Alyssa Bursott
Dr. Stephanie Spars
SOC 100 - Introduction to Sociology
March 31, 2016
Retirement
At some time in many working individual’s life, retirement goes from a goal that the individual had been working toward to a reality. During this stage in life, many find themselves old and full of worry for what the future may bring now that they might not continue in their career. Retirement is considered a way for society to control the job flow, as well as a possible portal for discrimination. Ageism, which is “prejudice and discrimination directed against people because of their age (Henslin 365),” is demonstrated in retirement in many different ways. Gender, race, and social class create a variety of retirement experiences in the United States. …show more content…
While poverty for all retirees is high, gender differences create a bigger gap. The poverty rate for males is 7.4 percent, whereas females have a poverty rate of 12.1 percent (Holland 2015). This difference stems from three sources. First, women are unable to make as much as men during their lifetime. Because women make less in their career, they contribute less to their retirement savings. This causes a depletion in the amount of time that the retirement plan will last for. Even though men are less likely to contribute to a retirement plan, they are able to save more because of their increased income. The second possible causation for retirement differences between genders is discrimination within Social Security benefits. Because “women are less confident than men in their financial knowledge (Holland 2015),” they may either choose to be over-conservative or make a poor financial decision. Due to different decisions during the time before retirement, men are able to maximize their savings by working extensively with advisors, thus opening up a new window to better savings. On top of pay differences and financial decisions, retirement gaps …show more content…
It is also impacted because of racial differences. During their lifetime, minorities are more likely to be unemployed. They are also considerably more likely to work jobs that do not have benefits. This problem that exists within minorities’ adult years leads to continued retirement discrimination. Because of employment discrimination, “workers of color… are significantly less likely than white workers to be covered by an employer-sponsored retirement plan (Rhee 2013).” Even with strict labor laws, many employers continue to withhold vital retirement plans and options to their minority employees. The risk of downward mobility for many minorities causes them to work harder in order to attempt to prepare for retirement. They work longer into their life, and for less benefits. However, this work is often futile. The Social Security system that is in place can barely support the dominant race. Since Whites control this failing system, they are able to select who will receive benefits, and they can choose how much money each person will receive. While blatant discrimination is illegal, sometimes the system is able to prevent minorities from receiving adequate benefits. These racial issues within the workforce and Security system create a retirement gap between races that creates a burden for the elderly
Dr. Stephanie Spars
SOC 100 - Introduction to Sociology
March 31, 2016
Retirement
At some time in many working individual’s life, retirement goes from a goal that the individual had been working toward to a reality. During this stage in life, many find themselves old and full of worry for what the future may bring now that they might not continue in their career. Retirement is considered a way for society to control the job flow, as well as a possible portal for discrimination. Ageism, which is “prejudice and discrimination directed against people because of their age (Henslin 365),” is demonstrated in retirement in many different ways. Gender, race, and social class create a variety of retirement experiences in the United States. …show more content…
While poverty for all retirees is high, gender differences create a bigger gap. The poverty rate for males is 7.4 percent, whereas females have a poverty rate of 12.1 percent (Holland 2015). This difference stems from three sources. First, women are unable to make as much as men during their lifetime. Because women make less in their career, they contribute less to their retirement savings. This causes a depletion in the amount of time that the retirement plan will last for. Even though men are less likely to contribute to a retirement plan, they are able to save more because of their increased income. The second possible causation for retirement differences between genders is discrimination within Social Security benefits. Because “women are less confident than men in their financial knowledge (Holland 2015),” they may either choose to be over-conservative or make a poor financial decision. Due to different decisions during the time before retirement, men are able to maximize their savings by working extensively with advisors, thus opening up a new window to better savings. On top of pay differences and financial decisions, retirement gaps …show more content…
It is also impacted because of racial differences. During their lifetime, minorities are more likely to be unemployed. They are also considerably more likely to work jobs that do not have benefits. This problem that exists within minorities’ adult years leads to continued retirement discrimination. Because of employment discrimination, “workers of color… are significantly less likely than white workers to be covered by an employer-sponsored retirement plan (Rhee 2013).” Even with strict labor laws, many employers continue to withhold vital retirement plans and options to their minority employees. The risk of downward mobility for many minorities causes them to work harder in order to attempt to prepare for retirement. They work longer into their life, and for less benefits. However, this work is often futile. The Social Security system that is in place can barely support the dominant race. Since Whites control this failing system, they are able to select who will receive benefits, and they can choose how much money each person will receive. While blatant discrimination is illegal, sometimes the system is able to prevent minorities from receiving adequate benefits. These racial issues within the workforce and Security system create a retirement gap between races that creates a burden for the elderly