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2 Do you know... Return to Menu Return to Menu Lets learn...

3 When did corporations begin offering pension plans for their employees? Do you know... What is the US Social Security Act of 1935 mainly about? When do men and women get retired in the United Kingdom?

4 Retirement Plans In the early history, people did not retire but continued working until they died. As the situation changed from an agricultural economy to an industrial economy in the 1800s, some corporations began offering pension plans for their employees. During the Great Depression of the 1930s, millions of people lost their jobs, and economic hardships were particularly severe for the elderly, making the need for old-age benefits more apparent.

5 Retirement Plans After World War II, several developments spurred greater interest in retirement plans. In the United States, the Social Security Act of 1935 had established 65 as the age when workers could retire and receive full monthly Social Security benefits from payroll taxes deducted by employers and paid to the federal government. Other nations also built up their own program of retirement, and many people began to realize that they would need retirement income for a long period of time.

6 Retirement Plans In the United Kingdom, most men retire from their employment at the age of sixty-five. A womans retirement is at the age of sixty. They then receive a retirement pension or old-age pension. The rate is 54.15% for a single person and 86.70% for a married couple. If any retired person has some earnings form part-time work, his or her pension is reduced, but the reduction is less than the amount of the earning.

7 Principal sources of retirement income in the United States Lets learn... Nursing home Mandatory Retirement in United States

8 Retirement Plans The three principal sources of retirement income in the United States are the government-sponsored Social Security system, private employer-sponsored retirement plans, and individual savings plans. These three sources of retirement income have often been called the tripod of economic security. Most experts agree that people need to receive income from all three sources to remain financially secure during retirement.

9 Nursing Homes Nursing homes are designed to provide food, shelter, and medical care for their residents, as well as social, religious, civic, creative, and intellectual activities. Most nursing home residents are elderly; the largest group is between 75 and 84 years of age. In the United States about 87 percent of nursing-home residents are Caucasian, and 72 percent are women. According to the American Health Care Association, approximately nursing homes, with a total of about 1.8 million beds, currently operate in the United States.

10 Mandatory Retirement in United States The Age Discrimination in Employment Act of 1967 protects United States workers against mandatory retirement ages. Although mandatory retirement does not exist, people still must consider their future and how being retired will affect their income and lifestyle. The average worker retires at age 64. At the age of 65, social security benefits can be collected. Planning ahead to have enough money once you retire can be difficult. Income may come from Social Security, employer provided pension plans, or

11 Nursing Homes savings. Many retired workers find the need to have additional sources of income. People may take on a new full-time or part- time job if necessary. If a retired person does not need to work, some choose to enjoy their time traveling. Others enjoy simply relaxing or spending time with their families. Retirement communities are becoming increasingly popular. Some enjoy these independent and assisted living programs. Retirees get help with their housekeeping and are also provided with recreational, exercise, and social programs.

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