Managerial EthicsWhat could be the negative impact to retirees who areforced to retire at a later age to receive their calipers benefits?

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lorrainecaplan's profile pic

Lorraine Caplan | College Teacher | (Level 1) Educator Emeritus

Posted on

I do not have any statistics at hand on this, but I have noted that many people, particularly males, die within a few years of retirement, which suggests to me that retirement might be fatal for some.  Additionally, Social Security payments are constructed so that the longer one works, the more money one receives, and in fact, if one works until the "full" retirement age for Social Security, there is no money taken out of the monthly check if one continues to work.  While I agree that ceasing to work and enjoying one's golden years sounds wonderful, there are many people whose 401Ks have diminished significantly in value, making it difficult or impossible to retire.  Another problem with those who have set aside additional money for retirement is that we all live so much longer, and a legitimate fear is that we will outlive our money.  The only down side I can see to continuing to work is that my generation, the baby boomers, is not getting out of the way of the younger generations who are having a hard time finding work. 

literaturenerd's profile pic

literaturenerd | High School Teacher | (Level 2) Educator Emeritus

Posted on

I have to support pohnpei's idea here. Retirement, or The Golden Years, are supposed to be about enjoying one's life after spending the majority of it working. With extending the retirement age, people are allotted less time to enjoy the years they have left (not working). On the other hand, some may not be physically fit to work past the age of 65 (given they have most likely been doing everything that they could to simply reach 65 and still work). 

pohnpei397's profile pic

pohnpei397 | College Teacher | (Level 3) Distinguished Educator

Posted on

I would think that the major negative impact is that they would have to work past the age that they had planned on working.  They might not want to keep working past 65.  This would also reduce the amount of time that they will have to truly enjoy their retirement.  Financially, it should not be a problem since they will keep having a job, just have to have it longer than planned.

idijohn's profile pic

idijohn | Student, Undergraduate | (Level 1) Honors

Posted on

I would think that the major negative impact is that they would have to work past the age that they had planned on working.  They might not want to keep working past 65.  This would also reduce the amount of time that they will have to truly enjoy their retirement.  Financially, it should not be a problem since they will keep having a job, just have to have it longer than planned.

It should be a problem because the plan to retire at the actual retirement age is being thwarted and if will affect the person's perception to work or to put in his best. Some are too tired (old) to put in as much as they use to therefore affecting the overall output of the workforce. 

I strongly request that as some struggle not to retire at that age by reducing their age, those who are willing and have planned to retire should be allowed to do so, so that their positions can be given to others thereby creating jobs for the unemployed.

 

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