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Retirement: The Age Old Question

Retirement: The Age Old Question. GERN 474 Presenters: Gail Francis, Carmen Harrison, Michael Nguyen, Wendy Nguyen, Kimberly Sasaki. 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: The Age Old Question

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  1. Retirement: The Age Old Question • GERN 474 • Presenters: • Gail Francis, Carmen Harrison, Michael Nguyen, Wendy Nguyen, Kimberly Sasaki

  2. The Age Old Question Where should the primary responsibility of pension and retirement derive from? Society and Government or The Individual vs.

  3. Retirement: Who is Responsible? Society and Government The Individual • Don’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:

  4. Don’t Fix What Isn’t Broken • Everyone benefits…or do they? • Who is covered? • Government and school workers! • Farmers! • Housewives! • Who is not covered? • People below the poverty line…but…

  5. 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)

  6. Let’s Talk Investing • Giving in to collect! • Conservative funding helped in the long run! • Government to the rescue!

  7. The Farmers and NPI • Disadvantanged prior to NPI • After NPI, health insurance provided. • 94% of farmers saved!

  8. Social Implications for government support • Insurance for “old age support”. • Majority want to keep elders at home. • People want to help!

  9. Social Implications for government support, part 2 • Independence! • Incentives help!

  10. Economic Security • Individuals should be more proactive • Plan for their retirement • Little aid from society and government pension.

  11. 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.

  12. Everyone’s Responsibility • Under 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

  13. Everyone’s Responsibility • Social security will be ok if • you only raise the retirement age • raise taxes • What if we keep present system in U.S. • Taxes would have to be cut.

  14. Individual responsibility • Economy 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.

  15. 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

  16. Individual responsibility • Current 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

  17. Advantages To Individuals Preparing for Future • Benefits for the individual: U.S. and Taiwan • The exact future is UNKNOWN • Security in retirement savings • You choose how to spend money

  18. 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 deferment • 401k

  19. Lets Learn From Mistakes • Many countries implementing individual program • China • Germany: pay as you go • U.S.

  20. IndividualCitations: • Do State Benefits Impact on Intergenerational Family Support? The Case of Taiwan. • The family still provides security for elderly. • Downloaded from: http://web.ebscohost.com.mcc1.library.csulb.edu/ehost/detail?vid=7&hid=13&sid=7dac8903-6896-4a71-8318-648c4484b987%40sessionmgr13&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=27h&AN=35156896

  21. 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

  22. Ask the expert! • Dr. TsuannKuo says: • A 1/3 of population depends on pension   • The rest savings or government • Thinks this figure will change dramatically

  23. Ask the expert!, part 2 • Dr. TsuannKuo 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

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