Old Age, Personal and Societal Responsibility - 550 Words

Old Age, Personal and Societal Responsibility (Essay Sample) Content: Questions to answer:Which of the persons noted above should society/government provide extra retirement income help to? Justify your answer.Both person B and person D should be provided with extra retirement income. Person B serves in the army and dedicates their lives so that the rest of the citizens can carry out their operations in peace. They should be provided with extra retirement income since most of them retire at a tender age and get meager pension. Person D should be provided with affordable pension scheme by the government so that regardless of their small income, they can still save a little for pension.Should any of the persons above have Social Security payments reduced or pay extra taxes to help pay for more retirement income of others? If so, which ones? Justify your answers.Person C, when they have gone independent, should pay extra so that their maximum socials security could be enough to sustain their lifestyle even when they retire. They have huge incomes and their pension is so little that they results in obtaining only 25% of what they have saved.What is the responsibility of the individual in making sure they have an adequate retirement income? If they dont live up to that responsibility what should the consequences be? Justify your answers.An individual should always be weary that they wont have the energy they have at the moment all the time and should always prepare for that time when this energy will wither. To prepare for this time, a person needs to continually save in social security funds and pension schemes so that when they retire they dont become frustrated. The consequences of not saving well, is frustration at old age as one has needs but doesnt have means to acquire them. They end up borrowing like beggars if they dont get assistance from immediate family.Should Social Security be means-tested? That is, should someone with adequate savings and a company pension even get Social Security? Remember, people have been paying into Social Security for their entire careers, and that Social Security has been considered a retirement insurance program. Justify your answers.Social security should be means-tested and periodically people should be provided with statements of the status of their savings. Whether a person has a lucrative pension or not, they should save in social security and many times you find that a person has more money in social security than in pension. The government provides a platform where saving in social security is affordable by all. If person E who comes from a wealthy family that later went bankrupt saved aggressively in social security, they would atleast had a decent pension to take home.Should employers have any obligation to assure that their employees have adequate retirement income under all circumstances? Justify your answe...