In a previous writing one considered retirement income factors (Bryant, 2020). Bryant now squints at that imperative. Adequate cash flow that lasts is necessary for everybody. This is especially true for those who stop working for income. Why would someone stop learning to earn revenue? Disability is one reason. Another reason is death. Still another is portfolio income exceeds expenses by a margin that satisfies cost of living expectations. There might be other reasons to stop working for salary, wages, and other employment benefits.
But what is the goal? Social Security research concluded that “We cannot afford the separation of the aged from the community – the organizations of the aged against the community. The aged need the secure place in our national community that can come only from continued participation in the life of that community, and the national community needs the wisdom and the skill of older persons” (Ball, 1950). Ball suggested it is not necessary to stop working, but it may be important to change one’s occupation or work in another or new organization. Ball argued the effect of forced retirement on an individual worker forces the aged to inadequate living arrangements and a sense of insecurity. Isn’t that ironic. Social Security produces socioeconomic insecurity on older persons.
To be clear, it is important to earn, save, and invest for the future. Financial contributions toward future socioeconomic security or retirement income planning is a prudent process. Along with that we must recall the question to mind, is it wise to age out the worker with knowledge, skill, and experience? According to Ball (1950) the answer is no. The result is socioeconomic problems for the community and the individual.
Ball, R.M. (1950). Old-Age Retirement: Social and Economic Implications. Social Security. Retrieved from https://tinyurl.com/y3zr245l
Bryant, J.C. (2010 July 23). Some Factors to Consider When Calculating Retirement Income. Retrieved from https://tinyurl.com/yxzfgf79