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Monday, January 30, 2023

Senior citizens in USA worried with pension reduction, to resume working

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In the USA, the value of the senior citizens’ pension is dwindling because of the downfall in the rates of property and inflation. Due to this, a threat of livelihood is now lurking over the lives of lakhs of senior citizens in the country, and their pension may fall short for survival.

In the USA, in October 2022, as compared to 2019, a hike of 33 lakhs has been reported in the number of senior citizens who have retired. As per the Pew Research Centre, in 2019, around 48% of the senior citizens above the age of 55 had opted to get retired. A survey now reveals that some people who had retired recently are mulling over going back to work, and those who are not resuming work, may not enjoy a life as happy as they had imagined.

The brunt of inflation and property rate reduction is not only being borne by the senior citizens, the government’s social security and national insurance policies have also been affected, and it has adversely affected the pension policies as well. The children, who were born after World War I during the age of a rapidly increasing birth rate, were called the ‘baby boomers’, and they have today become pension boomers.

Most of the people have worked during the golden period of the profitable schemes in place, under which the firms or employers provide benefits of pension to retired employees. In the USA, there is an amount of around 3300 lakh crore rupees in the pension fund, out of which 1402 lakh crore rupees are in similarly decided schemes, and the members of such schemes are in benefit, because in such cases, the risk of investment is being taken by the organizations.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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