health conditions to continue working.

The current perspective of people on being financially stable at old age has changed since the new generation tends to emphasize saving more for retirement. This concern impacts people’s mental, emotional, and physical well-being in both positive and negative ways. For example, if one is materially comfortable when old, they can afford medical insurance and services, be more relaxed emotionally, and afford different facilities. On the other hand, if one is too bothered with the idea of becoming extremely rich until retirement, that may lead to overworking and mental and physical health problems.

Moreover, older and younger generations should find a balance between material wealth and health. Of course, in this capitalistic time, thinking about money is essential to survive and live a high-quality life. Nevertheless, people should not sacrifice their mental and physical health for material things. It is vital to provide yourself with a comfortable financial state at old age by considering other important factors, including family, health concerns, and inner peace.

Communication

Special online and offline seminars, training, and campaigns should be organized to communicate health information to aging people. Social advertisements in newspapers and magazines may also provide the information. Health-related information and information connected to financial stability can be effectively communicated to the older population. Moreover, research evidence demonstrates that older people search for health-related information online more frequently compared to earlier decades, which validates the use of both off- and online communication channels (Magsamen-Conrad et al., 2018). Seminars and raining about financial literacy are good tools because they are accessible and comfortable ways for people to gain new related information. Advertisement in newspapers and magazines is a beneficial tool since older people are usually used to acquiring new knowledge from such mass media elements.

Conclusion

Raising awareness of older people is crucial because a lack of knowledge about the risk factors or protective factors that influence their physical and mental health complications or other concerns associated with aging may lead to problems. If communicated effectively, more older people will start to take care of themselves and organize their lifestyles more efficiently. Some factors like lack of enough information, lack of life-work balance, or toxic habits may put the older generation at risk of different issues.

References

Council of Economic Advisers. (2022). Economic report of the President.

Garcia-Ramirez, J., Nikoloski, Z., & Mossialos, E. (2020). Inequality in healthcare use among older people in Colombia. International Journal for Equity in Health, 19(1), 1-15.

Horwitz, E. J., Klontz, B. T., & Zabek, F. (2019). A financial psychology intervention for increasing employee participation in and contribution to retirement plans: Results of three trials. Journal of Financial Counseling and Planning, 30(2), 262-276.

Magsamen-Conrad, K., Dillon, J. M., Verhoff, C. B., & Faulkner, S. L. (2018). Online health-information seeking among older populations: Family influences and the role of the medical professional. Health Communication, 34(8), 859–871.

Click Here To Order Now!