Retirement: The Age Old Question
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Transcript of Retirement: The Age Old Question
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Retirement: The Age Old Question
GERN 474Presenters:
Gail Francis, Carmen Harrison, Michael Nguyen, Wendy Nguyen, Kimberly Sasaki
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The Age Old Question
Where should the primary responsibility of pension and retirement derive from?
Society and Government or The Individual
vs.
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Retirement: Who is Responsible?Society and Government
The IndividualDon’t fix what isn’t
broken
Taiwan’s pension management
Pension talk
Social implications
Counter-argument
Potential economic impact
Advantages to individuals preparing for the future:
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Don’t Fix What Isn’t BrokenEveryone benefits…or do they?
Who is covered?
Government and school workers!
Farmers!
Housewives!
Who is not covered?
People below the poverty line…but…
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Let’s Face It: Society and Government Should Help
Pensions are secure and managed conservatively!
Farmers are covered! (Trust me, this is a big deal!)
The NPI (National Pension Insurance)
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Let’s Talk Investing
Giving in to collect!
Conservative funding helped in the long run!
Government to the rescue!
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The Farmers and NPI
Disadvantanged prior to NPI
After NPI, health insurance provided.
94% of farmers saved!
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Social Implications for government support
Insurance for “old age support”.
Majority want to keep elders at home.
People want to help!
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Social Implications for government support, part 2
Independence!
Incentives help!
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Economic SecurityIndividuals should be more proactive
Plan for their retirement
Little aid from society and government pension.
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Everyone’s Responsibility:Don’t Fix What Isn’t Broken
Do State Benefits Impact on Intergenerational Family Support? The Case of Taiwan. The family still provides security for elderly.
In Taiwan it is already the present state.
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Everyone’s ResponsibilityUnder the NPI, people work 10 to 40 years for
pension
System in U.S.: get what you contribute
Not fair Taiwan residents who paid into system
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Everyone’s ResponsibilitySocial security will be ok if
you only raise the retirement ageraise taxes
What if we keep present system in U.S.Taxes would have to be cut.
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Individual responsibilityEconomy would be better off
Current economic situation in U.S. - Today the National Debt is over: $9 billion.
- That number is 4,700 times larger than it was in 1913.
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Individual responsibility
Current economic situation in U.S.
- The nation is adding another $1 trillion to that total every 15 months.
- National Debt is growing.
Government running out of money 30 to 40 years
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Individual responsibilityCurrent economic situation in Taiwan
The public pension system in Taiwan: Equity issues within and between systems.Young system is facing financial imbalance
Current economic situation around the globe similar
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Advantages To Individuals Preparing for Future
Benefits for the individual: U.S. and TaiwanThe exact future is UNKNOWN
Security in retirement savings
You choose how to spend money
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Lets Learn From Mistakes
No time for pretending it is not realistic
The solutions are out there
Money does not have to come straight from pockets
Payment deferment401k
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Lets Learn From Mistakes Many countries implementing individual
program
China
Germany: pay as you go
U.S.
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IndividualCitations:Do State Benefits Impact on
Intergenerational Family Support? The Case of Taiwan.
The family still provides security for elderly. Downloaded from:
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IndividualCitations:The public pension system in Taiwan:
Equity issues within and between systems.Young system is facing financial imbalance
Downloaded from: http://web.ebscohost.com.mcc1.library.csulb.edu/ehost/detail?vid=31&hid=13&sid=7dac8903-6896-4a71-8318-648c4484b987%40sessionmgr13&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=a9h&AN=46973035
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Ask the expert!
Dr. Tsuann Kuo says:
A 1/3 of population depends on pension
The rest savings or government
Thinks this figure will change dramatically
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Ask the expert!, part 2
Dr. Tsuann Kuo also says:
Taiwan's pension is at a crossroad
Baby boomers doubtful about pension system
10% not contributing to pension system They choose to give up their rights